The Hershey Company (NYSE: HSY), a multinational confectionary company, reported a decrease in net sales and adjusted profit for the third quarter of 2024.
- Consolidated net sales declined 1.4% year-over-year to $2.99 billion in the third quarter of 2024
- Organic sales, on a constant-currency basis, decreased 1.0% annually during the three months
- Q3 net income came in at $446.3 million or $2.20 per share, compared to $518.6 million or $2.52 per share a year earlier
- Adjusted earnings declined to $2.34 per share in the September quarter from $2.60 per share in Q3 2023
- For fiscal 2024, the management expects net sales growth to be flat year-over-year
- Full-year earnings per share, on a reported basis, are expected to decline between 9% and 6%
- It is looking for a mid-single-digits decrease in FY24 adjusted earnings per share, compared to the prior year