Financial results

Hershey exceeds estimates for Q1 in latest financial results

By Anthony Myers contact

- Last updated on GMT

Hershey reports strong results for the first quarter. Pic: Hershey Company
Hershey reports strong results for the first quarter. Pic: Hershey Company

Related tags: Hershey

Hershey has posted stronger-than-expected earnings for its first quarter and is expected to boost its chocolate sales in North America as the country’s roll-out of the COVID-19 vaccine gathers pace.

The company also raised its guidance for the full year, announced in its First-Quarter 2021 Financial Results now that consumer restrictions are coming to an end.

Hershey reported net income of $395.8m, or $1.90 a share, in the quarter, up from $271.1m, or $1.29 a share, in the year-earlier period.

Adjusted per-share earnings came to $1.92, ahead of $1.80 market expectations.

The company reported that its sales rose 12.7% to $2.296bn, also ahead of the $2.111bn expectations.

"As COVID-19 vaccines roll out across the globe, consumers are optimistic about the future and looking forward to spending more time with their family, friends and community​," said Chief Executive Michele Buck in a statement.

"We are off to an outstanding start in 2021, with broad-based growth across the portfolio leading to double digit sales and earnings growth in the first quarter and an increased outlook for the full year​," she said.

The company is now raising its guidance for 2021 and expects sales to grow 4% to 6%, up from earlier guidance of up 2% to 4%.

Hershey First-Quarter 2021 Financial Results Summary:

  • Consolidated net sales of $2,295.9 million, an increase of 12.7%.
  • Organic, constant currency net sales increased 12.9%.
  • Divestitures and foreign currency exchange each had a 0.1 point negative impact on net sales.2
  • Reported net income of $395.8 million, or $1.90 per share-diluted, an increase of 47.3%.
  • Adjusted earnings per share-diluted of $1.92, an increase of 17.8%.

Related topics: Manufacturers, Chocolate, Hershey

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