- Hershey Co HSY has reported Q3 sales of $2.73 billion, an increase of 15.6%, beating the consensus of $2.61 billion, including a 4.1-point benefit from the acquisitions of Pretzels and Dot's.
- Organic, constant currency sales increased by 11.8%.
- The company reported adjusted EPS of $2.17, beating the consensus of $2.10.
- Hershey said its overall average selling prices increased by 7.7% in the third quarter while volumes rose 4.1%.
- Reuters reported that Halloween is Hershey's busiest time of the year, making up about 10% of its annual revenue, with sales benefiting for months before the October holiday as retailers place early orders to stock up on Twizzlers, Jolly Ranchers, and Kit Kat bars.
- Adjusted gross margin was 42.5%, a decrease of 180 basis points due to higher raw materials and supply chain costs.
- Guidance: Hershey raised its full-year net sales expecting strong demand into the Christmas season despite higher selling prices.
- The company expects full-year 2022 net sales to grow between 14%-15%, compared to the previous forecast of 12% to 14% growth.
- It forecasts a 14% to 15% rise in its 2022 adjusted profit per share, above the previous 12% to 14% increase.
- Price Action: HSY shares are up 1.68% at $236.00 during the premarket session on the last check Friday.
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