Hershey Reports Fourth-Quarter and Full-Year 2023 Financial Results; Provides 2024 Outlook
"We continue to operate in a dynamic environment, but we are encouraged by the resilience of seasonal traditions and the consumer response to innovation within our categories," said
Fourth-Quarter 2023 Financial Results Summary1
- Consolidated net sales of
$2,657.1 million , an increase of 0.2%. - Organic, constant currency net sales decreased 0.1%.
- Reported net income of
$349.0 million , or$1.70 per share-diluted, a decrease of 11.5%. - Adjusted earnings per share-diluted of
$2.02 , flat with the prior year.
1 All comparisons for the fourth quarter of 2023 are with respect to the fourth quarter ended |
2023 Full-Year Financial Results Summary2
- Consolidated net sales of
$11,165.0 million , an increase of 7.2%. - Organic, constant currency net sales increased 7.0%.
- Reported net income of
$1,861.8 million , or$9.06 per share-diluted, an increase of 13.8%. - Adjusted earnings per share-diluted of
$9.59 , an increase of 12.6%.
2 All comparisons for full-year 2023 are with respect to the full-year ended |
2024 Full-Year Financial Outlook Summary
The company expects net sales growth of 2% to 3%, driven primarily by net price realization, and reported earnings per share to be relatively flat as higher cocoa and sugar costs as well as one-time expenses related to the Q2 ERP implementation and planned incremental cost savings initiatives are expected to more than offset higher sales, price realization, productivity, administrative efficiencies and a lower tax rate. The company projects flat adjusted earnings per share when excluding one-time costs associated with the ERP implementation and incremental cost savings initiatives.
2024 Full-Year Outlook |
|
|
Net sales growth |
2% to 3% |
|
Reported earnings per share growth |
~0% |
|
Adjusted earnings per share growth |
~0% |
The company also expects:
- A reported and adjusted effective tax rate of approximately 13%;
- Other expense, which primarily reflects the write-down of equity investments that qualify for a tax credit, of approximately
$220 million to$230 million ; - Interest expense of approximately
$165 million to$175 million , reflecting a higher interest rate environment; and - Capital expenditures of approximately
$600 million to$650 million , driven by core confection capacity expansion and continued investments in a digital infrastructure including the build and upgrade of a new ERP system across the enterprise.
The Company is implementing efforts to increase agility, enhance automation, and support a more efficient operating model to deliver its long-term business and financial goals. These initiatives are expected to generate on-going supply chain, manufacturing, and operating expense savings, net of reinvestment, of
Below is a reconciliation of projected 2024 and full-year 2023 and 2022 earnings per share-diluted calculated in accordance with
2024 (Projected) |
2023 |
2022 |
|||
Reported EPS – Diluted |
|
|
|
||
Derivative Mark-to-Market Losses |
— |
0.29 |
0.38 |
||
Business Realignment Activities |
0.50 - 0.56 |
0.01 |
0.02 |
||
Acquisition and Integration-Related Activities |
0.15 - 0.20 |
0.37 |
0.24 |
||
Other Miscellaneous Losses |
— |
— |
0.07 |
||
Tax Effect of All Adjustments Reflected Above |
(0.17) |
(0.14) |
(0.15) |
||
Adjusted EPS – Diluted |
|
|
|
2024 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.
Fourth Quarter 2023 Components of Net Sales Growth
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:
Three Months Ended |
|||||||||
Percentage |
Impact of |
Percentage |
Organic Price |
Organic |
|||||
North America Confectionery |
2.1 % |
— % |
2.1 % |
7.2 % |
(5.1) % |
||||
North America Salty Snacks |
(24.6) % |
— % |
(24.6) % |
1.5 % |
(26.1) % |
||||
International |
12.7 % |
4.4 % |
8.3 % |
6.0 % |
2.3 % |
||||
|
0.2 % |
0.3 % |
(0.1) % |
6.5 % |
(6.6) % |
||||
Twelve Months Ended |
|||||||||
Percentage |
Impact of |
Percentage |
Organic Price |
Organic |
|||||
North America Confectionery |
6.9 % |
(0.2) % |
7.1 % |
9.0 % |
(1.9) % |
||||
North America Salty Snacks |
6.1 % |
— % |
6.1 % |
5.4 % |
0.7 % |
||||
International |
11.2 % |
3.4 % |
7.8 % |
4.7 % |
3.1 % |
||||
|
7.2 % |
0.2 % |
7.0 % |
8.3 % |
(1.3) % |
The company presents certain percentage changes in net sales on a constant currency basis, which excludes the impact of foreign currency exchange. To present this information for historical periods, current period net sales for entities reporting in currencies other than the
Fourth-Quarter 2023 Results
Consolidated net sales increased 0.2% to
Reported gross margin decreased 90 basis points to 42.3% in the fourth quarter of 2023, driven by derivative mark-to-market losses. Adjusted gross margin increased 50 basis points to 44.2% in the fourth quarter of 2023. Net price realization and supply chain productivity more than offset higher cocoa and sugar costs, volume deleverage and negative sales mix.
Selling, marketing and administrative expenses increased 6.9% in the fourth quarter of 2023 versus the prior-year period, primarily driven by capability investments, wage inflation and media increases. Advertising and related consumer marketing expenses increased by 5.8% in the fourth quarter of 2023 versus the same period last year, driven by higher investment in the
Fourth-quarter 2023 reported operating profit of
The reported effective tax rate in the fourth quarter of 2023 was (9.2)% compared to (9.1)% in the fourth quarter of 2022, a decrease of 10 basis points. The adjusted effective tax rate in the fourth quarter of 2023 was (3.8)% compared to (6.5)% in the fourth quarter of 2022, an increase of 270 basis points. The adjusted effective tax rate increase was driven by lower renewable energy tax credits versus the prior-year period.
The company's fourth-quarter 2023 results, as prepared in accordance with GAAP, included items positively impacting comparability of
The following table presents a summary of items impacting comparability in each period (see Appendix I for additional information):
Pre-Tax (millions) |
Earnings Per Share-Diluted |
||||||
Three Months Ended |
Three Months Ended |
||||||
|
|
|
|
||||
Derivative Mark-to-Market Losses |
$ 53.7 |
$ 14.7 |
$ 0.26 |
$ 0.07 |
|||
Business Realignment Activities |
— |
2.0 |
— |
0.01 |
|||
Acquisition and Integration-Related Activities |
26.2 |
12.0 |
0.13 |
0.06 |
|||
Tax Effect of All Adjustments Reflected Above |
— |
— |
(0.07) |
(0.04) |
|||
$ 79.9 |
$ 28.7 |
$ 0.32 |
$ 0.10 |
||||
Pre-Tax (millions) |
Earnings Per Share-Diluted |
||||||
Twelve Months Ended |
Twelve Months Ended |
||||||
|
|
|
|
||||
Derivative Mark-to-Market Losses |
$ 58.9 |
$ 78.2 |
$ 0.29 |
$ 0.38 |
|||
Business Realignment Activities |
3.4 |
4.4 |
0.01 |
0.02 |
|||
Acquisition and Integration-Related Activities |
75.9 |
48.5 |
0.37 |
0.24 |
|||
Other Miscellaneous Losses |
— |
13.6 |
— |
0.07 |
|||
Tax Effect of All Adjustments Reflected Above |
— |
— |
(0.14) |
(0.15) |
|||
$ 138.2 |
$ 144.6 |
$ 0.53 |
$ 0.56 |
The following are comments about segment performance for the fourth quarter of 2023 versus the prior-year period. See the schedule of supplementary information within this press release for additional information on segment net sales and profit.
North America Confectionery
Hershey's North America Confectionery segment net sales were
Hershey's
North America Confectionery segment income was
North America Salty Snacks
Hershey's North America Salty Snacks segment net sales were
Hershey's
North America Salty Snacks segment income was
International
Fourth-quarter 2023 net sales for Hershey's International segment increased 12.7% versus the same period last year to
International segment income was
Unallocated Corporate Expense
Hershey's unallocated corporate expense in the fourth quarter of 2023 was
Live Webcast
At approximately
Note: In this release, for the fourth-quarter of and full-year 2023, 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 and integration-related activities and other miscellaneous losses and benefits. The company refers to these income measures as "adjusted" or "non-GAAP" financial measures throughout this release. 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. Rather, the company believes exclusion of such items provides additional information to investors to facilitate the comparison of past and present operations. 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.
Reconciliation of Certain Non-GAAP Financial Measures |
|||||||
Consolidated results |
Three Months Ended |
Twelve Months Ended |
|||||
In thousands except per share data |
|
|
|
|
|||
Reported gross profit |
$ 1,123,142 |
$ 1,144,806 |
$ 4,997,816 |
$ 4,498,785 |
|||
Derivative mark-to-market losses |
53,723 |
15,258 |
58,937 |
78,782 |
|||
Business realignment activities |
— |
— |
527 |
3 |
|||
Acquisition and integration-related |
(2,256) |
— |
(1,702) |
4,041 |
|||
Non-GAAP gross profit |
$ 1,174,609 |
$ 1,160,064 |
$ 5,055,578 |
$ 4,581,611 |
|||
Reported operating profit |
$ 464,329 |
$ 526,646 |
$ 2,560,867 |
$ 2,260,787 |
|||
Derivative mark-to-market losses |
53,723 |
14,658 |
58,937 |
78,182 |
|||
Business realignment activities |
— |
2,044 |
3,440 |
4,417 |
|||
Acquisition and integration-related |
26,163 |
12,001 |
75,853 |
48,482 |
|||
Other miscellaneous losses |
— |
— |
— |
13,568 |
|||
Non-GAAP operating profit |
$ 544,215 |
$ 555,349 |
$ 2,699,097 |
$ 2,405,436 |
|||
Reported (benefit) provision for income |
$ (29,367) |
$ (33,174) |
$ 310,077 |
$ 272,254 |
|||
Derivative mark-to-market losses* |
7,931 |
4,521 |
10,190 |
13,508 |
|||
Business realignment activities* |
— |
567 |
777 |
1,119 |
|||
Acquisition and integration-related |
6,328 |
2,804 |
18,256 |
11,525 |
|||
Other miscellaneous losses* |
— |
— |
— |
3,256 |
|||
Non-GAAP (benefit) provision for income |
$ (15,108) |
$ (25,282) |
$ 339,300 |
$ 301,662 |
|||
Reported net income |
$ 349,042 |
$ 396,296 |
$ 1,861,787 |
$ 1,644,817 |
|||
Derivative mark-to-market losses |
45,792 |
10,137 |
48,747 |
64,674 |
|||
Business realignment activities |
— |
1,477 |
2,663 |
3,298 |
|||
Acquisition and integration-related |
19,835 |
9,197 |
57,597 |
36,957 |
|||
Other miscellaneous losses |
— |
— |
— |
10,312 |
|||
Non-GAAP net income |
$ 414,669 |
$ 417,107 |
$ 1,970,794 |
$ 1,760,058 |
Reconciliation of Certain Non-GAAP Financial Measures |
|||||||
Consolidated results |
Three Months Ended |
Twelve Months Ended |
|||||
|
|
|
|
||||
Reported EPS - Diluted |
$ 1.70 |
$ 1.92 |
$ 9.06 |
$ 7.96 |
|||
Derivative mark-to-market losses |
0.26 |
0.07 |
0.29 |
0.38 |
|||
Business realignment activities |
— |
0.01 |
0.01 |
0.02 |
|||
Acquisition and integration-related |
0.13 |
0.06 |
0.37 |
0.24 |
|||
Other miscellaneous losses |
— |
— |
— |
0.07 |
|||
Tax effect of all adjustments reflected |
(0.07) |
(0.04) |
(0.14) |
(0.15) |
|||
Non-GAAP EPS - Diluted |
$ 2.02 |
$ 2.02 |
$ 9.59 |
$ 8.52 |
|||
* 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. |
** 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. |
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:
Three Months Ended |
Twelve Months Ended |
||||||
|
|
|
|
||||
As reported gross margin |
42.3 % |
43.2 % |
44.8 % |
43.2 % |
|||
Non-GAAP gross margin (1) |
44.2 % |
43.7 % |
45.3 % |
44.0 % |
|||
As reported operating profit margin |
17.5 % |
19.9 % |
22.9 % |
21.7 % |
|||
Non-GAAP operating profit margin (2) |
20.5 % |
20.9 % |
24.2 % |
23.1 % |
|||
As reported effective tax rate |
(9.2) % |
(9.1) % |
14.3 % |
14.2 % |
|||
Non-GAAP effective tax rate (3) |
(3.8) % |
(6.5) % |
14.7 % |
14.6 % |
(1) |
Calculated as non-GAAP gross profit as a percentage of net sales for each period presented. |
(2) |
Calculated as non-GAAP operating profit as a percentage of net sales for each period presented. |
(3) |
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). |
Appendix I
Details of the charges included in GAAP results, as summarized in the press release (above), are as follows:
Derivative Mark-to-Market Losses (Gains): The mark-to-market losses (gains) on commodity derivatives are recorded as unallocated and excluded from adjusted results until such time as the related inventory is sold, at which time the corresponding losses (gains) are reclassified from unallocated to segment income. 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.
Business Realignment Activities: We periodically undertake restructuring and cost reduction activities as part of ongoing efforts to enhance long-term profitability. 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
Acquisition and Integration-Related Activities: During the three- and 12-month periods of 2023, we incurred costs related to the acquisition of two manufacturing plants from
Other Miscellaneous Losses: In 2022, we recorded a loss on the sale of non-operating assets located in
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. 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.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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. These statements are made based upon current expectations that are subject to risk and uncertainty. 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. Factors that could cause results to differ materially include, but are not limited to: disruptions or inefficiencies in our supply chain due to the loss or disruption of essential manufacturing or supply elements or other factors; issues or concerns related to the quality and safety of our products, ingredients or packaging, human and workplace rights, and other environmental, social or governance matters; changes in raw material and other costs, along with the availability of adequate supplies of raw materials; the company's ability to successfully execute business continuity plans to address changes in consumer preferences and the broader economic and operating environment; selling price increases, including volume declines associated with pricing elasticity; market demand for our new and existing products; increased marketplace competition; failure to successfully execute and integrate acquisitions, divestitures and joint ventures; changes in governmental laws and regulations, including taxes; political, economic, and/or financial market conditions, including with respect to inflation, rising interest rates, slower growth or recession, and other events beyond our control such as the impacts on the business arising from the conflict between
|
||||||||||
Consolidated Statements of Income |
||||||||||
for the periods ended |
||||||||||
(unaudited) (in thousands except percentages and per share amounts) |
||||||||||
Three Months Ended |
Twelve Months Ended |
|||||||||
|
|
|
|
|||||||
Net sales |
$ 2,657,111 |
$ 2,652,338 |
$ 11,164,992 |
$ 10,419,294 |
||||||
Cost of sales |
1,533,969 |
1,507,532 |
6,167,176 |
5,920,509 |
||||||
Gross profit |
1,123,142 |
1,144,806 |
4,997,816 |
4,498,785 |
||||||
Selling, marketing and administrative expense |
658,813 |
616,445 |
2,436,508 |
2,236,009 |
||||||
Business realignment costs |
— |
1,715 |
441 |
1,989 |
||||||
Operating profit |
464,329 |
526,646 |
2,560,867 |
2,260,787 |
||||||
Interest expense, net |
37,684 |
35,587 |
151,785 |
137,557 |
||||||
Other (income) expense, net |
106,970 |
127,937 |
237,218 |
206,159 |
||||||
Income before income taxes |
319,675 |
363,122 |
2,171,864 |
1,917,071 |
||||||
(Benefit) provision for income taxes |
(29,367) |
(33,174) |
310,077 |
272,254 |
||||||
Net income attributable to |
$ 349,042 |
$ 396,296 |
$ 1,861,787 |
$ 1,644,817 |
||||||
Net income per share |
- Basic |
- Common |
$ 1.75 |
$ 1.98 |
$ 9.31 |
$ 8.22 |
||||
- Diluted |
- Common |
$ 1.70 |
$ 1.92 |
$ 9.06 |
$ 7.96 |
|||||
- Basic |
- Class B |
$ 1.59 |
$ 1.80 |
$ 8.52 |
$ 7.47 |
|||||
Shares outstanding |
- Basic |
- Common |
150,083 |
147,173 |
149,499 |
146,713 |
||||
- Diluted |
- Common |
205,357 |
206,291 |
205,547 |
206,575 |
|||||
- Basic |
- Class B |
54,614 |
58,114 |
55,239 |
58,822 |
|||||
Key margins: |
||||||||||
Gross margin |
42.3 % |
43.2 % |
44.8 % |
43.2 % |
||||||
Operating profit margin |
17.5 % |
19.9 % |
22.9 % |
21.7 % |
||||||
Net margin |
13.1 % |
14.9 % |
16.7 % |
15.8 % |
|
|||||||||||||
Supplementary Information – Segment Results |
|||||||||||||
for the periods ended |
|||||||||||||
(unaudited) (in thousands except percentages) |
|||||||||||||
Three Months Ended |
Twelve Months Ended |
||||||||||||
|
|
% Change |
|
|
% Change |
||||||||
Net sales: |
|||||||||||||
North America Confectionery |
$ 2,220,248 |
$ 2,174,785 |
2.1 % |
$ 9,123,139 |
$ 8,536,480 |
6.9 % |
|||||||
North America Salty Snacks |
205,157 |
271,962 |
(24.6) % |
1,092,689 |
1,029,405 |
6.1 % |
|||||||
International |
231,706 |
205,591 |
12.7 % |
949,164 |
853,409 |
11.2 % |
|||||||
Total |
$ 2,657,111 |
$ 2,652,338 |
0.2 % |
$ 11,164,992 |
$ 10,419,294 |
7.2 % |
|||||||
Segment income (loss): |
|||||||||||||
North America Confectionery |
$ 724,647 |
$ 703,502 |
3.0 % |
$ 3,117,044 |
$ 2,811,066 |
10.9 % |
|||||||
North America Salty Snacks |
10,399 |
56,685 |
(81.7) % |
158,333 |
159,935 |
(1.0) % |
|||||||
International |
20,421 |
(131) |
NM |
148,259 |
107,927 |
37.4 % |
|||||||
Total segment income |
755,467 |
760,056 |
(0.6) % |
3,423,636 |
3,078,928 |
11.2 % |
|||||||
Unallocated corporate expense (1) |
211,253 |
204,707 |
3.2 % |
724,537 |
673,492 |
7.6 % |
|||||||
Mark-to-market adjustment for |
53,722 |
14,658 |
NM |
58,939 |
78,182 |
(24.6) % |
|||||||
Costs associated with business |
— |
2,044 |
(100.0) % |
3,440 |
4,417 |
(22.1) % |
|||||||
Acquisition and integration-related activities |
26,163 |
12,001 |
118.0 % |
75,853 |
48,482 |
56.5 % |
|||||||
Other miscellaneous losses |
— |
— |
NM |
— |
13,568 |
(100.0) % |
|||||||
Operating profit |
464,329 |
526,646 |
(11.8) % |
2,560,867 |
2,260,787 |
13.3 % |
|||||||
Interest expense, net |
37,684 |
35,587 |
5.9 % |
151,785 |
137,557 |
10.3 % |
|||||||
Other (income) expense, net |
106,970 |
127,937 |
(16.4) % |
237,218 |
206,159 |
15.1 % |
|||||||
Income before income taxes |
$ 319,675 |
$ 363,122 |
(12.0) % |
$ 2,171,864 |
$ 1,917,071 |
13.3 % |
|||||||
(1) 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. |
(2) Net (gains) losses on mark-to-market valuation of commodity derivative positions recognized in unallocated derivative losses (gains). |
NM - not meaningful |
Three Months Ended |
Twelve Months Ended |
||||||||
|
|
|
|
||||||
Segment income (loss) as a percent of net sales: |
|||||||||
North America Confectionery |
32.6 % |
32.3 % |
34.2 % |
32.9 % |
|||||
North America Salty Snacks |
5.1 % |
20.8 % |
14.5 % |
15.5 % |
|||||
International |
8.8 % |
(0.1) % |
15.6 % |
12.6 % |
|
|||
Consolidated Balance Sheets |
|||
as of |
|||
(in thousands of dollars) |
|||
Assets |
|
|
|
(unaudited) |
|||
Cash and cash equivalents |
$ 401,902 |
$ 463,889 |
|
Accounts receivable - trade, net |
823,617 |
711,203 |
|
Inventories |
1,340,996 |
1,173,119 |
|
Prepaid expenses and other |
345,588 |
272,195 |
|
Total current assets |
2,912,103 |
2,620,406 |
|
Property, plant and equipment, net |
3,309,678 |
2,769,702 |
|
|
2,696,050 |
2,606,956 |
|
Other intangibles |
1,879,229 |
1,966,269 |
|
Other non-current assets |
1,061,427 |
944,989 |
|
Deferred income taxes |
44,454 |
40,498 |
|
Total assets |
$ 11,902,941 |
$ 10,948,820 |
|
Liabilities and Stockholders' Equity |
|||
Accounts payable |
$ 1,086,183 |
$ 970,558 |
|
Accrued liabilities |
867,815 |
832,518 |
|
Accrued income taxes |
29,457 |
6,710 |
|
Short-term debt |
719,839 |
693,790 |
|
Current portion of long-term debt |
305,058 |
753,578 |
|
Total current liabilities |
3,008,352 |
3,257,154 |
|
Long-term debt |
3,789,132 |
3,343,977 |
|
Other long-term liabilities |
660,673 |
719,742 |
|
Deferred income taxes |
345,698 |
328,403 |
|
Total liabilities |
7,803,855 |
7,649,276 |
|
Total stockholders' equity |
4,099,086 |
3,299,544 |
|
Total liabilities and stockholders' equity |
$ 11,902,941 |
$ 10,948,820 |
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SOURCE
FINANCIAL CONTACT: Melissa Poole, mpoole@hersheys.com; MEDIA CONTACT: Leigh Horner, lhorner@hersheys.com