Chocolate Maker Hershey Sweetens Brand Investment Eyeing Fast Start To 2024; Beats On Q3
Portfolio Pulse from Shivani Kumaresan
Hershey Company (NYSE:HSY) reported Q3 FY23 sales growth of 11.1% YoY to $3.03 billion, beating the analyst consensus estimate of $2.95 billion. The company's North America Confectionery segment net sales rose 9.9% YoY, while the North America Salty Snacks segment jumped 25.5%. The company's gross margin expanded to 44.9% and gross profit rose 22.7% YoY. The company reaffirmed FY23 net sales growth of about 8% and adjusted EPS growth of 11% - 12%. However, HSY shares are trading lower by 1.1%.
October 26, 2023 | 2:19 pm
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Hershey's Q3 FY23 sales and gross profit exceeded expectations, but its stock is trading lower.
Despite Hershey's strong Q3 FY23 performance, the market has reacted negatively, possibly due to other factors not mentioned in the article. The company's reaffirmed FY23 net sales and EPS growth may not have been enough to boost investor confidence.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100