The Hershey Co. reported fourth-quarter profit and sales that rose above expectations, attributed to market share gains and volume growth. Net income increased to $291.4 million, or $1.39 a share, from $207.2 million, or $0.98 a share, compared with last period a year ago. Hershey’s fourth quarter ended Dec. 31, 2020.
Adjusted earnings per share, excluding nonrecurring items, increased 16.4% to $1.49, above analyst expectations of $1.43. Sales climbed 5.7% to $2.19 billion, also beating expectations of $2.11 billion, as volume and prices increased. North America sales rose 8.9% to $1.97 billion.
"2020 was a year of unexpected challenges and hardship, but also one that brought opportunity, resilience and compassion,” said Hershey Co. president and chief executive Michele Buck. “Our portfolio of beloved brands remains extremely relevant with consumers, and our dedicated team, advantaged capabilities and operational excellence allowed us to help create many moments of goodness for them during these unprecedented times.”
Fourth-quarter 2020 results summary
» Consolidated net sales of $2,185.2 million, an increase of 5.7%.
» Organic, constant currency net sales increased 6.3%.
» The impact of divestitures on net sales was a 0.2 point headwind while foreign currency exchange was a 0.4 point headwind.
» Reported net income of $291.4 million, or $1.39 per share-diluted, an increase of 41.8%.
» Adjusted earnings per share-diluted of $1.49, an increase of 16.4%.
2020 full-year financial results
» Consolidated net sales of $8,149.7 million, an increase of 2%.
» Organic, constant currency net sales increased 2%.
» The net impact of acquisitions and divestitures on net sales was a 0.5 point benefit4, while » foreign currency exchange was a 0.5 point headwind.
» Reported net income of $1,278.7 million, or $6.11 per share-diluted, an increase of 11.9%.
» Adjusted earnings per share-diluted of $6.29, an increase of 8.8%.
Click here to see Hershey Co.’s full report and tables.