Hershey Reports Strong Financial Performance and Business Development in Q1 2024 Hershey has demonstrated robust financial growth in the first quarter of 2024, with net sales increasing by 8.9% to $3.252.7 million compared to $2,987.6 million in the same period of 2023. The company's operating profit surged by 32.3% to $1,058.1 million, and net income saw a significant rise of 35.8% to $797.5 million. Diluted earnings per share also grew by 36.5% to $3.89. The gross margin improved from 46.3% to 51.5%, reflecting favorable price realization, volume increases, and supply chain productivity. Hershey's business development has been marked by the acquisition of Weaver Popcorn Manufacturing's assets, enhancing manufacturing capacity for its SkinnyPop brand. The company has also continued to drive momentum in the U.S. economy, with a notable increase in U...Show More

Hershey Reports Strong Financial Performance and Business Development in Q1 2024 Hershey has demonstrated robust financial growth in the first quarter of 2024, with net sales increasing by 8.9% to $3.252.7 million compared to $2,987.6 million in the same period of 2023. The company's operating profit surged by 32.3% to $1,058.1 million, and net income saw a significant rise of 35.8% to $797.5 million. Diluted earnings per share also grew by 36.5% to $3.89. The gross margin improved from 46.3% to 51.5%, reflecting favorable price realization, volume increases, and supply chain productivity. Hershey's business development has been marked by the acquisition of Weaver Popcorn Manufacturing's assets, enhancing manufacturing capacity for its SkinnyPop brand. The company has also continued to drive momentum in the U.S. economy, with a notable increase in U.S. retail takeaway and market share in the candy, mint, and gum segment. Looking ahead, Hershey anticipates some moderation in consumer spending but remains confident in its liquidity to support strategic initiatives. The company is also focused on leveraging technology to improve supply chain efficiency and optimize expenses through the Advancing Agility & Automation Initiative. Despite facing macroeconomic challenges, including commodity price volatility and geopolitical uncertainties, Hershey is committed to monitoring and managing risks to maintain its business performance.