Hershey: Reports Second-Quarter 2020 Financial Results

Hershey / PA. (thc) The Hershey Company announced net sales and earnings for the second quarter ended June 28, 2020. Second-quarter 2020 financial results summary:

  • Consolidated net sales of USD 1,707.3 million, a decrease of 3.4 percent.
  • Organic, constant currency net sales decreased 3.5 percent.
  • The net impact of acquisitions and divestitures on net sales was a 0.8 point benefit, while foreign currency exchange was a 0.7 point headwind.
  • Reported net income of USD 268.9 million, or USD 1.29 per share-diluted, a decrease of 12.8 percent.
  • Adjusted earnings per share-diluted of USD 1.31, flat versus the same period a year ago.

«We delivered profitable sales growth in North America in the second quarter despite the increased complexities presented by the Covid-19 pandemic. Our iconic brands and great execution enabled us to gain 225 basis points of confectionery market share. In addition, strong cost management enabled us to offset many of the Covid-19 related financial pressures and deliver adjusted earnings per share in line with last year,» said Michele Buck, The Hershey Company President and Chief Executive Officer. «I could not be prouder of how the company focused its time and resources on our employees’ physical, emotional and economic well-being while serving the needs of our customers, consumers and communities during this difficult time. We are encouraged by the improvements in our business performance and the momentum we have exiting the second quarter. We believe our great brands, advantaged margin structure, strong supply chain, and agile investment mindset will enable us to deliver solid stockholder returns going forward.»

For additional information please refer to the company’s news release (PDF | 85 KB):