Hershey / PA. (thc) The Hershey Company announced net sales and earnings for the second quarter ended July 03, 2022, and raised its full-year financial outlook. «Our business momentum continued in the second quarter, with double-digit sales growth in each of our segments resulting in strong earnings per share performance,» said Michele Buck, The Hershey Company President and Chief Executive Officer. «These results reflect the strength and resilience of our categories, consumers’ love for our brands, the investments we are making in our business, and the exceptional execution of our dedicated employees. We are raising our financial expectations for the year and investing more heavily in our brands, capabilities and people in the second half to continue this momentum into 2023.»
Second-Quarter 2022 Financial Results Summary
- Consolidated net sales of USD 2,372.6 million, an increase of 19.3 percent.
- Organic, constant currency net sales increased 14.1 percent.
- The impact of acquisitions on net sales was a 5.3-point benefit while foreign currency exchange was a 0.1-point headwind.
- Reported net income of USD 315.6 million and USD 1.53 earnings per share-diluted, an increase of 5.5 percent.
- Adjusted earnings per share-diluted of USD 1.80, an increase of 22.4 percent.
2022 Full-Year Financial Outlook
The Hershey Company is increasing its net sales outlook to reflect continued strength in consumer demand and net price realization. Price elasticities are expected to moderate from the second quarter, but remain favorable to historical levels, as inflation and fewer government benefits are expected to weaken consumers’ buying power. Profit from increased sales growth is expected to more than offset higher supply chain costs, elevated advertising and merchandising levels and increased incentive compensation costs, to deliver higher reported and adjusted earnings per share growth.
For additional information please refer to the company’s news release (PDF | 105 KB):20220731-HERSHEY-Q2-2022.