Hershey Q3 Results Climb, Top Estimates; Backs FY23 Outlook

(RTTNews) - Hershey Co. (HSY) reported Thursday its third-quarter net income grew to $518.58 million from last year's $399.49 million.

Earnings per share were $2.52, up from $1.94 a year ago.

Adjusted net income was $534.14 million, compared to $447.07 million last year. Adjusted earnings per share were $2.60, compared to $2.17 a year earlier.

On average, 18 analysts polled by Thomson Reuters expected earnings of $2.45 per share for the quarter. Analysts' estimates typically exclude special items.

Consolidated net sales of $3.03 billion increased 11.1 percent from last year's $2.73 billion. The Street was looking for sales of $2.95 billion for the quarter. Organic, constant currency net sales increased 10.7 percent.

Further, the company reiterated its fiscal 2023 outlook for net sales growth, reported earnings per share, and adjusted earnings per share.

The company continues to expect earnings per share of $9.03 to $9.15, a growth of 13 percent to 15 percent from last year's $7.96. Adjusted earnings per share would be $9.46 to $9.54, a growth of 11 percent to 12 percent from last year's $8.52.

Analysts expect earnings of $9.53 per share for the year.

The company still expects net sales growth of around 8 percent.

In pre-market activity on the NYSE, HSY shares were gaining around 2 percent to trade at $198.

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