Hershey Co. Files Q3 2024 10-Q Report
Ticker: HSY · Form: 10-Q · Filed: 2024-11-07T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
Related Tickers: HSY
TL;DR
**HSY Q3 2024 10-Q FILED.**
AI Summary
The Hershey Company filed its 10-Q for the quarterly period ended September 29, 2024. The filing covers the period from July 1, 2024, to September 29, 2024, and includes comparative data from the same period in 2023. The company's fiscal year ends on December 31st.
Why It Matters
This filing provides investors with the latest financial performance data for The Hershey Company, crucial for understanding the company's current health and future prospects in the confectionery market.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.
Key Numbers
- 2024-09-29 — Quarter End Date (Latest reported financial period)
- 2024-07-01 — Quarter Start Date (Latest reported financial period)
- 2023-10-01 — Prior Year Quarter End Date (Comparative period)
Key Players & Entities
- The Hershey Company (company) — Filer
- September 29, 2024 (date) — End of reporting period
- 2024 (date) — Fiscal year
- 19 EAST CHOCOLATE AVENUE (address) — Company headquarters
- HERSHEY (location) — Company headquarters city
- PA (location) — Company headquarters state
- 17033 (zip_code) — Company headquarters zip
FAQ
What is the specific period covered by this 10-Q filing?
This 10-Q filing covers the quarterly period ended September 29, 2024.
When is The Hershey Company's fiscal year end?
The Hershey Company's fiscal year ends on December 31st.
What is the company's primary business classification?
The Hershey Company is classified under SUGAR & CONFECTIONERY PRODUCTS [2060].
What is the SEC file number for this filing?
The SEC file number for this 10-Q filing is 001-00183.
What was the previous name of The Hershey Company?
The company was formerly known as HERSHEY FOODS CORP and HERSHEY CHOCOLATE CORP.
Filing Stats: 4,658 words · 19 min read · ~16 pages · Grade level 16 · Accepted 2024-11-07 11:26:07
Filing Documents
- hsy-20240929.htm (10-Q) — 1910KB
- hsy_20241107exhibit311.htm (EX-31.1) — 10KB
- hsy_20241107exhibit312.htm (EX-31.2) — 10KB
- hsy_20241107exhibit321.htm (EX-32.1) — 7KB
- hsy-20240929_g1.jpg (GRAPHIC) — 217KB
- hsy-20240929_g2.jpg (GRAPHIC) — 1KB
- kiss_logo.jpg (GRAPHIC) — 1KB
- kisslogo1.jpg (GRAPHIC) — 1KB
- kisslogo2.jpg (GRAPHIC) — 1KB
- 0000047111-24-000055.txt ( ) — 11539KB
- hsy-20240929.xsd (EX-101.SCH) — 64KB
- hsy-20240929_cal.xml (EX-101.CAL) — 125KB
- hsy-20240929_def.xml (EX-101.DEF) — 386KB
- hsy-20240929_lab.xml (EX-101.LAB) — 825KB
- hsy-20240929_pre.xml (EX-101.PRE) — 639KB
- hsy-20240929_htm.xml (XML) — 1969KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION 2
Financial Statements
Item 1. Financial Statements 2 Consolidated Statements of Income for the Three and Nine Months Ended September 29 , 2024 and October 1 , 2023 2 Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 29 , 2024 and October 1 , 2023 3 Consolidated Balance Sheets as of September 29 , 2024 and December 31, 2023 4 Consolidated Statements of Cash Flows for the Nine Months Ended September 29 , 2024 and October 1 , 2023 5 Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended September 29 , 2024 and October 1 , 2023 6 Notes to Unaudited Consolidated Financial Statements 8 Note 1 - Summary of Significant Accounting Policies 8 Note 2 - Business Acquisitions 9 Note 3 - Goodwill and Intangible Assets 9 Note 4 - Short and Long-Term Debt 10 Note 5 - Derivative Instruments 11 Note 6 - Fair Value Measurements 14 Note 7 - Leases 16 Note 8 - Investments in Unconsolidated Affiliates 19 Note 9 - Business Realignment Activities 19 Note 10 - Income Taxes 20 Note 11 - Pension and Other Post-Retirement Benefit Plans 22 Note 12 - Stock Compensation Plans 23 Note 13 - Segment Information 25 Note 14 - Treasury Stock Activity 28 Note 15 - Contingencies 29 Note 16 - Earnings Per Share 30 Note 17 - Other (Income) Expense, Net 32 Note 18 - Supplemental Balance Sheet Information 33
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 35
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 46
Controls and Procedures
Item 4. Controls and Procedures 48
OTHER INFORMATION
PART II. OTHER INFORMATION 49
Legal Proceedings
Item 1. Legal Proceedings 49
Risk Factors
Item 1A. Risk Factors 49
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 49
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 49
Other Information
Item 5. Other Information 49
Exhibits
Item 6. Exhibits 50
Signatures
Signatures 51 Table of Contents The Hershey Company | Q3 2024 Form 10-Q | Page 1
— FINANCIAL INFORMATION
PART I — FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements. THE HERSHEY COMPANY CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts) (unaudited) Three Months Ended Nine Months Ended September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 Net sales $ 2,987,494 $ 3,029,987 $ 8,314,723 $ 8,507,881 Cost of sales 1,754,775 1,669,734 4,572,178 4,633,207 Gross profit 1,232,719 1,360,253 3,742,545 3,874,674 Selling, marketing and administrative expense 591,920 624,304 1,750,888 1,777,695 Business realignment costs 27,635 — 32,572 441 Operating profit 613,164 735,949 1,959,085 2,096,538 Interest expense, net 44,316 39,755 125,511 114,101 Other (income) expense, net 50,101 42,781 82,695 130,248 Income before income taxes 518,747 653,413 1,750,879 1,852,189 Provision for income taxes 72,446 134,836 326,231 339,444 Net income $ 446,301 $ 518,577 $ 1,424,648 $ 1,512,745 Net income per share—basic: Common stock $ 2.26 $ 2.60 $ 7.19 $ 7.56 Class B common stock $ 2.05 $ 2.36 $ 6.53 $ 6.93 Net income per share—diluted: Common stock $ 2.20 $ 2.52 $ 7.00 $ 7.36 Class B common stock $ 2.05 $ 2.36 $ 6.53 $ 6.91 Dividends paid per share: Common stock $ 1.370 $ 1.192 $ 4.110 $ 3.264 Class B common stock $ 1.245 $ 1.083 $ 3.735 $ 2.967 See Notes to Unaudited Consolidated Financial Statements. Table of Contents The Hershey Company | Q3 2024 Form 10-Q | Page 2 THE HERSHEY COMPANY CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands) (unaudited) For the Three Months Ended For the Nine Months Ended September 29, 2024 October 1, 2023 September 29, 2024 October 1, 2023 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Net income $ 446,301 $ 518,577 $ 1,424,648 $ 1,512,745 Other comprehensive income, net of tax: Foreign currency translation adjustments: Foreign c