The Hershey Company (NYSE: HSY), a multinational confectionary company, has reported an increase in net sales and adjusted profit for the first quarter of 2024.
- Consolidated net sales came in at $3.25 billion in the first quarter, representing an increase of 8.9% from last year
- On a constant currency basis, organic net sales increased 8.6% during the three months
- Net income, on an unadjusted basis, was $797.5 million or $3.89 per share in Q1, an increase of around 36%
- Adjusted earnings per share increased 3.7% year-over-year to $3.07 in the March quarter
- For fiscal 2024, Hershey’s management projects a net sales growth of 2% to 3%
- The company is looking for flat earnings per share growth for the fiscal year
- Capital expenditures are expected to be in the range of $600 million to $650 million in fiscal 2024