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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 quarterly dividends of $1.036 for Common Stock and $0.942 for Class B Common Stock. These dividends were declared on April 25, 2023, and are payable on June 15, 2023, to stockholders of record as of May 19, 2023. This marks the 373rd consecutive regular dividend for Common Stock and the 154th for Class B Common Stock, indicating the company's strong commitment to returning value to its shareholders.
The Hershey Company (NYSE: HSY) reported strong first-quarter results for 2023, with net sales reaching $2,987.6 million, a 12.1% increase compared to the previous year. The company's reported net income was $587.2 million, or $2.85 per share-diluted, a 10.9% rise year-over-year. Adjusted earnings per share rose 17.0% to $2.96.
Hershey raised its full-year guidance, projecting net sales growth of approximately 8% and earnings per share growth of about 15%. The increase in sales was supported by strong demand and effective price realization across segments. Despite some margin pressures from higher costs, especially in raw materials, the company remains optimistic about sustaining growth into 2024.
The Hershey Company took action to address a significant humanitarian issue when over 1 million servings of therapeutic food for children were found abandoned in a warehouse in western Africa due to pandemic-related disruptions. Led by Tim McCoy, Hershey coordinated with partners to transport the food to children in need through the Children of Africa Foundation. This initiative aligns with Hershey's commitment to supporting cocoa farming communities and enhancing child nutrition. The company's long-standing partnership with Project Peanut Butter facilitates the distribution of peanut-butter-based nutritional supplements to schools in Ghana and Côte d'Ivoire. The donation of the therapeutic food, known as Grow Nut, exemplifies Hershey's Cocoa For Good strategy, which addresses social and environmental challenges in cocoa-producing regions.
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