Unfavorable mix from acquisitions was an approximately 500 basis point headwind in the first quarter. We need volunteers for the upcoming year that include: newsletter production, web site updating, club social events, assist in membership, test sessions, competitions, club treasury/accounting, club shows, fund raising, etc. The Hershey Company - Third Quarter 2022 Earnings Results Prepared Remarks, November 3, 2022. driven by resilient price elasticities, a 2-point benefit from earlier seasonal shipments, and an approximately 1-point benefit from continued inventory replenishment. A reconciliation of the non-GAAP financial measures referenced in this release to their nearest comparable GAAP financial measures as presented in the Consolidated Statements of Income is provided below. Pirate Booty's brand maintained its momentum with retail sales growth of 55.4%. The Hershey Open 08/09/2022 - 08/13/2022 (EDT) Juvenile Girls (36) / Free Skate Judges' Details. Adjusted operating profit of $707.9 million increased 27.4% versus the first quarter of 2021, resulting in adjusted operating profit margin of 26.6%, an increase of 240 basis points. Hersheypark amusement park kicks off daily summer operations today, May 26, 2022. Third-quarter 2022 netsales for Hershey's International segment increased 15.4% versus the same period last year to $217.6 million. Despite higher adjusted operating profit, adjusted operating profit margin decreased by 130 basis points to 22.6%, as inflation and investment outpaced sales growth. Retail sales of Hershey's chocolate products increased 12.6%, driving chocolate share gains of over 100 basis points. Business realignment activities: We periodically undertake restructuring and cost reduction activities as part of ongoing efforts to enhance long-term profitability. The impact of acquisitions on net sales was a 4.6-point benefit.2. +0.12%. Wednesday, Aug 10, 2022, 08:13 PM Eastern Daylight Time . Hershey's U.S. salty snack retail takeaway, including Dot's, in MULO+C increased 22.4% in the 12-week period ended October 2, 2022 driven by robust consumer demand. Sales from the acquisitions of Dot's and Pretzels was a 69.0-point benefit. These headwinds were partially offset by net price realization and volume gains. Broad-based supply chain inflation also led to higher raw material and logistics costs. All comparisons for the third quarter of 2022 are with respect to the third quarter ended October3, 2021, Reflects the impact from the 2021 acquisitions of Pretzels Inc. (Pretzels) and Dot's Pretzels, LLC (Dot's). The International segment reported a $42.0 million profit in the first quarter of 2022, reflecting an increase of $14.6 million versus the prior-year period, resulting in segment margin of 18.8%, an increase of 4.3 points. Other miscellaneous losses (benefits): During 2022, we recorded a loss on the sale of non-operating assets located in Pennsylvania. Net (gains) losses on mark-to-market valuation of commodity derivative positions recognized in unallocated derivative losses (gains). Excluding a 0.2-point benefit from foreign currency exchange rates, constant currency net sales increased 17.7%. Open Juvenile Girls Free Skate (59) / Free Skate Total Total Total; . Ticketing Services Contact Us. Pirate Booty's brandmaintained its momentum with retail sales growth of 55.4%. All comparisons for the first quarter of 2022 are with respect to the first quarter ended April 4, 2021, Reflects the impact from the 2021 acquisitions of Pretzels Inc. (Pretzels), Dot's Pretzels, LLC (Dot's) and Lily's Sweets, LLC (Lily's). Saturday, Aug 13, 2022, 04:19 PM Eastern Daylight Time, Excel Juvenile Girls Plus (35) / Free Skate, Excel Intermediate Plus Women (37) / Free Skate, Excel Intermediate Women (43) / Free Skate, Intermediate Women (52-70) / Short Program, Open Juvenile Girls Free Skate (59) / Free Skate, Excel Novice Women Free Skate (61) / Free Skate, 019 Pre-Preliminary Girls Compulsory Moves, 024 Excel Preliminary Girls Compulsory Moves, 026 Excel High Beginner Boys Compulsory Moves, 029 Excel High Beginner Girls CM - Group A, 030 Excel High Beginner Girls CM - Group B, 031 Excel Pre-Preliminary Girls Compulsory Moves, 032 Excel Pre-Preliminary Boys Compulsory Moves, 066 Excel Pre-Preliminary Girls FS - Group A, 067 Excel Pre-Preliminary Girls FS - Group B, 068 Excel Pre-Preliminary Girls FS - Group C, 069 Excel Pre-Preliminary Girls FS - Group D. Event Results for The Hershey Open. Price realization was a 5.8-point benefit driven by list price increases across markets. Price realization was a 6.8-point benefit. For a complete. Hershey's North America Salty Snacks segment net sales were $226.1 million in the first quarter of 2022, an increase of 86.2% versus the same period last year. In addition, at 8:30 a.m. (Eastern time) today, the company will host a live question and answer session with investors and financial analysts. Details to access this call are available on the company's website. For the first quarter of 2021, items positively impacting comparability totaled $3.7 million, or $0.02 per share-diluted. Consolidated net sales increased 15.6% to $2,728.2 million in the third quarter of 2022, including a 4.1-point benefit from the acquisitions of Pretzels and Dot's. In the assessment of our results, we review and discuss the following financial metrics that are derived from the reported and non-GAAP financial measures presented above: Calculated as non-GAAP gross profit as a percentage of net sales for each period presented. The Annual Meeting of Stockholders of The Hershey Company was held on May 17, 2022. During the first quarter of 2021, we incurred costs related to the integration of the 2019 acquisition of ONE Brands, LLC. During the first quarter of 2021, we incurred costs related to the integration of the 2019 acquisition of ONE Brands, LLC. Consolidated net sales of $2,666.2 million, an increase of 16.1%. Organic, constant currency net sales increased 14.1%. We present certain percentage changes in net sales on a constant currency basis, which excludes the impact of foreign currency exchange. Segment performance for the first quarter of 2022 versus the prior-year period are detailed below. Includes centrally-managed (a) corporate functional costs relating to legal, treasury, finance, and human resources, (b) expenses associated with the oversight and administration of our global operations, including warehousing, distribution and manufacturing, information systems and global shared services, (c) non-cash stock-based compensation expense and (d) other gains or losses that are not integral to segment performance. Hershey's unallocated corporate expense in the first quarter of 2022 was $137.3 million, a decrease of $2.4 million, or 1.7%, versus the same period of 2021. Recent Quarterly Earnings Reports News Releases. Net price realization and reduced advertising levels, combined with a timing benefit related to the inventory valuation method and fixed cost leverage, drove profit gains, which were partially offset by inflation, incremental costs to serve elevated demand and higher operating expenses. Net price realization was a 6.9-point benefit driven primarily by list price increases across segments. The maker of Reese's Peanut Butter Cups, Kit Kats, Hershey's Kisses, Mounds and Almond Joy reported before Friday's open better-than-expected revenue and raised its 2022 outlook, boosted by . Since we often purchase commodity contracts to price inventory requirements in future years, we make this adjustment to facilitate the year-over-year comparison of cost of sales on a basis that matches the derivative gains and losses with the underlying economic exposure being hedged for the period. This decrease was driven by lower accruals for incentive compensation versus the prior-year period, which was partially offset by incremental capability and technology investments. Rather, the company believes exclusion of such items provides additional information to investors to facilitate the comparison of past and present operations. The tax effect for each adjustment is determined by calculating the tax impact of the adjustment on the company's quarterly effective tax rate, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment. Adjusted operating profit of $615.3 million increased 9.3% versus the third quarter of 2021 as pricing, volume and cost leverage more than offset inflation, elevated supply chain costs, acquisition-related costs and brand, capabilities, and people investments. Net price realization was a 6.9-point benefit driven primarily by list price increases across segments. "Our fast start, sustained consumer relevancy and increased visibility into our recently acquired businesses give us the confidence to increase our full-year net sales and earnings outlook despite an increasingly challenging and inflationary environment. Includes candy, mint, gum, confectionery salty snacks and grocery items. Business realignment activities: We periodically undertake restructuring and cost reduction activities as part of ongoing efforts to enhance long-term profitability. HERSHEY, Pa., Nov. 4, 2022 /PRNewswire/ -- The Hershey Company today announced net sales and earnings for the third quarter ended October 2, 2022, and raised its full-year financial outlook. Price realization and volume growth across segments, combined with a timing benefit related to the inventory valuation method and fixed cost leverage, more than offset broad-based inflation; higher supply chain costs, including investments in labor; and increased amortization and costs related to recent acquisitions to drive operating margin expansion in the first quarter. Unfavorable mix, driven by recent acquisitions and the accelerated growth of the North America Salty Snacks segment, also contributed to this offset. . Rather, the company believes exclusion of such items provides additional information to investors to facilitate the comparison of past and present operations. In addition, at 8:30 a.m. (Eastern time) today, the company will host a live question and answer session with investors and financial analysts. "Our fast start, sustained consumer relevancy and increased visibility into our recently acquired businesses give us the confidence to increase our full-year net sales and earnings outlook despite an increasingly challenging and inflationary environment. Advertising and related consumer marketing expenses increased 5.4% in the third quarter of 2022 versus the same period last year. This increase was driven by capabilities and technology investments, including the upgrade of the company's ERP system and related amortization; and higher incentive, compensation and benefit cost. See the schedule of supplementary information within this press release for additional information on segment net sales and profit. Hershey's North America Confectionery segment net sales were $2,235.6 million in the third quarter of 2022, an increase of 10.4% versus the same period last year. Advertising and related consumer marketing expenses decreased 0.7% in the first quarter of 2022 versus the same period last year. During the first quarter of 2022 and 2021, business realignment charges related primarily to other third-party costs related to this program, as well as severance and employee benefit costs. Adjusted earnings per share-diluted of $2.53, an increase of 31.8%. Earlier seasonal shipments versus the prior-year period and continued replenishment of distributor inventory levels offset modest declines in consumer demand to drive volume growth in the third quarter. Organic, constant currency net sales increased 10.7%. Because actual results may differ materially from those contained in the forward-looking statements, you should not place undue reliance on the forward-looking statements when deciding whether to buy, sell or hold the company's securities. ", First-Quarter 2022 Financial Results Summary1. Calculated as non-GAAP provision for income taxes as a percentage of non-GAAP income before taxes (calculated as non-GAAP operating profit minus non-GAAP interest expense, net plus or minus non-GAAP other (income) expense, net). Hershey's confectionery share remains approximately 38 basis points higher than pre-pandemic levels. Rather, the company believes exclusion of such items provides additional information to investors to facilitate the comparison of past and present operations. Higher corporate expenses were driven by incremental capability and technology investments, higher incentive compensation and broad-based marketplace inflation. During the fourth quarter of 2020, we commenced the International Optimization Program to streamline resources and investments in select international markets, including the optimization of our China operating model to improve efficiencies and provide a more sustainable and simplified base going forward. Organic, constant currency net sales increased 11.5%. This increase was driven by higher amortization and operating expenses related to recent acquisitions and incremental capabilities and technology investments, partially offset by lower accruals for incentive compensation versus the prior-year period. Net (gains) losses on mark-to-market valuation of commodity derivative positions recognized in unallocated derivative losses (gains). Adjustments reported above are reported on a pre-tax basis before the tax effect described in the reconciliation above for Non-GAAP provision for income taxes. A reconciliation between reported net sales growth rates and organic constant currency net sales growth rates, along with the contribution from net price realization and volume, is provided below: The company presents certain percentage changes in net sales on a constant currency basis, which excludes the impact of foreign currency exchange. The profit increase was driven by volume gains, net price realization and favorable operating expenses in the prior-year period related to the operating model optimization in China, which more than offset inflation and higher logistics costs. An analyst conference call is scheduled for the same day at 8:30 a . Reconciliation of Certain Non-GAAP Financial Measures, Tax effect of all adjustments reflected above**. Selling, marketing and administrative expenses increased 13.5% in the third quarter of 2022 versus the third quarter of 2021, primarily driven by higher corporate expenses and acquisition-related costs. The company's first-quarter 2022 results, as prepared in accordance with GAAP, included items negatively impacting comparability of $13.1 million, or $0.04 per share-diluted. GOLD MEDALS. The Hershey Open Event Results for The Hershey Open The Hershey Open 08/09/2022 - 08/13/2022 (EDT) Intermediate Women (52-70) / Free Skate Judges' Details Intermediate Women (52-70) / Free Skate Total Total Total Place Name Nation Seg Score Elm Score Comp Score Ded 1 Cordelia Witter, Washington FSC 56.95 27.13 29.82 0.00 Deductions -0.00 Volume gains contributed 11.9 points to net sales growth, driven by the strong consumer buying power and mobility along with key strategic brand activations. The company's third-quarter 2022 results, as prepared in accordance with GAAP, included items positively impacting comparability of $58.7 million, . The net impact of the acquisition from Lily's was a 1.1-point benefit. Sponsored By The adjusted effective tax rate in the first quarter of 2022 was 21.2%, a decrease of 130 basis points versus the first quarter of 2021. Reported net income of $399.5 million and $1.94 earnings per share-diluted, a decrease of 9.3%. Hosted by top female player KaSandra Gehrke, you'll have the chance to sign up for a pre-tournament clinic, attend a social/play meet and greet with her on Fri night or catch up . Price realization and volume growth across segments, combined with a timing benefit related to the inventory valuation method and fixed cost leverage, more than offset broad-based inflation; higher supply chain costs, including investments in labor; and increased amortization and costs related to recent acquisitions to drive operating margin expansion in the first quarter. The primary drivers of the increased outlook are sustained consumer demand and favorable price elasticities across all segments along with increased visibility into customer orders and programs of the recently acquired Dot's and Pretzels businesses. "Third quarter results came in ahead of our expectations, as our increased brand investments and improved supply chain helped support resilient consumer demand and drove category growth across all business segments," said Michele Buck, The Hershey Company President and Chief Executive Officer. The net impact of the acquisition from Lily's was a 1.1-point benefit. The impact of acquisitions on net sales was a 4.1-point benefit2 while foreign currency exchange was a 0.3-point headwind. This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Hershey's confectionery share remains approximately 38 basis points higher than pre-pandemic levels. 2 - Ratification of the Audit Committee's appointment of Ernst & Young LLP as the Company's independent auditors for the . Organic, constant currency sales increased 11.8%. See the schedule on components of net sales growth and the schedule of supplementary information within this press release for additional information on segment net sales and profit. Hershey's North America Salty Snacks segment net sales were $226.1 million in the first quarter of 2022, an increase of 86.2% versus the same period last year. Note: In this release, for the first-quarter 2022, Hershey references income measures that are not in accordance with GAAP because they exclude certain items impacting comparability, including gains and losses associated with mark-to-market commodity derivatives, business realignment activities, acquisition-related activities, and other miscellaneous benefits. HERSHEY, Pa., Nov. 4, 2022 /PRNewswire/ -- The Hershey Company (NYSE: HSY) today announced net sales and earnings for the third quarter ended October 2, 2022, and raised its full-year financial outlook. Sales volume growth and net price realization more than offset inflation to deliver a segment margin of 16.3%, an increase of 590 basis points versus the prior-year period. Many of these forward-looking statements can be identified by the use of words such as "anticipate," "assume," "believe," "continue," "estimate," "expect," "forecast," "future," "intend," "plan," "potential," "predict," "project," "strategy," "target" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would," among others. Segment performance for the first quarter of 2022 versus the prior-year period are detailed below. Inflation and investment outpaced sales growth, resulting in segment margin of 31.6% in the third quarter, a decrease of 80 basis points. These non-GAAP financial measures are used in evaluating results of operations for internal purposes and are not intended to replace the presentation of financial results in accordance with GAAP. "Marketplace share and gross margin trends improved versus the second quarter, and we have strong momentum exiting the year. Despite strong growth across brands, Hershey's confectionery share declined 144 basis points as capacity constraints limited the company's ability to invest in media and promotions and fully service demand. Both SkinnyPop and Pirate's Booty brands benefited from a strong back-to-school season with higher promotional activity in the third quarter, with multi-packs retail sales growth of 24.8% versus the prior-year period. Neal Wood Open Results. Incremental start-up costs related to distribution network expansion and outsourcing costs related to higher-than-anticipated demand further pressured profits. Included with Hersheypark when entered from the park during Hersheypark hours. Incremental profit from higher sales is expected to be partially offset by supply chain inflation and higher costs to serve incremental demand, resulting in slightly higher adjusted earnings per share growth. Event Results for The Hershey Open The Hershey Open 08/09/2022 - 08/13/2022 (EDT) Excel Intermediate Plus Women (37) / Free Skate Judges' Details Excel Intermediate Plus Women (37) / Free Skate Total Total Total Place Name Nation Seg Score Elm Score Comp Score Ded 1 Caroline Caruso, Rye FSC 37.63 18.10 20.03 0.50 Deductions -0.50 Falls: -0.50 Tax effect of all adjustments: This line item reflects the aggregate tax effect of all pre-tax adjustments reflected in the preceding line items of the applicable table. 2022 projected earnings per share-diluted, as presented above, does not include the impact of mark-to-market gains and losses on our commodity derivative contracts that are reflected within corporate unallocated expense in segment results until the related inventory is sold since we are not able to forecast the impact of the market changes. Details to access this call are available on the company's website. for the periods ended April3, 2022 and April4, 2021, (unaudited) (in thousands except percentages and per share amounts), Selling, marketing and administrative expense, Net income including noncontrolling interest, Less: Net gain attributable to noncontrolling interest, Net income attributable to The Hershey Company, Supplementary Information Segment Results, (unaudited) (in thousands except percentages), Unallocated mark-to-market gains on commodity derivatives (2), Costs associated with business realignment initiatives. Net price realization was driven by mid to high single digit list price increases across the confectionery portfolio. Referenced Symbols. Organic, constant currency net. The primary drivers of the increased outlook are sustained consumer demand and favorable price elasticities across all segments along with increased visibility into customer orders and programs of the recently acquired Dot's and Pretzels businesses. This increase was driven by higher amortization and operating expenses related to recent acquisitions and incremental capabilities and technology investments, partially offset by lower accruals for incentive compensation versus the prior-year period. Segment income as a percent of net sales: as of April 3, 2022 and December 31, 2021, Total liabilities and stockholders' equity, View original content to download multimedia:https://www.prnewswire.com/news-releases/hershey-reports-first-quarter-2022-financial-results-raises-2022-net-sales-and-earnings-outlook-301534729.html, Noncontrolling interest share of business, https://www.prnewswire.com/news-releases/hershey-reports-first-quarter-2022-financial-results-raises-2022-net-sales-and-earnings-outlook-301534729.html. Thursday, Aug 11, 2022, 06:31 PM Eastern Daylight Time . 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