Hershey Raises FY22 Outlook; Boosts Dividend 15% - Update

(RTTNews) - While reporting financial results for the second quarter on Thursday, Hershey Co. (HSY) raised its adjusted earnings and net sales growth guidance for the full-year 2022, reflecting the strength of its performance in the first-half and expectations for the second half of the year.

For fiscal 2022, the company now projects adjusted earnings in the range of $8.05 to $8.20 per share on net sales growth of 12 to 14 percent.

Previously, the company expected adjusted earnings in the range of $7.91 to $8.05 per share on net sales growth of 10 to 12 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $8.05 per share on net sales growth of 11.3 percent to $9.99 billion for the year. Analysts' estimates typically exclude special items.

The Board of Directors of The Hershey Company also declared 15 percent higher quarterly dividend of $1.036 on the Common Stock and $0.942 on the Class B Common Stock, payable September 15, 2022, to shareholders of record as of August 19, 2022.

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