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The Hershey Company, headquartered in Hershey, PA, is a global leader in the confectionery industry, renowned for delivering delicious chocolate, sweets, mints, and other snacks. Hershey has a rich legacy of over 120 years, driven by its mission of bringing goodness to the world. The company employs approximately 18,000 people globally who are dedicated to producing high-quality products every day.
With an impressive portfolio of more than 100 brands, including iconic names such as Hershey's, Reese's, Kit Kat, Jolly Rancher, and Ice Breakers, Hershey generates over $10.4 billion in annual revenues. The company's products are available in about 80 countries, though a significant portion of its sales is concentrated in North America. Hershey continues to expand its footprint in international markets such as Brazil, India, and Mexico.
Hershey is not only focused on its core confectionery business but is also diversifying into other snack categories. This includes acquisitions like Amplify Snack Brands, known for SkinnyPop, Pirate Brands, and Dot's Pretzels. These strategic moves are part of Hershey's efforts to provide a broader range of products and cater to evolving consumer preferences.
Financially, Hershey has shown robust performance, with strong net sales growth and gross margin expansion. The company has reaffirmed its sales outlook for 2024, driven by innovation and strategic investments. Hershey's recent initiatives include expanding capacity, improving supply chain efficiencies, and increasing brand investment to boost market share and meet consumer demand.
Environmental sustainability is a key focus for Hershey. The company has committed to achieving deforestation-free supply chains for key ingredients by 2025, enhanced by satellite monitoring partnerships to ensure compliance. It also engages in reforestation and forest conservation efforts, particularly in regions like Ghana and Côte d'Ivoire, to promote biodiversity and reduce greenhouse gas emissions.
Hershey continues to uphold its commitment to ethical business practices, sustainability, and community support, embodying the values set forth by its founder, Milton Hershey. The company is dedicated to making a positive impact on both a local and global scale.
The Hershey Company (NYSE: HSY) announced the resignation of Damien Atkins, Senior Vice President and General Counsel, effective January 31, 2021, due to family illness. He will step down from his role immediately and focus on transitioning his responsibilities. James Turoff, Vice President and Deputy General Counsel, will act as General Counsel during the search for a successor. Atkins has been with Hershey since 2018 and played a significant role in legal and corporate governance. CEO Michele Buck recognized his contributions to the company's growth.
The Hershey Company (NYSE: HSY) announced a $1.5 million investment in the Thurgood Marshall College Fund (TMCF) to establish a scholarship endowment aimed at supporting students pursuing degrees in food science. The goal is to increase this endowment to $3 million over the next decade. This significant commitment marks the first time a company has established a scholarship endowment through TMCF, focusing on underrepresented populations. Hershey's ongoing partnership with TMCF underscores its commitment to diversity and education.
Hershey has announced the launch of a new festive treat, the Holiday Sugar Cookie Blossoms, combining a sugar cookie base with the recently introduced Hershey's Kisses Sugar Cookie candy. The cookie, inspired by Pennsylvania's baking traditions, aims to enhance holiday festivities and is one of over 25 variations in the Blossoms line. Brand manager Erin Crawford emphasized the ease of making these cookies, which can help create memorable holiday moments. For more recipes, Hershey invites customers to visit their website.
The Hershey Company (NYSE: HSY) announced its quarterly dividends of $0.804 for Common Stock and $0.731 for Class B Common Stock. These dividends will be payable on December 15, 2020, to stockholders on record as of November 20, 2020. This marks the 364th consecutive regular dividend for Common Stock and the 145th consecutive regular dividend for Class B Common Stock, reflecting the company’s ongoing commitment to returning value to shareholders.
The Hershey Company (NYSE: HSY) reported a strong third quarter ending September 27, 2020, with net sales reaching $2,219.8 million, up 4% year-over-year. The company achieved a 39% increase in net income to $447.3 million, resulting in diluted EPS of $2.14. Adjusted EPS rose 15.5% to $1.86. North America segment net sales grew 6.3%, driven by price realization and volume growth. However, international sales declined 14.4%. Hershey reinstated its full-year guidance, expecting reported net sales to rise around 1% and adjusted EPS in the range of $6.18 to $6.24 for 2020.
The Hershey Company (NYSE: HSY) announced a formal review of its U.S. media agency for its candy, mint, and gum business, excluding Amplify Foods and international markets. This evaluation aims to identify partners that can enhance Hershey's internal media capabilities in the evolving media landscape. The review is invitation-only for incumbent agencies, with a decision expected in Q2 2021. The company seeks to ensure its media investments drive growth as it adapts to an omnichannel environment.
Quinn, a natural foods snack company, has secured additional Series D funding from The Hershey Company (NYSE: HSY) and existing investors. This investment aims to enhance distribution and product innovation. Founded in 2010, Quinn has experienced a 65% revenue growth this year, establishing itself as the leading pretzel brand in the Natural Channel. Hershey's investment aligns with its commitment to sustainability and diversity, as well as supporting female entrepreneurs. Quinn's innovative snack products include gluten-free and organic options, underlining its dedication to ingredient transparency.
Hershey is launching the Hershey Halloween Squad to ensure a festive Halloween season in 2020. This team consists of renowned experts including food and lifestyle expert Justine Santaniello and parenting psychologist Dr. Michele Borba. They will provide creative Halloween tips and new recipes to engage families during celebrations. The company also introduced new seasonal products like Reese's Franken-Cups and Kit Kat Witch's Brew bars ahead of the season. Hershey supports Halloween safety guidelines amidst the pandemic, aligning with health organizations.
The Hershey Company (NYSE:HSY) will release its third-quarter sales and earnings results on November 6, 2020, at 8:30 a.m. ET. This year, the conference call is scheduled two weeks later to facilitate a detailed discussion regarding Halloween results, a crucial factor amid the COVID-19 pandemic. Analysts can participate via a live webcast on Hershey's corporate website. For further details, visit the 'CALENDAR OF EVENTS' section of their site.
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