Even with Halloween fast approaching, Citigroup is staying away from Hershey Co (NYSE:HSY). The analyst in question downgraded the stock to "sell" from "neutral," and lowered its price objective to $182 from $195, noting cocoa inflation and volume challenges may negatively impact earnings.HSY was last seen down 0.8% to trade at $194.80, but the 40-day moving average looks ready to contain this pullback. Shares have been retreating after jumping to their highest level since May earlier this month, and carry ...

memoriesarecaptured The Hershey Company (NYSE:HSY), together with its subsidiaries, engages in the manufacture and sale of confectionery products and pantry items in the United States and internationally. We started covering HSY's stock in July 2022, assigning the firm a bullish rating. We maintained our positive view of the business until March 2024, when we have downgraded to neutral, primarily due to the declining net sales and muted outlook for the rest of 2024. Concerns about possible overvaluation hav ...

Cheri Alguire Hershey Stock: I Bought More The Hershey Company (NYSE:HSY) has been going through one of a year with the stock seeing a severe pullback that seems to have bottomed but still fatigues to climb back its way up. Even though analysts' expectations were very low for Hershey's Q2 earnings, the company reported a miss, with EPS 12.6% lower compared to the forecast. Nonetheless, the stock didn't plunge, perhaps thanks to the correct way Hershey's management has communicated with investors since l ...

mphillips007 The Hershey Company (HSY) manufactures and sells candies and snack products through a range of brands, including Hershey’s, Kit Kat, Reese’s, and Jolly Rancher among a number of other names. Amid slowing inflation and discretionary spending, ERP implementation, cocoa prices shooting up, and other factors piling against Hershey, the company’s Q2 report showed significant financial weakness after the company’s incredibly resilient long-term financial history. I believe that Hershey is well po ...

Hershey has increased its quarterly dividend 77% over the last five years and currently offers its highest yield in years.The Hershey Company (HSY 1.14%) makes many of the candy brands you'll find in every convenience store, but historically high cocoa prices are taking a toll on the business. Cocoa prices have nearly tripled since 2022, making it more costly to make candy, which is hurting Hershey's bottom line. Hershey expects full-year earnings to be flat this year, and the weak outlook for growth has ca ...

"Hershey has long been a leader in Halloween festivities, offering beloved treats that have become synonymous with the season," said Heather Seamans, Senior Manager Fall Marketing at The Hershey Company. "This year, with Kit Kat® Ghost Toast and Reese's Werewolf Tracks, we're showcasing our commitment to innovation and fun with bold, exciting Halloween flavors, inviting consumers to choose both!"New Products and Innovative Delights:Kit Kat® Ghost Toast – Savor the spirit of Halloween with Kit Kat® Ghost Toa ...

文章核心观点 - 受到通胀和消费者支出下降的影响,Hershey公司第二季度销售下降17%,公司下调了全年利润和销售指引[1][2][4] - 尽管Hershey在经济放缓期间保持了市场份额,但需求似乎出现下滑[3] - Hershey的北美地区销售下降,但其咸味零食业务实现增长[5][11] 根据相关目录分别进行总结 公司业绩 - Hershey第二季度销售下降17%,至20.7亿美元,低于分析师预期的23.1亿美元[4] - 北美地区销售下降20.7%,至15.8亿美元[5] - 调整后每股收益下降36.8%,至1.27美元,低于分析师预期的1.43美元[6] - 公司下调了全年销售增长指引,从此前的2%-3%下调至2%[8] - 公司预计全年调整后每股收益将略有下降,此前预期无变化[8] 业务表现 - 受到消费者支出下降的影响,Hershey的核心糖果巧克力业务销售下滑[11] - 但公司的咸味零食业务实现6.4%的销售增长,收入达2.899亿美元[11] - 咸味零食业务利润增长19.2%,至5220万美元[11]

The Hershey Company (HSY) reported dismal second-quarter 2024 results, with the top and the bottom line declining year over year. Quarterly earnings and net sales missed the Zacks Consensus Estimate. HSY is navigating a dynamic environment where consumers are reducing discretionary spending and this trend continues to affect its performance.Management lowered its sales and earnings guidance range for 2024. HSY’s shares were down 4% in the pre-market trading session on Aug 1.Quarter in DetailHershey posted a ...

财务数据和关键指标变化 - 公司预计2024年全年毛利率将下降约200个基点 [32] - 公司2024年第二季度毛利率有利于时间因素,如商品衍生品的公允价值变动和ERP系统的成本匹配调整 [33] - 公司2024年第二季度的激励薪酬有所下降,主要是由于全年业绩预期的调整 [27][28][29][30][31] 各条业务线数据和关键指标变化 - 北美糖果业务受到6%的零售库存下降和2-3%的万圣节销售时间推迟的影响,但公司认为这些影响在全年来看不会重大 [12][13][14] - 公司在甜品类别的市场份额有所下降,主要受到一些渠道压力的影响,如便利店和俱乐部渠道 [21][22][23] - 公司在咸味类别如爆米花业务看到了恢复的势头,Dot's品牌持续强劲,SkinnyPop也在改善 [70][71][72] 各个市场数据和关键指标变化 - 公司看到消费者在经济环境压力下更加注重性价比,导致一些渠道如便利店销售有所下滑,而大型零售商和折扣店销售相对较好 [52][53][54] 公司战略和发展方向及行业竞争 - 公司将采取更加谨慎的价格弹性假设,但仍将采取精准的价格调整策略,并结合创新、季节性等其他价值提升措施 [37][38][39][40] - 公司正在持续推进转型计划,包括数字化、自动化等提升效率的举措,为应对成本压力做好准备 [104][105] 管理层对经营环境和未来前景的评论 - 管理层认为当前的可可价格水平是不可持续的,未来价格仍将处于较高水平 [16][57][58] - 管理层对公司在经济环境压力下的表现保持信心,认为公司有能力应对并把握机会 [53][54] 其他重要信息 - 公司2024年第二季度的毛利率有利于一些时间因素,但这些因素预计将在下半年逆转 [33][34][35][36] - 公司正在逐步推进2025年可可原料的套期保值,但具体进度和比例未透露 [77][78][79][80] 问答环节重要的提问和回答 问题1 **Ken Goldman 提问** 公司对于第二季度零售库存下降和万圣节销售时间推迟的影响为何如此乐观 [12][13][14] **Steve Voskuil 回答** 公司认为这只是销售时间的正常波动,不会对全年业绩产生重大影响,因为公司已经掌握了大部分季节性订单 [14] 问题2 **Andrew Lazar 提问** 公司核心巧克力品类的市场份额趋势令人担忧,未来如何应对 [20][21][22][23][24] **Michele Buck 回答** 公司认为下半年形势会有所好转,主要得益于季节性销售的恢复、创新产品的推出以及主要零售商的陈列恢复 [21][22][23][24] 问题3 **Bryan Spillane 提问** 在消费者购买力下降的环境下,公司如何看待价格上调的影响 [36][37][38][39][40] **Michele Buck 回答** 公司将采取更加谨慎的价格弹性假设,同时结合创新、季节性等其他价值提升措施,为消费者提供合理的价格选择 [37][38][39][40]

财务业绩 - 公司第二季度净销售额为20.745亿美元，同比下降16.7%[185] - 毛利率为40.2%，同比下降530个基点[189] - 销售、营销和管理费用同比下降5.4%[190] - 营业利润为2.879亿美元，同比下降48.7%[192] - 净利润为1.809亿美元，同比下降55.6%[193] - 每股摊薄净收益为0.89美元，同比下降55.1%[193] - 前六个月净销售额为53.272亿美元，同比下降2.8%[197] - 前六个月毛利率为47.1%，同比上升120个基点[199] - 前六个月销售、营销和管理费用同比增加0.5%[200] - 前六个月营业利润为13.459亿美元，同比下降1.1%[202] - 前六个月净收入为9.783亿美元，同比下降1.6%[206] 业务表现 - 美国糖果、薄荷和口香糖零售销量同比下降5.0%[186] - 美国咸味零食零售销量同比增长8.0%[186] - 北美糖果业务第二季度净销售额为15.798亿美元，同比下降20.7%[213] - 北美糖果业务第二季度分部利润为4.645亿美元，同比下降29.3%[211] - 公司零售和授权业务第二季度净销售额增长约0.6%[214] - 北美糖果业务收入同比下降29.3%，主要由于销量下降、原材料成本上升和产品组合不利所致[215] - 北美糖果业务收入同比下降3.6%，主要由于销量下降约7%，部分被价格上涨约4%所抵消[216] - 北美糖果业务的特许经营和自有零售业务收入同比增长5.2%[217] - 北美糖果业务利润同比下降8.6%，主要由于销量下降、原材料成本上升和产品组合不利所致[218] - 北美咸味零食业务收入同比增长6.4%，主要由于销量增长约9%，部分被价格下降约3%所抵消[222] - 北美咸味零食业务利润同比增长19.2%，主要由于销量增加和原材料成本有利所致[223] - 国际业务收入同比下降8.9%，主要由于销量下降约16%，部分被价格上涨约5%和汇率有利影响约2%所抵消[230] - 国际业务利润同比下降39.2%，主要由于销量下降和原材料成本上升所致[231] 成本和费用 - 商品成本上升主要受到可可价格上涨的影响[188] - 公司进行了业务重组活动，涉及供应链和制造方面的支出优化以及销售、一般和管理费用的优化[191][201] 现金流和资本支出 - 公司现金及现金等价物余额为4.67亿美元，较2023年末增加0.65亿美元[237] - 公司预计2024年资本支出将在6亿至6.25亿美元之间，主要用于产能扩张和ERP系统实施[245] - 公司利用现金及短期借款(商业票据和银行借款)来满足季节性营运资金需求和持续的业务需求[248,249] 股东回报 - 2024年上半年公司向普通股和B类普通股股东支付的股息总额为5.439亿美元,较2023年同期增加1.304亿美元[251,252] - 2024年上半年公司在公开市场上回购了2.0亿美元的普通股，用于抵消股权激励计划发行的库存股[253,255] - 2023年2月公司以每股239.91美元的价格从米尔顿·赫希学校信托基金回购了100万股普通股，总金额为2.399亿美元[254] 其他 - 2024年上半年公司未进行任何收购活动[247] - 2023年2月公司以每股239.91美元的价格从米尔顿·赫希学校信托基金回购了100万股普通股，总金额为2.399亿美元[254] - 公司面临的风险包括产品质量和安全问题、供应链中断、人才招聘和保留、气候变化、原材料和能源成本上涨、市场需求下降、竞争加剧、并购整合失败、国际业务增长不达预期、战略举措和重组效果不佳、政府法规变化、地缘政治和金融市场波动、信息系统故障等[4][5][6]