The Hershey Company’s (NYSE: HSY) Q3 results exceeded its expectations as revenues surged 15.6% year-over-year to $2.73 billion, surpassing Street estimates by $110 million.
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Adjusted net earnings came in at $2.17 per share, up 3.3% year-over-year and beating analysts’ estimates of $2.10 per share.
Michele Buck, The Hershey Company President, and CEO commented, “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. Marketplace share and gross margin trends improved versus the second quarter, and we have strong momentum exiting the year. Given our performance to date and visibility into the fourth quarter, we are raising our net sales and earnings outlook for the year.”
Hershey’s now expects net sales to grow in the range of 14% to 15% in FY22 from the prior guidance in the range of 12% to 14%. Adjusted earnings are projected to increase between 14% and 15% from its earlier outlook in the range of 12% to 14%.