Hershey Q3 Adjusted EPS $2.64; Full-Year Adjusted EPS Growth Guidance Raised to 36%-38.5%
HSY is trading near its 52-week low of $156.16 (1.1% above the low).
Summary
Hershey reported Q3 adjusted EPS of $2.64, up 103%, on sales of $3.28B, and raised full-year adjusted EPS growth guidance to 36%-38.5%, though organic volume fell about 10 points.
Key Events · Earnings and Guidance · HSY
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Q3 Adjusted EPS Doubles to $2.64
Reported net income was $580.8M, or $2.88 per share-diluted, up 111.8%, on net sales of $3,275.5M, up 3.0%.
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Gross Margin Jumps 1,350 Basis Points
Reported gross margin rose to 46.1% from 32.6%, driven by net price realization, tariff refunds, derivative mark-to-market gains and lower commodity costs; adjusted gross margin was 42.7%.
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Full-Year Adjusted EPS Guidance Raised
Adjusted EPS growth outlook lifted to 36%-38.5% from 32.5%-35%, including about $0.22 from Q3 tariff refunds; organic net sales growth trimmed to ~3% from 3%-3.5%.
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Organic Volume Down About 10 Points
Organic constant currency sales grew only 0.8% as volume fell roughly 10 points on price elasticity, shipment timing and portfolio optimization; International swung to a $30.0M segment loss.
Analysis · HSY · Manufacturing
Margin recovery finally showed up in Hershey's third quarter: reported gross margin jumped to 46.1% from 32.6% on price realization, tariff refunds and lower commodity costs, and adjusted EPS more than doubled to $2.64. Management raised full-year adjusted EPS growth guidance to 36%-38.5% from 32.5%-35%, yet that raise leans on roughly $0.22 of tariff refunds booked in Q3 rather than pure operating improvement. Demand is the offsetting worry. Organic volume fell about 10 points as consumers traded away from higher prices, and the International segment swung to a $30.0M loss. With the stock near its 52-week low of $156.16, the guidance raise is the near-term support, while the volume decline is what keeps the recovery in question.
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At the time of this filing, HSY was trading at $157.94 on NYSE in the Manufacturing sector, with a market capitalization of approximately $32.9B. The 52-week trading range was $156.16 to $239.48. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.