The company said net sales for 2023 were $11,165.0 million, up $745.7 million (7.2%) from $10,419.3 million in 2022. Price realization of 8.3% and foreign exchange of 0.2% added to sales, while volume fell 1.3%.

1. 01

   The company said net sales for 2023 were $11,165.0 million, up $745.7 million (7.2%) from $10,419.3 million in 2022. Price realization of 8.3% and foreign exchange of 0.2% added to sales, while volume fell 1.3%.

2. 02

   Hershey said gross margin for 2023 was 44.8%, up 160 basis points from 43.2% in 2022, and operating profit was $2,560.9 million, up 13.3%. The company cited price realization and higher supply chain productivity as the drivers of the gross margin increase.

3. 03

   Net income for 2023 was $1,861.8 million, up 13.2% from $1,644.8 million in 2022, and diluted EPS was $9.06, the company said. It also said lower weighted-average shares outstanding from share repurchases reflected in diluted EPS for 2023.

4. 04

   The company said it generated $2.32 billion in operating cash flow in 2023, down $4.6 million from $2.33 billion in 2022. It said working capital used $209.0 million of cash.

Key figures

Fiscal year ended December 31, 2023

Revenue

$11.2B

Operating income

$2.6B

Net income

$1.9B

Gross profit

$5.0B

Operating cash flow

$2.3B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.