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Hershey Lifts Bottom End of Full-Year Growth Outlook Following Second-Quarter Beat
US Markets

Hershey Lifts Bottom End of Full-Year Growth Outlook Following Second-Quarter Beat

Hershey (HSY) lifted the bottom end of its full-year growth guidance range after reporting better-than-expected second-quarter results amid "resilient" demand.The chocolate maker now expects 2026 adjusted earnings between $8.36 and $8.52 a share, representing annual growth of 32.5% to 35% and reflecting a higher bottom end versus its previous guidance of 30% growth. The current consensus on FactSet is for non-GAAP EPS of $8.43. Net sales are now pegged to rise by 4.5% to 5%, compared with the prior forecast's low end calling for a gain of 4%."US consumer sentiment remains soft, and shoppers continue to be value-oriented and selective in their spending," Chief Executive Kirk Tanner said in prepared remarks posted on the company's website. "We remain prudent in our outlook, recognizing that behaviors may change with seasonality."Hershey shares were down 2.1% in Thursday afternoon trade.For the three months through June 28, adjusted EPS jumped to $1.90 from $1.21 a year earlier, topping Wall Street's views for $1.43. Sales improved 6.6% to $2.79 billion, ahead of the Street's $2.63 billion estimate.Demand was "resilient" across the company's segments despite supply chain issues, while price realization and productivity initiatives drove margin recovery, Chief Financial Officer Steve Voskuil said.North America confectionery sales rose 4.2% to $2.17 billion, while the region's salty snacks revenue climbed 23% to $387.8 million, aided by the contribution of last year's acquisition of LesserEvil. International sales rose 5.7% to $225.9 million.RBC Capital Markets had flagged a potential second-quarter miss by Hershey, based on soft consumption data in North America. The brokerage expected the company to reiterate its full-year guidance, with weightage towards the low end, it said in a note to clients earlier this week.EPS growth in the ongoing quarter is "expected to be the strongest of the year," with pricing net of commodity costs projected to be "most favorable" versus a year earlier, Voskuil said Thursday.Earlier in the week, Mondelez International (MDLZ) reported better-than-expected second-quarter results, while the beverage and snack food company reiterated its full-year adjusted EPS guidance.Price: $179.65, Change: $-4.26, Percent Change: -2.32%

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Wire

Hershey Keeps Quarterly Dividend at $1.452 a Share, Payable Sept. 15 to Holders of Record Aug. 14

Hershey Keeps Quarterly Dividend at $1.452 a Share, Payable Sept. 15 to Holders of Record Aug. 14

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Sectors

Sector Update: Consumer Stocks Mixed Pre-Bell Thursday

Consumer stocks were mixed pre-bell Thursday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) 1.4% lower and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advancing by 1.1%.Altria Group (MO) stock was down more than 5% after the company reported Q2 adjusted earnings that missed analysts' expectations.Anheuser-Busch InBev (BUD) shares were down more than 2% even after the company posted higher Q2 underlying earnings and revenue.Hershey (HSY) stock was 0.4% lower even after the company reported higher Q2 adjusted earnings and revenue.

$BUD$HSY$MO$XLP$XLY
Wire

Hershey Likely to Miss Q2 Revenue Estimates on Soft Consumption Data, RBC Capital Markets Says

Hershey (HSY) is expected to report Q2 revenue below expectations due to soft North American confection consumption trends, RBC Capital Markets said in a note Tuesday.Scanner data for the June quarter indicate a 0.6% decline in consumption at the total company level, driven by a 2.9% decrease in confection, suggesting the company will likely miss consensus estimates this quarter, analysts wrote. The company is scheduled to report its Q2 financial results on Thursday.The investment firm said management will likely reiterate 2026 guidance, although the lower end of the range is "more appropriate" for now.Management has said it is confident in its 2027 setup and highlighted that it has no plans for price investment, believing that prices are in the right place, but will use price-pack architecture to ensure affordable entry points, according to the note.RBC Capital Markets reiterated its sector perform rating on the stock and price target of $212.Price: $182.60, Change: $+2.41, Percent Change: +1.34%

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Wire

Hershey Q2 Print Unlikely to Be Meaningful Catalyst, UBS Says

Hershey's (HSY) fiscal Q2 results are unlikely to be a meaningful catalyst in either direction as the company is expected to maintain its full-year outlook, UBS Securities said.The company is scheduled to report its fiscal Q2 results Thursday before the market opens.UBS said in a note Tuesday the chocolate maker has underperformed its XLP and packaged food peers by 6.7% and 10.2%, respectively, since reporting Q1 earnings, as volatile tracked data, rising cocoa costs and concerns on the broader competitive environment have weighed down investor sentiment.The investment firm forecasts the company will report Q2 EPS of $1.38, below the Visible Alpha consensus estimate of $1.43. It expects Hershey to reiterate its fiscal 2026 guidance, including net sales growth of 4% to 5% and EPS growth of 30% to 35%.Investors will be closely watching for updates on the company's second-half sales trajectory and greater clarity on fiscal 2027 EPS growth, according to the note.UBS maintained its neutral rating and price target of $190.Price: $171.63, Change: $+1.00, Percent Change: +0.58%

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Research

Evercore ISI Upgrades Hershey to Outperform From In Line, Price Target is $255

Hershey (HSY) has an average rating of hold and mean price target of $216.29, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

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Wire

Mizuho Securities Adjusts Hershey Price Target to $185 From $195, Maintains Neutral Rating

Hershey (HSY) has an average rating of Hold and mean price target of $216.76, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $194.23, Change: $+2.50, Percent Change: +1.30%

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Wire

DA Davidson Adjusts Hershey Price Target to $208 From $230

Hershey (HSY) has an average rating of Hold and mean price target of $218.62, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $183.22, Change: $-2.52, Percent Change: -1.36%

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Wire

Goldman Sachs Adjusts Hershey Price Target to $240 From $248

Hershey Company (HSY) has an average rating of Hold and mean price target of $218.62, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $183.22, Change: $-2.52, Percent Change: -1.36%

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Wire

UBS Adjusts Price Target on Hershey to $200 From $215, Maintains Neutral Rating

Hershey (HSY) has an average rating of hold and mean price target of $219.62, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $186.28, Change: $+0.53, Percent Change: +0.29%

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Research

TD Cowen Upgrades Hershey Company to Buy From Hold, Price Target is $210

Hershey Company (HSY) has an average rating of hold and mean price target of $219.62, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

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Research

Research Alert: Hershey Beats Q1 Estimates On Pricing Power, But Margins Contract

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:HSY reported Q1 results ahead of expectations. Adjusted EPS rose 12.4% to $2.35 from $2.09, demonstrating solid operational performance. Segment results were mixed. North America Confectionery delivered strong segment income growth of 13.8% to $792M and Salty Snacks sales surged 26% to $350M, while the International segment faced margin pressures. We believe HSY's reaffirmed 2026 outlook, which projects 4%-5% net sales growth, 2.5%-3.5% organic growth, and 30%-35% EPS growth despite ongoing cost inflation, supports the investment thesis and indicates management's confidence in navigating these pressures. However, the adjusted gross margin declined 80 bps to 40.4%, as commodity and tariff headwinds outpaced pricing gains and operational efficiencies. We expect HSY will continue facing near-term margin pressure from cocoa costs and tariffs, though supply chain productivity should provide some offset.

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US Markets

Stocks Mostly Up Pre-Bell as Traders Digest Big Tech Earnings, Await Key Inflation Report

US equity markets were mostly pointing higher before the opening bell Thursday as investors digest the latest financial results from some of the biggest technology companies and await a key inflation report.The S&P 500 rose 0.1% and the Nasdaq added 0.2% in premarket activity, while the Dow Jones Industrial Average declined 0.2%. The indexes finished the previous trading session mixed.Shares of Meta Platforms (META) fell 8.8% pre-bell after the Facebook parent lifted its full-year capital expenditure guidance mainly due to higher component pricing, even though it reported stronger-than-expected first-quarter results. Microsoft (MSFT) decreased 1.8% as the tech giant said its capital expenditures will be about $190 billion in 2026, while its fiscal third-quarter results topped market estimates."It's crystal clear to us that the (artificial intelligence) revolution is accelerating at a warp speed pace with 2026 being an inflection point year for AI with hyperscalers now investing over $700 billion in (capital expenditures) in (2026) to capitalize on the opportunities in the space," Wedbush Securities said in a Thursday client note.Alphabet's (GOOG, GOOGL) class A and C shares climbed more than 6% each amid upbeat first-quarter results. Amazon (AMZN) inclined 2.5% as the e-commerce giant issued a strong second-quarter revenue outlook.iPhone maker Apple (AAPL) is scheduled to release its quarterly earnings after the markets close. Eli Lilly (LLY), Mastercard (MA), Caterpillar (CAT), Merck (MRK), Royal Caribbean Cruises (RCL) and Hershey (HSY) are slated to announce their results before the bell, among others.The personal income and outlays report for March is due to be released at 8:30 am ET. The report includes the personal consumption expenditure core price index, the Federal Reserve's preferred inflation metric.The central bank's Federal Open Market Committee left its benchmark interest rate unchanged on Wednesday as policymakers saw the Middle East conflict fueling uncertainty around the US economic outlook. In a post-meeting press conference, Jerome Powell said he will stay on as a Fed governor for an indefinite period after his term as Fed chief expires on May 15.The US Senate Banking Committee on Wednesday voted to advance Kevin Warsh's nomination as Fed chair to the Republican-controlled Senate.Treasury yields were down in premarket action, with the two-year rate retreating 3.2 basis points to 3.9% and the 10-year rate off 1.8 basis points to 4.4%.President Donald Trump is expected to receive a briefing on fresh potential military options against Iran on Thursday, Axios reported, citing two sources with knowledge. Trump recently told the news outlet that he will maintain the US naval blockade of Iranian ports until Tehran agrees to a nuclear deal.West Texas Intermediate crude oil slipped 0.2% to $106.62 a barrel before the open, while Brent decreased 1.6% to $116.20.Thursday's economic calendar also has the initial estimate report for the first-quarter gross domestic product at 8:30 am, along with the weekly jobless claims bulletin. The Chicago purchasing managers' index for April posts at 9:45 am.Gold rose 1.8% to $4,642 per troy ounce, while bitcoin moved 0.7% higher to $75,974.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMZN$CAT$GOOG$GOOGL$HSY$LLY$MA$META$MRK$MSFT$RCL
US Markets

Hershey's First-Quarter Results Likely to be Strong Amid 'Solid' Consumption Trends, RBC Says

Hershey (HSY) is expected to post strong first-quarter results amid "solid" consumption trends, while the chocolate maker will likely affirm its 2026 outlook, RBC Capital Markets said Tuesday.Scanner data indicate "solid" consumption at the total company level in the quarter, driven by strong gains in confection and salty snacks, the brokerage said in a note to clients. Hershey is scheduled to report first-quarter results Thursday."With an earlier Easter, confection data for the final week of March is up strong (over high-teen percentage)," Nik Modi, RBC's co-head of global consumer and retail research, said. "This level of growth would suggest that (Hershey) will be able to clear topline growth expectations."RBC expects first-quarter earnings of $2.08 a share on revenue of $3.03 billion. Wall Street is looking for $2.05 and $3.03 billion, respectively, according to the note. Although the three-month period was guided to be "the strongest quarter on the topline," margins are expected to be pressured by high cost of inventory, Modi said.The brokerage expects Hershey to reaffirm its full-year outlook given that the company is just one quarter through its fiscal year and maintained the outlook just recently. "That said, we see a more neutral risk to reward given the high bar that (Hershey) set for itself this year," Modi wrote.Late last month, company said it continued to expect full-year adjusted EPS to grow 30% to 35% and net sales to rise 4% to 5%.The management's tone was positive at its investor day, with its long-term outlook suggesting the company has EPS visibility through 2027, RBC said. "With that said, the proof is now in the pudding on whether (Hershey's) strategy can revert ongoing volume declines and market share losses."The brokerage has a sector perform rating on Hershey's stock with a $212 price target.Price: $187.29, Change: $+0.80, Percent Change: +0.43%

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Wire

Hershey's Q1 Saw 'Solid' Consumption Trends, RBC Says

Hershey (HSY) saw "solid" consumption in Q1 but concerns remain over its strategy in reversing ongoing volume declines and market share losses, RBC Capital Markets said in a Tuesday note.Scanner data suggested a 9.2% growth in Q1 consumption for Hershey, pointing to a revenue beat, according to RBC. The firm noted that Hershey expects the strongest quarterly revenue in Q1, while high inventory costs are anticipated to weigh on margins.Guidance for 2026 earnings per share is likely to be maintained, while Hershey's long-term guidance indicate EPS visibility through 2027, RBC added. It remains to be seen if Hershey's "strategy can revert ongoing volume declines and market share losses,' it added.The company's stock has been "resilient" so far this year, helped by easing cocoa costs and its strong guidance.Hershey is set to release its Q1 results on Thursday.RBC has a sector perform rating and $212 price target on Hershey.Price: $188.28, Change: $+1.79, Percent Change: +0.96%

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Insider Trading

Hershey Insider Sold Shares Worth $291,150, According to a Recent SEC Filing

Steven E Voskuil, Senior Vice President, Chief Financial Officer, on April 20, 2026, sold 1,500 shares in Hershey (HSY) for $291,150. Following the Form 4 filing with the SEC, Voskuil has control over a total of 57,695 common shares of the company, with 57,695 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/47111/000004711126000175/xslF345X05/form4.xml

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Research

BTIG Initiates Hershey at Neutral

Hershey (HSY) has an average rating of hold and mean price target of $229.57, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$HSY

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