Hershey: Reports Third-Quarter 2020 Financial Results

Hershey / PA. (thc) The Hershey Company announced net sales and earnings for the third quarter ended September 27, 2020. Third-quarter 2020 financial results summary:

• Consolidated net sales of USD 2,219.8 million, an increase of 4.0 percent.
• Organic, constant currency net sales increased 3.8 percent.
• The net impact of acquisitions and divestitures on net sales was a 0.8 point benefit, while foreign currency exchange was a 0.6 point headwind.
• Reported net income of USD 447.3 million, or USD 2.14 per share-diluted, an increase of 39.0 percent.
• Adjusted earnings per share-diluted of USD 1.86, an increase of 15.5 percent.

«We had a strong third quarter, with accelerated reported net sales growth of 4 percent, adjusted diluted EPS growth of more than 15 percent and confectionery share gains across markets, including an almost 190 basis point gain in the U.S. Our core U.S. business remains healthy as consumers reach for small treats during the pandemic, and our decision to lean into Halloween ahead of the season supported consumers’ desire to find new and creative ways to celebrate safely. We also saw sequential improvement in the areas of our business hit hardest by Covid-19, including our international markets, owned retail locations and food service business,» said Michele Buck, The Hershey Company President and Chief Executive Officer. “We are continuing to focus on executing with excellence, investing in the business, and advancing our strategic priorities to deliver a strong fourth quarter and position us well for 2021.»

For additional information please refer to the company’s news release (PDF | 175 KB):

20201112-HERSHEY-Q3-2020.