Hershey Co Stock Price, News & Analysis

The Hershey Company (NYSE: HSY) has acquired Sour Strips, a sour candy brand founded in 2019 by social media personality Maxx Chewning. The acquisition aims to enhance Hershey's presence in the sour candy category and expand its reach to new consumers. Sour Strips, known for its "sour candy that doesn't suck" tagline and strong social media presence, will continue to have Chewning leading its marketing and innovation efforts. The brand focuses on combining shockingly sour flavors with innovative branding to elevate the candy experience.

The Hershey Company's (NYSE: HSY) Board of Directors has announced its quarterly dividend distribution. Common Stock shareholders will receive $1.370 per share, while Class B Common Stock holders will get $1.245 per share. The dividends, declared on November 6, 2024, will be paid on December 16, 2024, to stockholders of record as of November 18, 2024. This marks Hershey's 379th consecutive regular dividend on Common Stock and 160th consecutive regular dividend on Class B Common Stock.

Hershey reported Q3 2024 financial results with consolidated net sales of $2,987.5 million, a 1.4% decrease. Net income was $446.3 million, or $2.20 per share-diluted, down 12.7%. The company reduced its full-year outlook, now expecting flat net sales growth (previously ~2%) and reported earnings per share decline of 9% to 6%. Gross margin decreased 360 basis points to 41.3%, primarily due to higher commodity costs and unfavorable input cost timing. The company faces challenges from historically high cocoa prices and a challenging consumer environment, focusing on driving top-line growth through store presence, portfolio expansion, and seasonal strength.

The Hershey Company has inaugurated three public primary schools in Côte d'Ivoire, including one new construction and two renovations. The project is part of a tripartite agreement with the country's National Oversight Committee (CNS) and the International Cocoa Initiative (ICI). This initiative is part of a larger commitment to build 12 primary schools (72 classrooms) by 2025 in cocoa-producing communities. The schools are located in Gly, in the Lôh-Djiboua region, and complement Hershey's broader efforts including the Income Accelerator program for cocoa farmers and environmental preservation initiatives in the Mabi-Yaya Nature Reserve.

Hershey has announced a five-year agreement with nine cocoa-producing cooperatives in Côte d'Ivoire, as part of its 'Cocoa For Good' strategy. This strategy involves a 10-year, $500 million investment to address challenges facing cocoa farmers. The agreement aims to:

• Professionalize cocoa farming and improve profitability
• Invest in community-based resources for household wellbeing
• Preserve the environment and strengthen farm resiliency

This move aligns with Côte d'Ivoire's National Strategy for Sustainable Cocoa and builds on Hershey's previous initiatives, including the $40 million Income Accelerator program launched in 2023 and funding for primary school construction in farming communities.

The Hershey Company (NYSE: HSY) has announced plans to release its third-quarter sales and earnings results on Thursday, November 7, 2024. The company will also hold a conference call with analysts at 8:30 a.m. ET on the same day. Hershey will host the conference call via a live webcast on their corporate website.

Interested parties can access the webcast details by visiting the 'CALENDAR OF EVENTS' section on the Hershey investor relations website. The company has provided a direct link for easy access to the webcast information. This announcement allows investors and analysts to prepare for the upcoming financial disclosure and discussion of Hershey's performance in the third quarter of 2024.

Jolly Rancher, a brand under The Hershey Company (HSY), has launched a new product line called Jolly Rancher Ropes. These chewy treats offer a dual-flavor experience, combining two iconic Jolly Rancher flavors in each rope. Available in two flavor combinations - Green Apple + Watermelon and Blue Raspberry + Cherry - the ropes feature flavored filling and outer layers for maximum taste impact.

The new product aims to appeal to younger consumers and expand Jolly Rancher's market presence. Jolly Rancher Ropes are now available nationwide in 6 and 10 oz bags at retailers and online. This launch represents Hershey's efforts to innovate within its existing brand portfolio and potentially drive sales growth in the candy segment.

Ice Breakers, a brand under The Hershey Company (HSY), has launched a new product called Ice Breakers Flavor Shifters. This innovative gum changes flavors as you chew, offering a unique sensory experience. Available in two variants - Wild Berry to Coolmint and Wintergreen to Coolmint - the gum aims to provide a refreshing twist for consumers seeking stimulation throughout the day.

To promote the launch, Ice Breakers is partnering with three viral creators on TikTok and Instagram. The new product comes as the gum category experiences growth, and consumers look for new sensorial experiences in their gum choices. Ice Breakers Flavor Shifters are now available at retailers nationwide, expanding the Ice Breakers product lineup.

The Hershey Company (NYSE: HSY) has appointed Michael Del Pozzo as President of U.S. Confection, effective September 16. Del Pozzo brings 23 years of experience from PepsiCo, where he most recently led Gatorade's $10 billion business. He will join Hershey's Executive Committee and work alongside the leaders of Salty Snacks and International divisions to advance the company's strategic goals.

Del Pozzo succeeds Charles Raup, who is retiring after 15 years with Hershey. CEO Michele Buck praised Del Pozzo's consumer insights, customer relationships, and track record of delivering results, stating he is ideally positioned to guide the U.S. Confection business through its next chapter and advance Hershey's Leading Snacking Powerhouse vision.