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Hershey: Q2 2022 Earnings Update

Industry: Confectionery
Current: Company Performance

Hershey reported a growth in sales of 19.3% year-over-year in Q2 2022 on an annual basis but grew 14.1% on an organic constant currency basis
Hershey reported a GAAP diluted earnings per share of $1.53 in Q2 2022
Hershey has increased the sales and EPS guidance for the year 2022

On July 28, 2022, Hershey reported Q2 sales of $2.37 billion (a growth of 19.3% year-over-year, +14.1% on an organic constant currency basis) on adjusted diluted earnings per share (EPS) of $1.80.

Summary: Hershey’s Q2 2022 revenues grew by 19.3% (+14.1% a on constant currency basis) as compared to the same period in 2021. Hershey reports its revenues across three segments: North America Confectionery, North America Salty Snacks, and International and Other.

The North America Confectionery segment’s revenues grew by 12.9% (+12.4% on an organic constant currency basis) vs 2021 owing to the acquisition of Lily’s, benefitted from foreign currency exchange rates, and increased sales volume.
The North America Salty Snacks segment’s revenue was $256.3 million.
International and Other segment’s revenues grew by 21.3% vs 2021 (+20.6% on an organic constant currency basis) owing to the benefits from foreign currency exchange rates, strong consumer buying power, and strong demand across markets.

The company reported earnings from operations of $2.37 billion during Q2 2022, resulting in GAAP operating margins of 19.2%. On the bottom line, the company reported a GAAP diluted EPS of $1.3, whereas the adjusted diluted earnings came to $1.80 per share.

Guidance: The management has provided the following guidance for the year 2022:

Net sales to surpass the previous guidance of 10% - 12% growth and reach 12% - 14% growth
GAAP EPS growth increased from the previous 8% - 11% growth to 9% - 12% growth
Non-GAAP Adjusted EPS growth increased from the previous 10% - 12% growth to 12% - 14% growth

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