HERSHEY, Pa., USA – The Hershey Company Aug. 1, 2024, 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 momentum building in our Salty Snacks portfolio.
Our second-half innovation is expected to bring energy to our categories, and we are confident our evolving strategies will meet consumers’ changing needs and drive long-term success.”
Second-Quarter 2024 Financial Results Summary:
- Consolidated net sales of $2,074.5 million, a decrease of 16.7%.
- Organic, constant currency net sales decreased 16.8%.
- Both consolidated and organic, constant currency net sales reflected an ~9 point decline from planned inventory reductions within North America Confectionery and International related to the second quarter enterprise resource planning (“ERP”) system implementation, as well as an ~7 point decline from lower levels of retailer inventory and seasonal shipment timing within North America Confectionery that is expected to shift to the second half of 2024.
- Reported net income of $180.9 million, or $0.89 per share-diluted, a decrease of 55.1%.
- Adjusted earnings per share-diluted of $1.27, a decrease of 36.8%.
Hershey declares quarterly dividends
The Board of Directors of The Hershey Company 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.
