Hershey Co. (HSY) has announced its financial results for the third quarter, revealing a decline in earnings compared to the previous year and failing to meet Wall Street expectations.
In the third quarter, Hershey's net earnings amounted to $446.30 million, translating to $2.20 per share. This is a decrease from the $518.58 million, or $2.52 per share, reported in the same quarter last year.
When excluding certain items, Hershey's adjusted earnings were $474.24 million, equating to $2.34 per share for the quarter.
Market analysts, as surveyed by Thomson Reuters, had projected earnings of $2.56 per share, typically omitting special items from their predictions.
Revenue for Hershey Co. slipped by 1.4%, totaling $2.987 billion, down from $3.029 billion in the previous year’s third quarter.
Snapshot of Hershey Co.'s earnings (GAAP):
- Third Quarter Earnings: $446.30 million, compared to $518.58 million last year.
- Earnings Per Share (EPS): $2.20, down from $2.52 in the previous year.
- Revenue for the Quarter: $2.987 billion, compared to $3.029 billion last year.
**Guidance:**
The company has set its full-year EPS guidance at a range of $9.00 to $9.10.
