Hershey Mulls Acquisitions
Oct 24 13
The Hershey Company (NYSE:HSY) announces third quarter results and 2014 outlook. John P. Bilbrey, President and Chief Executive Officer said, "As we look to 2014 and beyond, we will continue to focus on U.S. core brands and leverage Hershey's scale at retail. Our international business continues to progress and we're optimistic about the potential to accelerate our international presence behind our disciplined approach to organic investments and acquisitions or joint ventures. We believe the investments we've made, and will continue to make, have resulted in an advantaged business model enabling us to deliver predictable and sustainable results. As a result, this gives us the confidence to increase our long-term target for annual earnings per share-diluted growth to 9% to 11%."
The Hershey Company Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 29, 2013; Provides Earnings Guidance for the Full Year 2013
Oct 24 13
The Hershey Company reported unaudited consolidated earnings results for the third quarter and nine months ended September 29, 2013. For the quarter, the company reported net sales of $1,853,886,000 compared to $1,746,709,000 a year ago. Income before interest and income taxes was $370,636,000 compared to $301,730,000 a year ago. Income before income taxes was $348,877,000 compared to $277,195,000 a year ago. Net income was $232,985,000 or $1.03 diluted per share compared to $176,716,000 or $0.77 diluted per share a year ago. Adjusted net income, which excludes net charges, was $236,618,000 or $1.04 per share-diluted in the third quarter of 2013, compared with $199,451,000 or $0.87 per share-diluted in the third quarter of 2012, an increase of 19.5% in adjusted earnings per share-diluted.
For the nine months period, the company reported net sales of $5,189,826,000 compared to $4,893,217,000 a year ago. Income before interest and income taxes was $1,031,370,000 compared to $858,531,000 a year ago. Income before income taxes was $964,884,000 compared to $785,628,000 a year ago. Net income was $634,395,000 or $2.79 diluted per share compared to $511,052,000 or $2.23 diluted per share a year ago. Adjusted net income, which excludes these charges, was $648,693,000 or $2.86 per share-diluted, compared with $570,854,000 or $2.50 per share-diluted in 2012, an increase of 14.4% in adjusted earnings per share-diluted.
For the full year 2013, the company expects reported earnings per share-diluted of $3.60 to $3.65. This projection, prepared in accordance with GAAP, assumes business realignment charges and NSRPE costs of $0.06 to $0.08 per share-diluted. Charges associated with the Project Next Century program are expected to be $0.03 to $0.05 per share-diluted, while NSRPE is expected to be $0.03 per share-diluted. Despite the impact of these charges in 2013, reported gross margin is expected to increase 310 to 320 basis points. Full-year net sales growth expected to increase about 7%. Adjusted earnings per share-diluted expected to increase around 14% and be in the $3.68 to $3.71 range.
Hershey Company Launches Lancaster
Oct 10 13
The Hershey Company announced it is launching a new confectionery brand in the United States called Lancaster(TM). The new brand will feature a line of caramel soft cremes that will roll out nationwide in January 2014. Lancaster Soft Cremes will offer a long-lasting and unique taste experience that is distinct from the typical caramels that dominate the category. The surprisingly soft, rich and creamy Lancaster Soft Cremes provide a modern caramel taste experience to meet a growing consumer demand. Lancaster Soft Cremes will be available in the United States in three flavors, including Caramel, Vanilla and Caramel and Vanilla and Raspberry, and will be officially launched in the United States in January 2014. Lancaster Soft Cremes will be widely available at Food, Mass, Drug and Convenience retail channels around the country and will be offered in 8oz bags that retail for $3.99 and 4oz bags that retail for $2.49.
The Hershey Company Declares Quarterly Dividends, Payable on December 13, 2013
Oct 8 13
The board of directors of The Hershey Company announced quarterly dividends of $0.485 on the Common Stock and $0.435 on the Class B Common Stock. The dividends are payable December 13, 2013, to stockholders of record November 25, 2013.
The Hershey Company to Build New Confectionery Manufacturing Plant in Johor, Malaysia
Oct 4 13
The Hershey Company announced it will build a new confectionery manufacturing plant in Johor, Malaysia, to meet the growing consumer demand for its products in its fastest-growing region. Hershey has been investing in its Asia business for several years, building its presence across the region. The Johor plant, a $250 million investment, represents the single-large investment in Asia during the company's 18-year history in the region. The new plant will include innovations in automated candy-making technology, including proprietary equipment and systems developed to Hershey's specifications.