The Hershey Co. reported third-quarter consolidated net sales of $2.36 billion, an increase of 6.3% over the previous year. Its North America segment net sales were $2.13 billion of that, 5.5% more than the same period in 2020.
The global confectioner raised its full-year net sales growth projection from 6% to 8%, to 8% to 9%.
Full-year adjusted earnings per share are now expected to be $6.98 to $7.11, a jump of 11% to 13% from fiscal 2020.
A release noted that “the increase in outlook reflects stronger than anticipated consumer demand, an improved tax outlook and optimized brand investment, which, collectively, are expected to more than offset higher supply chain costs and inflation.”
The Hershey Co.’s President and CEO, Michele Buck added: “Consumer demand for our brands has remained robust on both a one- and two-year basis. Our continued focus on operating with speed and agility has enabled us to respond quickly to changes in the marketplace and develop plans to maintain sales momentum, increase production and sustain our advantaged margin structure over the long term.”
Also this week, Hershey’s board of directors announced quarterly dividends of $0.901 on common stock and $0.819 on Class B common stock. The dividends are payable Dec. 15 to stockholders of record Nov. 19. This is the 368th consecutive regular common stock dividend and the 149th consecutive regular Class B common stock dividend.