Core Insights - The article emphasizes the author's extensive experience in both equity and real estate markets, focusing on identifying long-only investment opportunities that provide safe and growing dividends [1] - The author has successfully sourced over $100 million in commercial real estate investments, showcasing a strong track record in the investment sector [1] - The background in economics and applied mathematics aids in providing timely analyses and strategies for enhancing investment portfolios [1] Company and Industry Summary - The author has a beneficial long position in the shares of HSY, indicating a positive outlook on the company's performance [1] - The article reflects a commitment to sharing insights on market evolution and investment opportunities, which may benefit investors seeking wealth creation [1]

Financial Data and Key Metrics Changes - The company expects net sales growth of at least 2% in 2025, aligning with its long-term growth algorithm [11] - The three-year cost savings target has been increased to $350 million from $300 million due to a transformation program aimed at operating more efficiently [15] Business Line Data and Key Metrics Changes - The acquisition of Lesser Evil is expected to enhance the company's presence in better-for-you snacking and extend offerings in ready-to-eat popcorn [3][4] - The company has introduced several new products, including Reese's Caramel and Shackalicious extra-large gummies, which have resonated well with consumers [19][20] Market Data and Key Metrics Changes - The company is actively monitoring tariff policies and optimizing its supply chain to mitigate the impact of tariffs on cocoa sourcing [13][14] - Elevated cocoa costs are being addressed through aggressive actions, including price increases on half of the US confection portfolio [15][16] Company Strategy and Development Direction - The company is focusing on innovation, expanding its chocolate variety brand portfolio, and enhancing seasonal execution to drive sales growth [11][12] - A partnership with VitaKey is being pursued to create a suite of health and wellness products, reflecting the ongoing health and wellness trends [10] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of product safety and quality, ensuring compliance with regulations while adapting to consumer behavior changes [6][9] - The leadership team is committed to maximizing value creation through bold actions and organizational changes [24] Other Important Information - The company has a proactive approach to product changes in anticipation of regulatory developments, maintaining consumer trust [8] - The upcoming film about Milton Hershey is set to be released in 2026, highlighting the company's commitment to social good [21][22] Q&A Session Summary Question: Why is the CEO and named executive officer compensation considered fair? - The compensation is aligned with performance, with 89% of CEO pay and 78% of named executive officer pay at risk, and the entire board approves the package [1][2] Question: What is the strategy behind acquiring Lesser Evil? - The acquisition aims to expand the company's presence in better-for-you snacking and complement its salty portfolio [3][4] Question: How is the company addressing recent regulatory changes regarding food dyes? - The company prioritizes product safety and compliance, actively monitoring regulatory developments [6][8] Question: How is the company adapting to health and wellness trends? - The company is adjusting its product portfolio to include low sugar and high protein options, reflecting consumer preferences [9][10] Question: What new strategies are being implemented for growth after a challenging 2020? - The strategy includes a focus on innovation, broadening investments in chocolate, and driving seasonal execution [11][12] Question: What impact do tariffs have on the business? - The company is closely monitoring tariff policies and optimizing its supply chain to mitigate impacts, particularly on cocoa sourcing [13][14] Question: How is the company managing elevated cocoa costs? - Aggressive actions are being taken, including price increases and a transformation program to enhance efficiency [15][16] Question: What new products can consumers expect? - New products include various innovative flavors and partnerships, with more exciting launches planned for the year [19][20]

麦当劳周四发布一季度财报称，其在美国的成熟餐厅销售额降至疫情以来的最低水平，原因是中低收入 顾客削减了消费支出。首席执行官Chris Kempczinski在周四对投资者表示："人们变得更加谨慎了。"数 据显示，只有高收入消费者保持了稳定的购买频率，而中等收入客户减少了光顾，低收入群体的消费减 少更为明显。 特朗普关税政策重创美国消费者信心，中产阶级和低收入群体正在勒紧裤腰带，这一趋势已经开始在多 家以中产消费者为核心客群的企业财报中得到印证——从麦当劳到通用汽车，从哈雷-戴维森到好时， 越来越多的公司面临销售额下滑和利润挤压。 此外，美国连锁快餐巨头Chipotle、星巴克、必胜客、肯德基和达美乐披萨都已警告美国市场销售下 滑。达美乐首席执行官Russell Weiner在接受采访时表示： 在人们更加确信自己知道发生了什么之前，他们不会动用自己的储蓄。 汽车、摩托车销售大跌，糖果巨头也受到重创 哈雷-戴维森一季报显示，摩托车销量同比降幅达到了令人震惊的24%。该公司首席执行官Jochen Zeitz 周四告诉投资者，不确定的经济前景和高利率抑制了美国和全球的需求。虽然公司考虑提高价格以缓解 关税成本，但他承 ...

Core Insights - The Hershey Company reported first-quarter 2025 results with net sales declining 13.8% year over year, missing the Zacks Consensus Estimate, while adjusted earnings per share (EPS) of $2.09 exceeded expectations despite a 31.9% decline from the previous year [1][12] Financial Performance - Adjusted gross margin contracted to 41.2%, down 370 basis points due to higher commodity and manufacturing costs, unfavorable product mix, and lower volumes [3] - Selling, marketing, and administrative (SM&A) expenses decreased by 9.6% year over year, driven by reductions in advertising and consumer marketing spend, lower compensation, and transformation program savings [4] - Adjusted operating profit fell 29.4% to $608.1 million, with the operating margin contracting 480 basis points to 21.7% [5] Segment Analysis - North America Confectionery segment net sales were $2,300.1 million, a 15% decrease, primarily due to volume headwinds [6] - North America Salty Snacks segment reported net sales of $277.8 million, a 1% increase, with volume growth partially offset by a decline in net pricing [8] - International segment net sales declined 15.9% to $227.5 million, with a profit margin contraction of 320 basis points to 12.6% [10] Future Outlook - Management expects net sales to increase by at least 2% in 2025, with adjusted EPS projected between $6.00 and $6.18, reflecting a mid-30% decline from 2024 [12] - Anticipated effective tax rate is approximately 16%, with tariff expenses expected to be between $15 million and $20 million in the second quarter [13]

Core Insights - Hershey reported $2.81 billion in revenue for Q1 2025, a year-over-year decline of 13.8% [1] - The EPS for the same period was $2.09, down from $3.07 a year ago, with a surprise of +7.73% compared to the consensus estimate of $1.94 [1] Revenue Performance - International net sales were $227.48 million, exceeding the average estimate of $224.36 million, but reflecting a year-over-year decline of 15.9% [4] - North America net sales reached $2.58 billion, slightly above the average estimate of $2.57 billion, with a year-over-year decline of 13.6% [4] - North America Confectionery sales were $2.30 billion, matching the average estimate, but down 15% year-over-year [4] - North America Salty Snacks reported $277.80 million, surpassing the average estimate of $272.06 million, showing a year-over-year increase of 1% [4] Segment Income - North America Confectionery segment income was $696.37 million, above the average estimate of $684.23 million [4] - Unallocated corporate expenses showed a loss of $158.84 million, better than the average estimate of -$194.85 million [4] - North America Salty Snacks segment income was $41.85 million, slightly above the average estimate of $41.35 million [4] Stock Performance - Hershey's shares returned +2% over the past month, outperforming the Zacks S&P 500 composite, which declined by -0.7% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market [3]

智通财经5月1日电，好时首席财务官表示，关税影响下，仍预计2026年盈利将增长。 ...

Core Viewpoint - Hershey reported quarterly earnings of $2.09 per share, exceeding the Zacks Consensus Estimate of $1.94 per share, but down from $3.07 per share a year ago, indicating a 31.9% year-over-year decline in earnings [1][2] Financial Performance - The company posted revenues of $2.81 billion for the quarter ended March 2025, missing the Zacks Consensus Estimate by 0.54% and down from $3.25 billion year-over-year, reflecting a 13.5% decrease [2] - Over the last four quarters, Hershey has surpassed consensus EPS estimates two times and topped revenue estimates only once [2] Stock Performance - Hershey shares have declined approximately 1.3% since the beginning of the year, while the S&P 500 has decreased by 5.3% [3] - The current Zacks Rank for Hershey is 3 (Hold), indicating expected performance in line with the market in the near future [6] Future Outlook - The consensus EPS estimate for the upcoming quarter is $1.17 on revenues of $2.47 billion, and for the current fiscal year, it is $6.10 on revenues of $11.42 billion [7] - The outlook for the Food - Confectionery industry, where Hershey operates, is currently in the top 38% of Zacks industries, suggesting a favorable environment for stock performance [8]

好时：第三季度关税支出料将增加。 ...

The Hershey Company (HSY) Q1 2025 Earnings Call May 01, 2025 08:30 AM ET Speaker0 Greetings, and welcome to The Hershey Company First Quarter twenty twenty five Question and Answer Session. At this time, all participants are in a listen only mode. As a reminder, this conference is being recorded. I'd now like to turn the call over to your host, Anori Naughton, Senior Director of Investor Relations for The Hershey Company. Thank you. You may begin. Speaker1 Thank you, and good morning, everyone. Thank you fo ...

Financial Data and Key Metrics Changes - The company expects EPS to decline about 30% for the first half of 2025, with Q2 expected to be down less than Q1, which was down over 30% [13][14] - Gross margin for Q2 is expected to decrease by approximately 700 basis points, influenced by tariff components and increased SG&A expenses [14][15] Business Line Data and Key Metrics Changes - The company reported a 10% increase in its business, with a 100 basis point gain in market share, particularly in the sweets category [22] - Seasonal chocolate is expected to be strong in the first half, with plans for low single-digit growth in everyday chocolate in the second half [36] Market Data and Key Metrics Changes - The company has seen strong growth in international markets, particularly in Brazil, with double-digit growth driven by Easter and innovation [98] - The competitive environment in the U.S. chocolate market remains stable, with no significant changes noted in competition from smaller players or private labels [124] Company Strategy and Development Direction - The company is focused on becoming a snacking powerhouse, leveraging its core capabilities to maximize consumer reach and snacking occasions [80] - There is an emphasis on innovation and investment in iconic brands to meet consumer demands, with significant plans for new product launches in the fall [70] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a weak consumer environment but notes that chocolate and salty snacks have held up well, with everyday chocolate pricing up 8% and volume down 4.5% [32] - The company remains optimistic about a path to earnings growth in 2026, even with current tariff levels, emphasizing the importance of mitigation actions [20][85] Other Important Information - The company does not anticipate a material impact from potential SNAP restrictions, as only about 2% of SNAP purchases are candy [48] - The company is not planning any buybacks for the year but remains open to reengaging in buybacks if the tariff headwind diminishes [99] Q&A Session Summary Question: What is the risk of tariff expenses in Q2? - Management indicated that the unmitigated impact could be up to $100 million per quarter for Q3 and Q4, primarily from cocoa and Canadian retaliatory tariffs [10][11] Question: How should investors think about the magnitude of EPS decline in Q2? - EPS for the first half is expected to be down about 30%, with Q2 expected to be less impacted than Q1 due to strong net sales [14][15] Question: What is the outlook for balanced growth in 2026? - Management maintains a path to earnings growth next year, despite challenges, emphasizing the need for mitigation actions [20] Question: How is the company addressing changing consumer preferences? - The company has seen improvements in its instant consumable business and anticipates continued market share growth in the second half of the year [22] Question: What is the impact of cocoa prices on capacity expansion? - The new plant allows for greater agility and control over the supply chain, enabling the company to meet demand effectively despite high cocoa prices [42] Question: How does the company view the competitive landscape in the U.S. chocolate market? - The competitive landscape remains stable, with no significant changes noted in competition from smaller players or private labels [124] Question: What is the company's approach to pricing in light of cocoa inflation? - Pricing is expected to increase in Q2 and Q3 as seasonal pricing and price pack architecture are implemented [128]