Hershey Co. (HSY) said Thursday it had net income of $268.9 million, or $1.29 a share, in the second quarter, down from $313.3 million, or $1.48 a share, in the year-earlier period. Adjusted per-share earnings came to $1.31, ahead of the $1.12 FactSet consensus. The chocolate maker's sales fell to $1.707 billion from $1.767 billion, below the $1.740 billion FactSet consensus. "The impact of recent spikes in coronavirus cases on consumer mobility, retail operations, government regulations, and the macroeconomic environment, however, remains unclear," the company said in a statement. "As a result, the company is not providing new fiscal 2020 guidance at this time." The company expects sales to pick up in the second half, due to momentum exiting the second quarter. In North America, it expects elevated at-home consumption and the replenishment of retailer and distributor inventory levels to boost sales. Its international segment will continue to be pressured by less duty-free sales given current travel trends, government and macro trends. Shares rose 1.1% premarket, but are down 6% in the year to date, while the S&P 500 has gained 1.4%.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 23, 2020 06:58 ET (10:58 GMT)
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