Hershey's Q2 earnings beat expectations and full-year growth guidance raised

Glonghui July 31st｜Chocolate manufacturer Hershey announced better-than-expected second-quarter results, with sales rising by 6.6% year-on-year to $2.79 billion, exceeding the market expectation of $2.63 billion. Adjusted earnings per share increased from $1.21 in the same period last year to $1.90, higher than the market expectation of $1.43. Hershey noted that U.S. consumer sentiment remains weak, with consumers continuing to focus on value and remain selective in their spending. The company remains cautious about the outlook and believes that consumer behavior may change with seasonal factors. The company currently expects full-year adjusted earnings per share to be between $8.36 and $8.52, a year-on-year increase of 32.5% to 35%, raising the lower end of guidance from the previous 30% growth; the market expects $8.43. Net sales are expected to grow by 4.5% to 5%, with the previous forecast’s lower limit at 4%.