Hershey: Reports Q4 and Full-Year 2023 Financial Results

Hershey / PA. (thc) The Hershey Company announced net sales and earnings for the fourth quarter and full-year ended December 31, 2023. «We continue to operate in a dynamic environment, but we are encouraged by the resilience of seasonal traditions and the consumer response to innovation within our categories,» said Michele Buck, The Hershey Company Chairman and Chief Executive Officer. «While historic cocoa prices are expected to limit earnings growth this year, we believe our strong marketing plans, innovation and brand investments will drive top-line growth and meet consumers’ evolving needs. We are elevating our focus on productivity and transformation to strengthen our business and deliver peer leading performance over the long-term.»

Fourth-Quarter 2023 Financial Results Summary

  • Consolidated net sales of USD 2,657.1 million, an increase of 0.2 percent.
  • Organic, constant currency net sales decreased 0.1 percent.
  • Reported net income of USD 349.0 million, or USD 1.70 per share-diluted, a decrease of 11.5 percent.
  • Adjusted earnings per share-diluted of USD 2.02, flat with the prior year.

2023 Full-Year Financial Results Summary

  • Consolidated net sales of USD 11,165.0 million, an increase of 7.2 percent.
  • Organic, constant currency net sales increased 7.0 percent.
  • Reported net income of USD 1,861.8 million, or USD 9.06 per share-diluted, an increase of 13.8 percent.
  • Adjusted earnings per share-diluted of USD 9.59, an increase of 12.6 percent.

2024 Full-Year Financial Outlook Summary

The company expects net sales growth of 2 percent to 3 percent, driven primarily by net price realization, and reported earnings per share to be relatively flat as higher cocoa and sugar costs as well as one-time expenses related to the Q2 ERP implementation and planned incremental cost savings initiatives are expected to more than offset higher sales, price realization, productivity, administrative efficiencies and a lower tax rate. The company projects flat adjusted earnings per share when excluding one-time costs associated with the ERP implementation and incremental cost savings initiatives.

For additional information please read the Company’s PDF file below (262 KB):

20240210-HERSHEY-Q42023.

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