Financial Performance - Net sales for Q2 2024 were $2,074.5 million, a decrease of 16.7% from $2,490.3 million in Q2 2023, primarily due to an 18% volume decline [153]. - Gross profit decreased to $833.8 million in Q2 2024, down 26.4% from $1,132.1 million in Q2 2023, with a gross margin of 40.2% compared to 45.5% in the prior year [153]. - Operating profit fell to $287.9 million in Q2 2024, a decrease of 48.7% from $560.6 million in Q2 2023, resulting in an operating profit margin of 13.9% [161]. - Net income for Q2 2024 was $180.9 million, down 55.6% from $406.9 million in Q2 2023, with diluted net income per share of $0.89 compared to $1.98 [153]. - Net sales for the first six months of 2024 were $5,327.2 million, down $150.7 million or 2.8% from $5,477.9 million in the same period of 2023, primarily due to a volume decrease of approximately 6% [166]. - Operating profit for the first six months of 2024 was $1,345.9 million, a decrease of $14.7 million or 1.1% compared to $1,360.6 million in the same period of 2023, with operating profit margin increasing to 25.3% [171]. - Net income was $978.3 million in the first six months of 2024, a decrease of $15.9 million, or 1.6%, compared to $994.2 million in the same period of 2023 [175]. Tax and Expenses - The effective income tax rate increased to 26.4% in Q2 2024 from 7.4% in Q2 2023, influenced by state taxes and tax reserves [164]. - Selling, marketing, and administrative expenses decreased by 5.4% to $541.0 million in Q2 2024, with a notable 15.4% reduction in advertising expenses [159]. - Net interest expense rose to $81.2 million in the first six months of 2024, an increase of $6.9 million or 9.2% compared to $74.3 million in the same period of 2023, due to higher rates on short-term and long-term debt [172]. - Unallocated corporate expense decreased by $29.3 million, or 8.1%, to $334.4 million in the first six months of 2024, primarily due to lower acquisition and integration-related costs [194]. Segment Performance - North America Confectionery segment net sales were $1,579.8 million in Q2 2024, down $413.3 million or 20.7% from $1,993.1 million in Q2 2023, primarily due to volume declines [180]. - North America Salty Snacks segment net sales increased by $22.6 million, or 4.2%, to $565.0 million in the first six months of 2024, reflecting volume growth of approximately 5% [187]. - International segment net sales decreased by $15.2 million, or 3.1%, to $475.1 million in the first six months of 2024, driven by volume declines of approximately 10% [192]. - Total segment income for the first six months of 2024 was $1,571.4 million, a decrease of $160.2 million or 9.2% compared to $1,731.6 million in the same period of 2023 [176]. Cash Flow and Capital Expenditures - Cash and cash equivalents totaled $467.1 million at June 30, 2024, an increase of $65.1 million compared to the 2023 year-end balance [195]. - Operating activities generated cash of $894.7 million in the first six months of 2024, a decrease of $155.1 million compared to $1,049.8 million in the same period of 2023 [199]. - Capital expenditures were $343.5 million in the first six months of 2024, an increase from $330.5 million in the same period of 2023, with expectations for 2024 capital expenditures to approximate $600 million to $625 million [201]. Shareholder Activities - Total dividend payments increased to $543.9 million in the first six months of 2024, an increase of $130.4 million compared to $413.5 million in the same period of 2023 [203]. - The company repurchased shares worth $494.2 million in the first six months of 2024, compared to $239.9 million in the same period of 2023 [206]. - The company completed a $500 million share repurchase authorization in March 2024, with approximately $470 million remaining under the new December 2023 authorization [208]. Market Conditions and Risks - Cocoa product prices increased approximately 75% since the beginning of 2024, contributing to gross margin pressures [149]. - The ongoing conflict between Russia and Ukraine has not materially impacted commodity prices or supply availability as of June 30, 2024 [150]. - The company is subject to various risks including supply chain disruptions, increased raw material costs, and competition, which could impact future financial results [213]. - The company anticipates that market demand for new and existing products may decline, affecting overall business performance [214].

For the quarter ended June 2024, Hershey (HSY) reported revenue of $2.07 billion, down 16.7% over the same period last year. EPS came in at $1.27, compared to $2.01 in the year-ago quarter.The reported revenue represents a surprise of -9.71% over the Zacks Consensus Estimate of $2.3 billion. With the consensus EPS estimate being $1.44, the EPS surprise was -11.81%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next ...

Core Viewpoint - Hershey's quarterly earnings fell short of expectations, indicating potential challenges ahead for the company [1][4] Financial Performance - Hershey reported earnings of $1.27 per share, missing the Zacks Consensus Estimate of $1.44 per share, and down from $2.01 per share a year ago, representing an earnings surprise of -11.81% [1] - The company's revenues for the quarter were $2.07 billion, missing the Zacks Consensus Estimate by 9.71%, and down from $2.49 billion year-over-year [1] - Over the last four quarters, Hershey has surpassed consensus EPS estimates three times and topped revenue estimates twice [1] Market Performance - Hershey shares have increased by approximately 5.9% since the beginning of the year, compared to a 15.8% gain for the S&P 500 [2] Future Outlook - The company's earnings outlook will be influenced by management's commentary during the earnings call, and revisions in earnings estimates are crucial for stock movement [3][4] - Current consensus EPS estimate for the upcoming quarter is $2.77 on revenues of $3.03 billion, and for the current fiscal year, it is $9.56 on revenues of $11.39 billion [4] Industry Context - The Food - Confectionery industry, to which Hershey belongs, is currently ranked in the top 41% of over 250 Zacks industries, indicating a favorable industry outlook [5] - The performance of Hershey's stock may also be affected by the overall industry trends and the performance of other companies in the consumer staples sector, such as Hormel Foods [5][6]

HERSHEY, Pa., Aug. 1, 2024 /PRNewswire/ -- The Board of Directors of The Hershey Company (NYSE: HSY) today announced quarterly dividends of $1.370 on the Common Stock and $1.245 on the Class B Common Stock.  The dividends were declared July 31, 2024, and are payable September 16, 2024, to stockholders of record as of August 16, 2024.  It is the 378th consecutive regular dividend on the Common Stock and the 159th consecutive regular dividend on the Class B Common Stock.SOURCE The Hershey Company ...

Exhibit 99.1 FINANCIAL CONTACT: MEDIA CONTACT: Anoori Naughton Ashleigh Pollart anaughton@hersheys.com apollart1@hersheys.com Hershey Reports Second-Quarter 2024 Financial Results; Updates 2024 Net Sales and Earnings Outlook HERSHEY, Pa., August 1, 2024 - The Hershey Company (NYSE: HSY) today announced net sales and earnings for the second quarter ended June 30, 2024 and updated its 2024 net sales and earnings outlook. "Today's operating environment remains dynamic with consumers pulling back on discretiona ...

HERSHEY, Pa., Aug. 1, 2024 /PRNewswire/ -- The Hershey Company (NYSE: HSY) today announced net sales and earnings for the second quarter ended June 30, 2024 and updated its 2024 net sales and earnings outlook."Today's operating environment remains dynamic with consumers pulling back on discretionary spending," said Michele Buck, The Hershey Company President and Chief Executive Officer. "Our business has been impacted by these trends, but we are pleased to see continued growth in the confection category and ...

The Hershey Company (HSY) is likely to register a top and bottom-line decrease when it reports second-quarter 2024 earnings on Aug 1. The Zacks Consensus Estimate for revenues is pegged at $2.30 billion, which indicates a 7.6% decline from the year-ago period.The consensus mark for earnings has dropped by a penny in the past 30 days to $1.44 per share, which suggests a decline of 28.4% from the year-ago quarter’s figure. HSY has a trailing four-quarter earnings surprise of 6.8%, on average.Factors to NoteSt ...

Hershey (HSY) closed at $192.10 in the latest trading session, marking a +1.14% move from the prior day. The stock outpaced the S&P 500's daily loss of 2.32%. Meanwhile, the Dow experienced a drop of 1.25%, and the technology-dominated Nasdaq saw a decrease of 3.64%.Shares of the chocolate bar and candy maker witnessed a gain of 2.16% over the previous month, beating the performance of the Consumer Staples sector with its gain of 1% and the S&P 500's gain of 1.79%.Analysts and investors alike will be keepin ...

Investing ledged Warren Buffett (Trades, Portfolio) has said, “It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”The Hershey Co. (HSY, Financial) is a wonderful company that I believe is trading at a fair price. While Buffett is not a shareholder, Berkshire Hathaway (BRK.A, Financial)(BRK.B, Financial) controls See's Candies, which is engaged in a similar business. Berkshire has previously been rumored to be interested in acquiring Hershey, but such a trans ...

The latest trading session saw Hershey (HSY) ending at $191.29, denoting a +0.07% adjustment from its last day's close. This change lagged the S&P 500's 1.08% gain on the day. Meanwhile, the Dow gained 0.32%, and the Nasdaq, a tech-heavy index, added 1.58%.Shares of the chocolate bar and candy maker have appreciated by 4.98% over the course of the past month, outperforming the Consumer Staples sector's gain of 1.82% and the S&P 500's gain of 0.43%.The investment community will be closely monitoring the perf ...