Hershey Q4 Profit Beats Estimates; Projects 2023 Adj. EPS Growth Of 9%-11%

(RTTNews) - The Hershey Company (HSY) reported fourth quarter adjusted earnings per share of $2.02, an increase of 19.5%. On average, 19 analysts polled by Thomson Reuters expected the company to report profit per share of $1.77, for the quarter. Analysts' estimates typically exclude special items.

Reported net income was $396.3 million, or $1.92 per share, an increase of 18.5%. Consolidated net sales were $2.65 billion, an increase of 14.0%. Organic, constant currency net sales increased 10.7%. Analysts on average had estimated $2.58 billion in revenue.

For 2023, the company expects net sales growth of 6% to 8%, reported earnings per share growth of 11% to 15% and adjusted earnings per share growth of 9% to 11%. Adjusted EPS is estimated in a range of $9.29 - $9.46. Analysts expect the company to report profit per share of $8.94.

Shares of Hershey are up 2% in pre-market trade on Thursday.

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