Hershey Reports Q3 2020 Financial Results and Provides 2020 Outlook

The Hershey Company reported a net sales increase of 4% and a 39% increase in net income for the third quarter of 2020.  

HERSHEY, Pa., Nov. 6, 2020 /PRNewswire/ -- The Hershey Company (NYSE: HSY) today announced net sales and earnings for the third quarter ended September 27, 2020.

Third-Quarter 2020 Financial Results Summary¹

• Consolidated net sales of $2,219.8 million, an increase of 4.0%.
• Organic, constant currency net sales increased 3.8%.
• 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 $447.3 million, or $2.14 per share-diluted, an increase of 39.0%.
• Adjusted earnings per share-diluted of $1.86, an increase of 15.5%.

¹ All comparisons for the third quarter of 2020 are with respect to the third quarter ended September 29, 2019

"We had a strong third quarter, with accelerated reported net sales growth of 4%, adjusted diluted EPS growth of more than 15% 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."

The full report may be viewed here.