Group 1 - The Hershey Company's (HSY) third-quarter 2025 results indicate that pricing is the main driver of performance, with organic, constant-currency net sales growing by 6.2%, primarily due to net price realization of approximately six points [1][8] - Management noted that the pricing announced in 2025 had a modest contribution, with current sales growth mainly linked to earlier pricing actions rather than new increases [2] - Volume performance was mixed, with slight positive growth at the consolidated level supported by Salty Snacks, while some areas experienced modest volume declines due to price elasticity and changes in product mix [3][4] Group 2 - Strong net price realization helped offset ongoing cost pressures from commodities and tariffs, although recent pricing actions have only partially covered inflation absorbed over the past two years, particularly with elevated cocoa prices [4][5] - With most pricing actions in place, the focus is shifting towards volume stabilization, and while there are early signs of resilience, a clear volume recovery has not yet been established [5] - HSY shares have gained 3.1% over the past six months, outperforming the industry's growth of 0.2% [6]

Core Insights - Sysco Corporation's international business is becoming a significant contributor to overall performance, driven by steady execution and improving fundamentals [1] Group 1: International Business Performance - The international segment is gaining traction as a stronger growth engine, providing both sales momentum and improving profitability across regions [1] - In Q1 of fiscal 2026, international local case volume grew approximately 5%, indicating solid engagement with local customers, which typically offer more attractive economics and less volatility [2] - International gross margin increased by 43 basis points to 20.8%, attributed to disciplined pricing, strategic sourcing, and improved supply-chain execution [3] Group 2: Profit Growth and Consistency - Adjusted operating income rose 13.1%, marking the eighth consecutive quarter of double-digit profit growth, with operational consistency across geographies playing a key role [4] - Every major international region contributed to growth, supported by higher service levels, reduced product shrink, and better productivity across the supply chain [4] Group 3: Long-term Outlook - Sysco's international business is evolving into a more durable growth driver, enhancing the company's diversification and reinforcing the quality of its long-term earnings profile [5]

Core Insights - McCormick & Company, Inc. (MKC) demonstrated continued volume momentum in Q3 of fiscal 2025, with organic net sales increasing by 2% year over year, primarily driven by the consumer segment which grew by 3% organically [1][10] Group 1: Consumer Segment Performance - The Global Consumer segment showed strong execution, maintaining or improving market share in key categories across various markets [2] - In the U.S., branded unit consumption by McCormick outpaced the broader edible category, while in EMEA, both unit and dollar consumption exceeded the performance of branded and private-label FMCG foods [2] - The Spices and Seasonings segment achieved broad-based volume growth globally, with U.S. volumes outperforming private label for five consecutive quarters and notable contributions from France and Poland in EMEA [3] Group 2: Marketing and Innovation - Sustained investments in brand marketing, innovation, and revenue management have led to differentiated performance over six quarters, with expectations for continued volume growth in Q4 supported by healthy consumption trends and elevated holiday marketing [4] - The company is maintaining its net sales outlook at flat to 2% growth, with organic net sales growth expected in the range of 1% to 3%, driven by volume-led growth in the Consumer segment [5] Group 3: Future Outlook - McCormick enters 2026 with solid momentum, supported by sustained volume-led growth, steady share gains, and strong brand execution across regions [6] - Continued innovation and marketing investment, along with healthy consumption trends, are anticipated to support growth despite a cautious consumer environment [6] Group 4: Earnings Estimates - The Zacks Consensus Estimate for MKC's fiscal 2025 and 2026 earnings implies a year-over-year rise of 2.4% and 6.5%, respectively [16]