In its financial disclosure for the third quarter released on Thursday, Hershey Co. (HSY) announced a revision of its full-year 2024 financial forecasts, specifically adjusting its expectations for both adjusted earnings and net sales growth.
For the fiscal year 2024, Hershey has adjusted its forecasted earnings, now anticipating a range of $9.00 to $9.10 per share, with net sales remaining level compared to the prior year. This represents a reduction from the company's previous projection, which estimated adjusted earnings between $9.49 and $9.59 per share and a net sales growth of approximately 2 percent.
Analysts, as surveyed by Thomson Reuters, had previously projected earnings of $9.40 per share with an anticipated net sales growth of 1.3 percent, reaching $11.31 billion for the year. It is important to note that analysts' estimates generally do not take into account extraordinary items.
In addition to the earnings forecast, Hershey's Board of Directors announced the declaration of a quarterly dividend: $1.370 per share for Common Stock and $1.245 for the Class B Common Stock. This dividend is scheduled for payment on December 16, 2024, to shareholders recorded as of November 18, 2024.
