AI English summary of an SEC filing — figures as filed
The Hershey Company HSYHershey said net sales for Q2 2024 were $2,074.5 million, down 16.7% from $2,490.3 million a year earlier, and that volume fell about 18%. The company attributed the volume decline to the timing of ERP system implementation, which it said it anticipated, and to shipments accelerated into Q1.
Key points
AI summaryHershey said net sales for Q2 2024 were $2,074.5 million, down 16.7% from $2,490.3 million a year earlier, and that volume fell about 18%. The company attributed the volume decline to the timing of ERP system implementation, which it said it anticipated, and to shipments accelerated into Q1.
The company said gross margin for Q2 was 40.2%, down 530 basis points from 45.5% a year earlier, and that operating profit fell 48.7% to $287.9 million. It cited mark-to-market activity on commodity derivatives, commodity costs, business realignment costs and product mix as factors behind the lower gross margin.
Hershey said net income for Q2 was $180.9 million, down 55.6% from $406.9 million a year earlier, and that diluted earnings per share fell to $0.89 from $1.98. The effective tax rate for Q2 was 26.4%, compared with 7.4% a year earlier.
The company said operating cash flow for the first six months of 2024 was $894.7 million, down $155.1 million from $1,049.8 million a year earlier. As of June 30, 2024, it had cash and cash equivalents of $467.1 million and total short-term and long-term debt of $5.4 billion.
Key figures
Quarter ended June 30, 2024
- Revenue
- $2.1B
- Operating income
- $288M
- Net income
- $181M
- Gross profit
- $834M
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis 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.
Hershey Q2 net sales fall to $2,074.5 million, volume down about 18%
Hershey said net sales for Q2 2024 were $2,074.5 million, down 16.7% from $2,490.3 million a year earlier, and that volume fell about 18%. The company attributed the volume decline to the timing of ERP system implementation, which it said it anticipated, and to shipments accelerated into Q1.
Source · Based on the MD&A text of the filing
Hershey Q2 gross margin 40.2%, operating profit $287.9 million
The company said gross margin for Q2 was 40.2%, down 530 basis points from 45.5% a year earlier, and that operating profit fell 48.7% to $287.9 million. It cited mark-to-market activity on commodity derivatives, commodity costs, business realignment costs and product mix as factors behind the lower gross margin.
Source · Based on the MD&A text of the filing
Hershey Q2 net income $180.9 million, diluted EPS $0.89
Hershey said net income for Q2 was $180.9 million, down 55.6% from $406.9 million a year earlier, and that diluted earnings per share fell to $0.89 from $1.98. The effective tax rate for Q2 was 26.4%, compared with 7.4% a year earlier.
Source · Based on the MD&A text of the filing
Hershey first-half operating cash flow $894.7 million
The company said operating cash flow for the first six months of 2024 was $894.7 million, down $155.1 million from $1,049.8 million a year earlier. As of June 30, 2024, it had cash and cash equivalents of $467.1 million and total short-term and long-term debt of $5.4 billion.
Source · Based on the MD&A text of the filing
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.
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