Bulletin
Investor Alert

Market Pulse Archives

Nov. 6, 2020, 7:38 a.m. EST

Hershey's stock surges after profit and sales beats, as consumers 'reach for small treats' during the pandemic

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Hershey Co. (HSY)
  • X
    S&P 500 Index (SPX)

or Cancel Already have a watchlist? Log In

By Tomi Kilgore

Shares of Hershey Co. /zigman2/quotes/202765576/composite HSY -0.43% surged 2.8% in premarket trading Friday, after the chocolate and confectionery products company reported third-quarter profit and revenue that rose above expectations, and provided an upbeat full-year outlook. "Our core U.S. business remains healthy as consumers reach for small treats during the pandemic, and our decision to lean into Halloween ahead of the season supported consumers' desire to find new and creative ways to celebrate safely," said Chief Executive Michele Buck. Net income rose to $447.3 million, or $2.14 a share, from $325.3 million, or $1.54 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to $1.86, above the FactSet consensus of $1.74. Revenue rose 4.0% to $2.22 billion, just above the FactSet consensus of $2.18 billion, as price realization provided a 2.9 percentage point benefit and volume growth was a 90 basis point benefit. Gross margin improved to 48.7% from 44.2% last year. The company reinstated its 2020 earnings guidance, after withdrawing it in April because of the uncertain effects of the COVID-19 pandemic. The company now expects 2020 adjusted EPS of $6.18 to $6.24, above the FactSet consensus of $6.05. The stock has slipped 1.6% year to date through Thursday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.92% has advanced 8.7%.

/zigman2/quotes/202765576/composite
US : U.S.: NYSE
$ 162.24
-0.70 -0.43%
Volume: 825,941
April 22, 2021 4:00p
P/E Ratio
26.57
Dividend Yield
1.98%
Market Cap
$33.71 billion
Rev. per Employee
$482,803
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
4,134.98
-38.44 -0.92%
Volume: 2.39B
April 22, 2021 5:32p
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.