Hershey Reports Third-Quarter 2024 Financial Results; Updates 2024 Net Sales and Earnings Outlook
Hershey reported Q3 2024 financial results with consolidated net sales of $2,987.5 million, a 1.4% decrease. Net income was $446.3 million, or $2.20 per share-diluted, down 12.7%. The company reduced its full-year outlook, now expecting flat net sales growth (previously ~2%) and reported earnings per share decline of 9% to 6%. Gross margin decreased 360 basis points to 41.3%, primarily due to higher commodity costs and unfavorable input cost timing. The company faces challenges from historically high cocoa prices and a challenging consumer environment, focusing on driving top-line growth through store presence, portfolio expansion, and seasonal strength.
Hershey ha riportato i risultati finanziari del terzo trimestre 2024 con vendite nette consolidate di 2.987,5 milioni di dollari, in diminuzione dell'1,4%. Il reddito netto è stato di 446,3 milioni di dollari, ovvero 2,20 dollari per azione diluita, in calo del 12,7%. L'azienda ha ridotto le previsioni per l'intero anno, ora prevedendo una crescita delle vendite nette stabile (precedentemente circa il 2%) e un calo degli utili per azione del 9% a 6%. Il margine lordo è diminuito di 360 punti base, attestandosi al 41,3%, principalmente a causa dell'aumento dei costi delle materie prime e della tempistica sfavorevole dei costi di input. L'azienda affronta sfide a causa dei prezzi storicamente elevati del cacao e di un ambiente di consumo difficile, concentrandosi sull'incremento della crescita del fatturato attraverso la presenza nei negozi, l'espansione del portafoglio e la forza stagionale.
Hershey reportó los resultados financieros del tercer trimestre de 2024 con ventas netas consolidadas de 2.987,5 millones de dólares, lo que representa una disminución del 1,4%. El ingreso neto fue de 446,3 millones de dólares, o 2,20 dólares por acción diluida, lo que supone una caída del 12,7%. La compañía redujo sus pronósticos para todo el año, ahora esperando un crecimiento estable en las ventas netas (anteriormente ~2%) y un descenso de las ganancias por acción del 9% a 6. El margen bruto disminuyó en 360 puntos básicos alcanzando un 41,3%, principalmente debido al aumento de los costos de las materias primas y la desfavorable temporalidad de los costos de insumos. La empresa enfrenta desafíos debido a los históricamente altos precios del cacao y a un complicado entorno del consumidor, enfocándose en impulsar el crecimiento de la facturación a través de la presencia en tiendas, la expansión de la cartera y la demanda estacional.
허쉬는 2024년 3분기 재무 결과를 발표했으며, 총 순매출은 2,987.5 백만 달러로 1.4% 감소했습니다. 순이익은 446.3 백만 달러로 주당 희석액 2.20 달러로 12.7% 감소했습니다. 이 회사는 연간 전망을 하향 조정했으며, 이제 순매출 성장률이 0%에 이를 것으로 예상하고 (이전에는 약 2%) 주당 수익이 9% 감소하여 6%로 예상하고 있습니다. 총매출이익률은 360베이시스포인트 감소하여 41.3%에 도달했으며, 이는 주로 원자재 비용 상승과 불리한 투입 비용 시기에 기인합니다. 이 회사는 역사적으로 높은 코코아 가격과 어려운 소비자 환경에서 어려움을 겪고 있으며, 매장 존재감, 포트폴리오 확장 및 계절적 강점을 통해 매출 성장을 촉진하는 데 집중하고 있습니다.
Hershey a annoncé les résultats financiers du troisième trimestre 2024, avec un chiffre d'affaires net consolidé de 2 987,5 millions de dollars, soit une baisse de 1,4%. Le revenu net s'est établi à 446,3 millions de dollars, soit 2,20 dollars par action diluée, en baisse de 12,7%. L'entreprise a revu à la baisse ses prévisions pour l'année entière, s'attendant désormais à une croissance des ventes nets stable (auparavant ~2%) et à une baisse des bénéfices par action de 9% à 6 dollars. La marge brute a diminué de 360 points de base, atteignant 41,3%, principalement en raison de l'augmentation des coûts des matières premières et d'une temporalité défavorable des coûts des intrants. L'entreprise fait face à des défis dus à des prix du cacao historiquement élevés et à un environnement de consommation difficile, se concentrant sur la croissance du chiffre d'affaires grâce à la présence en magasin, l'expansion de son portefeuille et la force saisonnière.
Hershey hat die Finanzzahlen des 3. Quartals 2024 veröffentlicht, mit konsolidierten Nettoumsätzen von 2.987,5 Millionen Dollar, was einem Rückgang von 1,4% entspricht. Der Nettogewinn betrug 446,3 Millionen Dollar oder 2,20 Dollar je verwässerter Aktie, ein Rückgang von 12,7%. Das Unternehmen hat seine Gesamtjahresprognose gesenkt und erwartet nun ein stabiles Wachstum der Nettoumsätze (zuvor etwa 2%) sowie einen Rückgang des Ergebnisses je Aktie um 9% auf 6 Dollar. Die Bruttomarge sank um 360 Basispunkte auf 41,3%, was hauptsächlich auf gestiegene Rohstoffpreise und ungünstige Zeitrahmen der Inputkosten zurückzuführen ist. Das Unternehmen sieht sich Herausforderungen durch historisch hohe Kakaopreise und ein schwieriges Verbraucherumfeld gegenüber und konzentriert sich darauf, das Umsatzwachstum durch Präsenz in den Geschäften, Portfolioerweiterung und saisonale Stärke voranzutreiben.
- Price realization of approximately 2 points across segments
- Dot's Homestyle Pretzels retail sales increased 31.1% with 443-basis point pretzel category share gain
- Expected Advancing Agility & Automation Initiative savings of approximately $100 million
- Net sales decreased 1.4% to $2,987.5 million
- Net income declined 12.7% to $446.3 million
- Gross margin decreased 360 basis points to 41.3%
- Reduced full-year guidance from 2% growth to flat sales
- North America Salty Snacks segment sales decreased 15.5%
- SkinnyPop ready-to-eat popcorn sales declined 5.5%
Insights
Hershey's Q3 results reveal significant headwinds, with
- Gross margin contracted
460 basis points to40.3% due to higher commodity costs and unfavorable mix - North America Confectionery segment income dropped
14.5% - Full-year outlook revised down from
2% growth to flat sales, with EPS now expected to decline mid-single digits
While cost-saving initiatives target
"We believe in the resiliency of our snacking categories and the strength of our brands," said Michele Buck, The Hershey Company President and Chief Executive Officer. "While year-to-date results have been affected by historically high cocoa prices and a challenging consumer environment, we are laser-focused on controlling what we can and are acting with immediacy to deliver value to customers, consumers and shareholders. Our priorities are to drive top-line and market share growth by winning in-store with key customers, expanding our chocolate portfolio, accelerating sweets, and maximizing our seasonal strength."
Third-Quarter 2024 Financial Results Summary1
- Consolidated net sales of
, a decrease of$2,987.5 million 1.4% . - Organic, constant currency net sales decreased
1.0% . - Reported net income of
, or$446.3 million per share-diluted, a decrease of$2.20 12.7% . - Adjusted earnings per share-diluted of
, a decrease of$2.34 10.0% .
1 All comparisons for the third quarter of 2024 are with respect to the third quarter ended October 1, 2023 |
2024 Full-Year Financial Outlook
The Company is reducing its net sales growth, reported earnings per share and adjusted earnings per share outlook for the year.
2024 Full-Year Outlook | Prior Guidance | Current Guidance | |
Net sales growth | ~ | Flat | |
Reported earnings per share growth | (3)% to (1)% | (9)% to (6)% | |
Adjusted earnings per share growth | Down slightly | Down mid-single-digits |
The Company also expects:
- An overall economic tax outlook that is relatively unchanged but reflects higher investment in tax credits and a lower tax rate versus the previous outlook:
- A reported and adjusted effective tax rate of approximately
11% ; - Other expense, which primarily reflects the write-down of equity investments that qualify for a tax credit, of approximately
to$260 million ;$270 million
- A reported and adjusted effective tax rate of approximately
- Interest expense of approximately
, reflecting a higher interest rate environment;$170 million - Capital expenditures of approximately
to$575 million , driven by core confection capacity expansion and continued investments in a digital infrastructure; and$600 million - Advancing Agility & Automation Initiative savings of approximately
.$100 million
Below is a reconciliation of current projected 2024 and full-year 2023 earnings per share-diluted calculated in accordance with
2024 (Projected) | 2023 | ||
Reported EPS – Diluted | |||
Derivative mark-to-market losses | — | 0.29 | |
Business realignment activities | 0.65 - 0.69 | 0.01 | |
Acquisition and integration-related activities | 0.20 - 0.25 | 0.37 | |
Tax effect of all adjustments reflected above | (0.21) | (0.14) | |
Adjusted EPS – Diluted |
2024 projected earnings per share-diluted, as presented above, does not include the impact of mark-to-market gains and losses on our commodity derivative contracts that are reflected within corporate unallocated expense in segment results until the related inventory is sold since we are not able to forecast the impact of the market changes.
Third-Quarter 2024 Components of Net Sales Growth
A reconciliation between reported net sales growth rates and constant currency net sales growth rates, along with the contribution from net price realization and volume, is provided below:
Three Months Ended September 29, 2024 | |||||||||
Percentage | Impact of | Percentage | Organic Price (Rounded)* | Organic (Rounded)* | |||||
North America Confectionery | 0.8 % | (0.1) % | 0.9 % | 2 % | (2) % | ||||
North America Salty Snacks | (15.5) % | — % | (15.5) % | 2 % | (17) % | ||||
International | (3.9) % | (4.1) % | 0.2 % | 1 % | (1) % | ||||
Total Company | (1.4) % | (0.4) % | (1.0) % | 2 % | (3) % |
*Percentage changes may not compute directly as shown due to rounding of amounts presented above. |
The Company presents certain percentage changes in net sales on a constant currency basis, which excludes the impact of foreign currency exchange. To present this information for historical periods, current period net sales for entities reporting in currencies other than the
Third-Quarter 2024 Consolidated Results
Consolidated net sales decreased
Reported gross margin was
Selling, marketing and administrative expenses decreased
Third quarter 2024 reported operating profit was
The reported effective tax rate in the third quarter of 2024 was
The Company's third-quarter 2024 results, as prepared in accordance with GAAP, included items positively impacting comparability of
The following table presents a summary of items impacting comparability in each period (see Appendix I for additional information):
Pre-Tax (millions) | Earnings Per Share-Diluted | ||||||
Three Months Ended | Three Months Ended | ||||||
September 29, | October 1, | September 29, | October 1, | ||||
Derivative mark-to-market (gains) losses | $ (31.1) | $ 1.8 | $ (0.15) | $ 0.01 | |||
Business realignment activities | 49.1 | (0.4) | 0.24 | — | |||
Acquisition and integration-related activities | 22.8 | 16.1 | 0.11 | 0.08 | |||
Tax effect of all adjustments reflected above | — | — | (0.06) | (0.01) | |||
$ 40.8 | $ 17.5 | $ 0.14 | $ 0.08 |
Segment performance for the third quarter of 2024 versus the prior year period is detailed below. See the table on components of net sales growth and the schedule of supplementary information within this press release for additional information on segment net sales and profit.
North America Confectionery
The North America Confectionery segment reported segment income of
North America Salty Snacks
2 MULO+ w/Convenience expanded in the second quarter of 2024 to include club, drug, and e-commerce customers previously classified as unmeasured |
North America Salty Snacks segment income was
International
Third quarter 2024 net sales for
The International segment reported a
Unallocated Corporate Expense
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Note: In this release, for the third quarter of 2024,
Reconciliation of Certain Non-GAAP Financial Measures | |||
Consolidated results | Three Months Ended | ||
In thousands except per share data | September 29, 2024 | October 1, 2023 | |
Reported gross profit | $ 1,232,719 | $ 1,360,253 | |
Derivative mark-to-market (gains) losses | (31,083) | 1,752 | |
Business realignment activities | 1,457 | (506) | |
Acquisition and integration-related activities | 1,720 | 15 | |
Non-GAAP gross profit | $ 1,204,813 | $ 1,361,514 | |
Reported operating profit | $ 613,164 | $ 735,949 | |
Derivative mark-to-market (gains) losses | (31,083) | 1,752 | |
Business realignment activities | 49,129 | (426) | |
Acquisition and integration-related activities | 22,777 | 16,125 | |
Non-GAAP operating profit | $ 653,987 | $ 753,400 | |
Reported provision for income taxes | $ 72,446 | $ 134,836 | |
Derivative mark-to-market (gains) losses* | (4,499) | (1,853) | |
Business realignment activities* | 11,867 | (133) | |
Acquisition and integration-related activities* | 5,518 | 3,879 | |
Non-GAAP provision for income taxes | $ 85,332 | $ 136,729 | |
Reported net income | $ 446,301 | $ 518,577 | |
Derivative mark-to-market (gains) losses | (26,584) | 3,605 | |
Business realignment activities | 37,262 | (293) | |
Acquisition and integration-related activities | 17,259 | 12,246 | |
Non-GAAP net income | $ 474,238 | $ 534,135 | |
Reported EPS - Diluted | $ 2.20 | $ 2.52 | |
Derivative mark-to-market (gains) losses | (0.15) | 0.01 | |
Business realignment activities | 0.24 | — | |
Acquisition and integration-related activities | 0.11 | 0.08 | |
Tax effect of all adjustments reflected above** | (0.06) | (0.01) | |
Non-GAAP EPS - Diluted | $ 2.34 | $ 2.60 |
* The tax effect for each adjustment is determined by calculating the tax impact of the adjustment on the Company's quarterly effective tax rate, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment. |
In the assessment of our results, we review and discuss the following financial metrics that are derived from the reported and non-GAAP financial measures presented above:
Three Months Ended | |||
September 29, 2024 | October 1, 2023 | ||
As reported gross margin | 41.3 % | 44.9 % | |
Non-GAAP gross margin (1) | 40.3 % | 44.9 % | |
As reported operating profit margin | 20.5 % | 24.3 % | |
Non-GAAP operating profit margin (2) | 21.9 % | 24.9 % | |
As reported effective tax rate | 14.0 % | 20.6 % | |
Non-GAAP effective tax rate (3) | 15.2 % | 20.4 % |
(1) | Calculated as non-GAAP gross profit as a percentage of net sales for each period presented. | ||
(2) | Calculated as non-GAAP operating profit as a percentage of net sales for each period presented. | ||
(3) | Calculated as non-GAAP provision for income taxes as a percentage of non-GAAP income before taxes (calculated as non-GAAP operating profit minus non-GAAP interest expense, net plus or minus non-GAAP other (income) expense, net). |
Appendix I
Details of the charges included in GAAP results, as summarized in the press release (above), are as follows:
Derivative mark-to-market (gains) losses: The mark-to-market (gains) losses on commodity derivatives are recorded as unallocated and excluded from adjusted results until such time as the related inventory is sold, at which time the corresponding (gains) losses are reclassified from unallocated to segment income. Since we often purchase commodity contracts to price inventory requirements in future years, we make this adjustment to facilitate the year-over-year comparison of cost of sales on a basis that matches the derivative gains and losses with the underlying economic exposure being hedged for the period.
Business realignment activities: We periodically undertake restructuring and cost reduction activities as part of ongoing efforts to enhance long-term profitability. During the first quarter of 2024, we commenced the Advancing Agility & Automation Initiative to improve supply chain and manufacturing-related spend, optimize selling, general and administrative expenses, leverage new technology and business models to further simplify and automate processes, and generate long-term savings. During the third quarter of 2024, business realignment charges related primarily to third-party costs supporting the design and implementation of the new organizational structure, as well as severance and employee benefit costs. During the fourth quarter of 2020, we commenced the International Optimization Program to streamline resources and investments in select international markets, including the optimization of our
Acquisition and integration-related activities: During the third quarter of 2024, we incurred integration-related costs for the acquisition of two manufacturing plants from Weaver Popcorn Manufacturing, Inc. ("Weaver") and the integration of the 2021 acquisitions of Dot's Pretzels, LLC ("Dot's") and Pretzels Inc. ("Pretzels") into our North America Salty Snacks segment. During the third quarter of 2023, we incurred costs related to the acquisition of two manufacturing plants from Weaver, the integration of the 2021 acquisitions of Dot's and Pretzels into our North America Salty Snacks segment and costs related to building and upgrading our new ERP system for implementation across our North America Salty Snacks segment in the fourth quarter of 2023.
Tax effect of all adjustments: This line item reflects the aggregate tax effect of all pre-tax adjustments reflected in the preceding line items of the applicable table. The tax effect for each adjustment is determined by calculating the tax impact of the adjustment on the Company's quarterly effective tax rate, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to our 2024 Full-year Financial Outlook and other statements regarding our business outlook and financial performance. Many of these forward-looking statements can be identified by the use of words such as "anticipate," "assume," "believe," "continue," "estimate," "expect," "forecast," "future," "intend," "plan," "potential," "predict," "project," "strategy," "target" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would," among others. These statements are made based upon current expectations that are subject to risk and uncertainty. Because actual results may differ materially from those contained in the forward-looking statements, you should not place undue reliance on the forward-looking statements when deciding whether to buy, sell or hold the Company's securities. Factors that could cause results to differ materially include, but are not limited to: disruptions or inefficiencies in our supply chain due to the loss or disruption of essential manufacturing or supply elements or other factors; issues or concerns related to the quality and safety of our products, ingredients or packaging, human and workplace rights, and other environmental, social or governance matters; changes in raw material and other costs, along with the availability of adequate supplies of raw materials and the Company's ability to successfully hedge against volatility in raw material pricing; the Company's ability to successfully execute business continuity plans to address changes in consumer preferences and the broader economic and operating environment; selling price increases, including volume declines associated with pricing elasticity; market demand for our new and existing products; increased marketplace competition; failure to successfully execute and integrate acquisitions, divestitures and joint ventures; changes in governmental laws and regulations, including taxes; political, economic, and/or financial market conditions, including with respect to inflation, rising interest rates, slower growth or recession, and other events beyond our control such as the impacts on the business arising from the conflict between
The Hershey Company | ||||||||||
Consolidated Statements of Income | ||||||||||
for the periods ended September 29, 2024 and October 1, 2023 | ||||||||||
(unaudited) (in thousands except percentages and per share amounts) | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||
September 29, 2024 | October 1, 2023 | September 29, 2024 | October 1, 2023 | |||||||
Net sales | $ 2,987,494 | $ 3,029,987 | $ 8,314,723 | $ 8,507,881 | ||||||
Cost of sales | 1,754,775 | 1,669,734 | 4,572,178 | 4,633,207 | ||||||
Gross profit | 1,232,719 | 1,360,253 | 3,742,545 | 3,874,674 | ||||||
Selling, marketing and administrative expense | 591,920 | 624,304 | 1,750,888 | 1,777,695 | ||||||
Business realignment costs | 27,635 | — | 32,572 | 441 | ||||||
Operating profit | 613,164 | 735,949 | 1,959,085 | 2,096,538 | ||||||
Interest expense, net | 44,316 | 39,755 | 125,511 | 114,101 | ||||||
Other (income) expense, net | 50,101 | 42,781 | 82,695 | 130,248 | ||||||
Income before income taxes | 518,747 | 653,413 | 1,750,879 | 1,852,189 | ||||||
Provision for income taxes | 72,446 | 134,836 | 326,231 | 339,444 | ||||||
Net income | $ 446,301 | $ 518,577 | $ 1,424,648 | $ 1,512,745 | ||||||
Net income per share | - Basic | - Common | $ 2.26 | $ 2.60 | $ 7.19 | $ 7.56 | ||||
- Diluted | - Common | $ 2.20 | $ 2.52 | $ 7.00 | $ 7.36 | |||||
- Basic | - Class B | $ 2.05 | $ 2.36 | $ 6.53 | $ 6.93 | |||||
Shares outstanding | - Basic | - Common | 147,938 | 150,116 | 148,474 | 149,307 | ||||
- Diluted | - Common | 203,030 | 205,488 | 203,631 | 205,613 | |||||
- Basic | - Class B | 54,614 | 54,614 | 54,614 | 55,447 | |||||
Key margins: | ||||||||||
Gross margin | 41.3 % | 44.9 % | 45.0 % | 45.5 % | ||||||
Operating profit margin | 20.5 % | 24.3 % | 23.6 % | 24.6 % | ||||||
Net margin | 14.9 % | 17.1 % | 17.1 % | 17.8 % |
The Hershey Company | |||||||||||||
Supplementary Information – Segment Results | |||||||||||||
for the periods ended September 29, 2024 and October 1, 2023 | |||||||||||||
(unaudited) (in thousands except percentages) | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 29, 2024 | October 1, 2023 | % Change | September 29, 2024 | October 1, 2023 | % Change | ||||||||
Net sales: | |||||||||||||
North America Confectionery | $ 2,477,303 | $ 2,457,647 | 0.8 % | $ 6,764,439 | $ 6,902,891 | (2.0) % | |||||||
North America Salty Snacks | 291,835 | 345,182 | (15.5) % | 856,835 | 887,532 | (3.5) % | |||||||
International | 218,356 | 227,158 | (3.9) % | 693,449 | 717,458 | (3.3) % | |||||||
Total | $ 2,987,494 | $ 3,029,987 | (1.4) % | $ 8,314,723 | $ 8,507,881 | (2.3) % | |||||||
Segment income: | |||||||||||||
North America Confectionery | $ 724,822 | $ 847,469 | (14.5) % | $ 2,137,514 | $ 2,392,397 | (10.7) % | |||||||
North America Salty Snacks | 53,977 | 57,389 | (5.9) % | 144,887 | 147,934 | (2.0) % | |||||||
International | 14,207 | 31,688 | (55.2) % | 81,967 | 127,838 | (35.8) % | |||||||
Total segment income | 793,006 | 936,546 | (15.3) % | 2,364,368 | 2,668,169 | (11.4) % | |||||||
Unallocated corporate expense (1) | 139,018 | 183,146 | (24.1) % | 465,935 | 513,284 | (9.2) % | |||||||
Unallocated mark-to-market (gains) | (31,083) | 1,753 | NM | (195,727) | 5,217 | NM | |||||||
Costs associated with business | 49,129 | (426) | NM | 104,795 | 3,440 | NM | |||||||
Acquisition and integration-related | 22,778 | 16,124 | 41.3 % | 30,280 | 49,690 | (39.1) % | |||||||
Operating profit | 613,164 | 735,949 | (16.7) % | 1,959,085 | 2,096,538 | (6.6) % | |||||||
Interest expense, net | 44,316 | 39,755 | 11.5 % | 125,511 | 114,101 | 10.0 % | |||||||
Other (income) expense, net | 50,101 | 42,781 | 17.1 % | 82,695 | 130,248 | (36.5) % | |||||||
Income before income taxes | $ 518,747 | $ 653,413 | (20.6) % | $ 1,750,879 | $ 1,852,189 | (5.5) % | |||||||
(1) | Includes centrally-managed (a) corporate functional costs relating to legal, treasury, finance and human resources, (b) expenses associated with the oversight and administration of our global operations, including warehousing, distribution and manufacturing, information systems and global shared services, (c) non-cash stock-based compensation expense and (d) other gains or losses that are not integral to segment performance. |
(2) | Net (gains) losses on mark-to-market valuation of commodity derivative positions recognized in unallocated derivative losses (gains). |
NM - not meaningful |
Three Months Ended | Nine Months Ended | ||||||||
September 29, 2024 | October 1, 2023 | September 29, 2024 | October 1, 2023 | ||||||
Segment income as a percent of net sales: | |||||||||
North America Confectionery | 29.3 % | 34.5 % | 31.6 % | 34.7 % | |||||
North America Salty Snacks | 18.5 % | 16.6 % | 16.9 % | 16.7 % | |||||
International | 6.5 % | 13.9 % | 11.8 % | 17.8 % |
The Hershey Company | |||
Consolidated Balance Sheets | |||
as of September 29, 2024 and December 31, 2023 | |||
(in thousands of dollars) | |||
Assets | September 29, 2024 | December 31, 2023 | |
(unaudited) | |||
Cash and cash equivalents | $ 614,951 | $ 401,902 | |
Accounts receivable - trade, net | 1,142,514 | 823,617 | |
Inventories | 1,301,956 | 1,340,996 | |
Prepaid expenses and other | 492,383 | 345,588 | |
Total current assets | 3,551,804 | 2,912,103 | |
Property, plant and equipment, net | 3,389,034 | 3,309,678 | |
Goodwill | 2,692,195 | 2,696,050 | |
Other intangibles | 1,818,980 | 1,879,229 | |
Other non-current assets | 1,129,029 | 1,061,427 | |
Deferred income taxes | 40,368 | 44,454 | |
Total assets | $ 12,621,410 | $ 11,902,941 | |
Liabilities and Stockholders' Equity | |||
Accounts payable | $ 1,214,564 | $ 1,086,183 | |
Accrued liabilities | 807,392 | 867,815 | |
Accrued income taxes | 71,836 | 29,457 | |
Short-term debt | 1,196,403 | 719,839 | |
Current portion of long-term debt | 904,819 | 305,058 | |
Total current liabilities | 4,195,014 | 3,008,352 | |
Long-term debt | 3,189,079 | 3,789,132 | |
Other long-term liabilities | 709,359 | 660,673 | |
Deferred income taxes | 322,989 | 345,698 | |
Total liabilities | 8,416,441 | 7,803,855 | |
Total stockholders' equity | 4,204,969 | 4,099,086 | |
Total liabilities and stockholders' equity | $ 12,621,410 | $ 11,902,941 |
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SOURCE The Hershey Company
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