Hershey Co. (HSY) recently announced its second-quarter earnings, revealing a decline in profit compared to the previous year and falling short of Wall Street's expectations.
The company's net income for the second quarter was $180.894 million, or $0.89 per share, compared to $406.983 million, or $1.98 per share, during the same period last year.
On an adjusted basis, which excludes certain items, Hershey Co. reported earnings of $258.130 million, or $1.27 per share, for the quarter.
Market analysts had anticipated average earnings of $1.43 per share, according to data aggregated by Thomson Reuters. These projections typically do not account for special items.
Revenue for the quarter decreased by 16.7% to $2.074 billion, down from $2.490 billion in the previous year.
A summary of Hershey Co.'s earnings for Q2 (GAAP) is as follows:
- Earnings: $180.894 million vs. $406.983 million last year
- EPS: $0.89 vs. $1.98 last year
- Revenue: $2.074 billion vs. $2.490 billion last year
Guidance for the full-year EPS remains between $9.49 and $9.59.
