Group 1 - The article emphasizes the importance of sustained profitability, highlighting that strong margins, stable and expanding free cash flow, and high returns on invested capital are more reliable drivers of returns than valuation alone [1] - The author focuses on long-term growth and dividend-growth investing, seeking undervalued stocks and high-quality dividend growers that generate dependable cash flow for reinvestment [1] - An interdisciplinary foundation in Economics, Classical Philology, and Philosophy & Theology enhances the ability to analyze companies through both numerical and humanistic lenses [1] Group 2 - The author expresses a commitment to responsible stewardship, aiming to leave a legacy for future generations that includes not just wealth but also the freedom that comes from wise management of resources [1] - The goal of investment is framed not as a means to escape work, but to ensure the ability to work in a fulfilling environment that allows for self-expression [1]

Hershey beating on the top and bottom lines despite raising estimates estimated sorry fullear costs of tariffs to between 170 and 180 from between 15 and 20 million. A bittersweet earnings call for CEO Michelle Buck planning to step down very soon August 18th joining us exclusively on CNBC for a final broadcast interview as Hershey CEO. Michelle Buck, welcome.It's good to have you. It's it's been good to have you throughout, you know, your tenure as as CEO, Michelle, but just on on this current quarter, I'm ...

Core Insights - Hershey reported $2.61 billion in revenue for the quarter ended June 2025, a year-over-year increase of 26% [1] - The EPS for the same period was $1.21, compared to $1.27 a year ago, indicating a slight decline [1] - The revenue exceeded the Zacks Consensus Estimate of $2.55 billion by 2.62%, while the EPS surprised by 19.8% against the consensus estimate of $1.01 [1] Revenue Performance - North America net sales reached $2.4 billion, surpassing the five-analyst average estimate of $2.32 billion, with a year-over-year change of 28.4% [4] - International net sales were $213.73 million, slightly below the estimated $227.95 million, but still reflecting a 4.4% increase year-over-year [4] - North America Confectionery net sales were $2.09 billion, exceeding the average estimate of $2.02 billion, with a year-over-year change of 32% [4] - North America Salty Snacks net sales were $315.52 million, above the average estimate of $306.06 million, showing an 8.8% year-over-year increase [4] Segment Income - North America Confectionery segment income was $503.93 million, compared to the average estimate of $470.57 million [4] - Unallocated corporate expenses showed a loss of $179.65 million, better than the estimated loss of $220.51 million [4] - North America Salty Snacks segment income was $66.48 million, exceeding the average estimate of $55.67 million [4] Stock Performance - Hershey shares returned +5.9% over the past month, outperforming the Zacks S&P 500 composite's +3.4% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

巧克力制造商好时(HSY.US)盘初一度涨超6.8%，最高触及199美元，创去年12月以来新高。消息面上， 好时第二季度净销售额为26.1亿美元，同比增长26%，分析师预期为25.2亿美元；调整后每股收益为 1.21美元，分析师预期为0.99美元。(格隆汇) ...

来源：格隆汇APP 展望全年，好时预计调整后每股收益在5.81至6美元之间，之前预期为6至6.18美元，分析师预期为5.91 美元。公司预计关税相关支出将在1.7亿至1.8亿美元之间，此前预期为1500万至2000万美元。 格隆汇7月30日｜巧克力制造商好时公布第二季度业绩，净销售额为26.1亿美元，同比增长26%，分析 师预期为25.2亿美元；调整后每股收益为1.21美元，去年同期为1.27美元，分析师预期为0.99美元。 ...

Financial Data and Key Metrics Changes - The company is experiencing top-line momentum and has profit recovery plans underway, indicating a positive outlook despite previous headwinds [12][13] - The pricing actions taken are expected to have a mid-teens impact on revenue in 2026, with 80% of the profit benefit anticipated to materialize in that year [80][89] Business Line Data and Key Metrics Changes - The instant consumables segment is gaining share and growing ahead of the category, driven by effective distribution and innovation strategies [65] - The salty snacks portfolio, including brands like Dots and Skinny Pop, is performing well due to strong consumer acceptance and marketing efforts [53][54] Market Data and Key Metrics Changes - The chocolate category is seeing overall growth, attributed to innovation, emotional well-being benefits of products, and effective retail partnerships [38][40] - Cocoa prices remain inflationary, but there are signs of potential recovery in the cocoa market, with expectations of a modest surplus in the upcoming crop [105][106] Company Strategy and Development Direction - The company is focused on long-term investments in brands and capabilities to drive sustainable growth, with a commitment to margin recovery through pricing adjustments [12][78] - The new CEO, Kirk, is expected to leverage his extensive experience in consumer packaged goods to further enhance the company's growth trajectory [17][18] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the future, citing ongoing discussions regarding potential tariff exemptions for cocoa, which could positively impact costs [44] - The company is closely monitoring consumer trends, particularly regarding health and wellness, to ensure its product offerings align with evolving consumer preferences [73] Other Important Information - The company is planning significant innovation initiatives for the upcoming year, including major marketing events tied to the Olympics and new product launches [32][38] - The management team is committed to maintaining agility in response to market conditions, particularly regarding pricing elasticity and consumer demand [125][126] Q&A Session Summary Question: Is there a need for a reset in earnings and margins with the new CEO? - Management believes there is no need for a reset as the company has consistently invested in growth and has momentum on its side [12][14] Question: What is the expected elasticity of pricing actions? - The company anticipates a one-to-one elasticity for the new pricing, with favorable conditions compared to historical data [19][20] Question: How is the company addressing cocoa cost inflation? - Pricing actions are expected to significantly impact margin recovery, but will not fully offset cocoa inflation experienced up to 2025 [28][30] Question: What is the outlook for the instant consumables segment? - The company is seeing growth in this segment due to effective distribution and innovation, with expectations for continued improvement [65][66] Question: How is the company planning for potential tariff exemptions? - Management is optimistic about ongoing discussions regarding tariff exemptions for cocoa, which could alleviate some cost pressures [44] Question: What is the strategy for the salty snacks portfolio? - The company is focusing on flavor innovation and marketing to drive growth in the salty snacks category, leveraging consumer trends [53][54] Question: How is the company managing tax rate challenges? - The company is facing challenges with tax rates due to various factors, including lower income and changes in tax credit availability, which are expected to persist into 2026 [117][119]

Financial Data and Key Metrics Changes - The company is expecting a mid-teens impact from pricing actions in 2026, with 80% of the profit benefit anticipated to occur in that year [75][80] - The company noted that the pricing increase is primarily to recover cocoa inflation and does not fully compensate for the inflation experienced up to 2025 [24][80] Business Line Data and Key Metrics Changes - The instant consumables segment is gaining share and growing ahead of the category, with significant improvements in distribution and productivity [60] - The salty snacks segment, particularly Dots and Skinny Pop, is performing well due to strong consumer acceptance and innovative marketing strategies [48][50] Market Data and Key Metrics Changes - The chocolate category is experiencing growth driven by innovation, emotional well-being, and strategic partnerships with retailers [34] - The company is optimistic about the cocoa supply dynamics, expecting a modest surplus and improved agricultural practices in West Africa [99][100] Company Strategy and Development Direction - The company is focused on long-term investments in brands and capabilities to drive sustainable growth, with a commitment to margin recovery through pricing and cost savings [10][72] - The new CEO, Kirk, is expected to leverage his extensive experience in consumer packaged goods to enhance the company's strategic direction [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the potential for tariff exemptions on cocoa, indicating that discussions with the government are progressing positively [40] - The company is monitoring consumer trends related to health and wellness, with no significant impact expected from GLP-1 medications in 2025 [67] Other Important Information - The company is planning significant marketing investments and innovation initiatives for the upcoming year, including major events like the Olympics [28][66] - The company is actively working on optimizing its supply chain to mitigate tariff impacts and enhance operational efficiency [92] Q&A Session Summary Question: Is there a need for a reset in earnings and margins with the new CEO? - Management believes there is no need for a reset, as the company has consistently invested in growth and has momentum on its side [12] Question: What is the expected elasticity for the new pricing? - The company anticipates a one-to-one elasticity for the new pricing, with favorable conditions compared to historical data [17][18] Question: How will pricing impact the P&L in 2026? - Pricing actions are expected to significantly improve margins, but will not fully recover cocoa inflation experienced up to 2025 [24][25] Question: What is the outlook for the Halloween season? - Management is optimistic about Halloween sales, citing strong retailer plans and consumer trends [43] Question: How is the company addressing competition in the instant consumables segment? - The company is gaining share through improved distribution and innovative marketing strategies [60] Question: What are the expectations for cocoa supply and pricing? - Management is optimistic about cocoa supply dynamics, expecting a modest surplus and improved agricultural practices [99][100] Question: How is the company planning to mitigate tariff impacts? - The company is focusing on supply chain optimization and is hopeful for tariff exemptions on cocoa [92][40]

Core Insights - The collaboration between OREO® and REESE'S brands aims to meet consumer demand for innovative snacking experiences by combining their iconic flavors [2][4] - The new products include the OREO® REESE'S Cookie and the REESE'S OREO® Cup, both designed to appeal to fans of both brands [3][4] Product Details - The OREO® REESE'S Cookie features OREO® chocolate sandwich cookies filled with REESE'S peanut buttery crème and OREO cookie crumbs [3] - The REESE'S OREO® Cup combines milk chocolate and white crème peanut butter cups with OREO® cookie crumbs, representing a significant collaboration between the two brands [4] Availability - Both products will be available for presale starting August 18, 2025, with nationwide rollout planned for September 2025 [5][6] - The OREO® REESE'S Cookies will return to shelves as part of the OREO brand's portfolio in January 2026 [6] Company Background - The Hershey Company, which owns the REESE'S brand, generates over $11.2 billion in annual revenues and operates in approximately 70 countries [8] - OREO® is a leading cookie brand, selling over 60 billion cookies annually, with more than 20 billion sold in the U.S. [10]

在与分析师的电话会议的发言中，首席财务官史蒂夫·沃斯库尔(Steve Voskul)表示："鉴于可可这一大宗 原料无法在美国本土种植，我们仍对贸易谈判中与重要贸易伙伴的关税政策改善抱以希望，"但他补充 表示，该公司今年并未计入任何程度的关税减免。 7月22日，改公司宣布由于可可大宗商品价格处于历史最高位附近，将把巧克力与糖果等好时品牌的零 食价格上调至双位数幅度。此次提价不仅提高了标价，也通过减少包装内糖果重量和数量(即"收缩通 胀"策略)来调整该公司在关税与高原料成本重压之下的经营策略。这是继去年提价后的又一次显著调 价。 过去两年，可可大宗商品价格因象牙海岸和加纳(两国通常占全球可可供应规模逾60%)遭遇病害和恶劣 天气导致供应短缺而持续大幅飙升。 本月早些时候，好时任命柯克·坦纳(Kirk Tanner)为下一任总裁兼首席执行官。坦纳此前担任温迪公司总 裁兼首席执行官，他将于8月18日走马上任。 这家总部位于宾夕法尼亚州，主要生产巧克力类零食以及Reese花生酱杯的零食制造商现在预测，全年 经调整后的每股收益将下降36%至38%。而在5月，该公司曾预计调整后每股收益将下滑约35%，但当时 并未纳入全年关 ...

分组1 - Hershey reported quarterly earnings of $1.21 per share, exceeding the Zacks Consensus Estimate of $1.01 per share, but down from $1.27 per share a year ago, resulting in an earnings surprise of +19.80% [1] - The company achieved revenues of $2.61 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 2.62%, and up from $2.07 billion year-over-year [2] - Hershey has outperformed the S&P 500, with shares increasing about 10% since the beginning of the year compared to the S&P 500's gain of 8.3% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $1.26 on revenues of $3.14 billion, and for the current fiscal year, it is $5.77 on revenues of $11.52 billion [7] - The Food - Confectionery industry, to which Hershey belongs, is currently ranked in the top 37% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]