The chocolate maker raised its annual outlook after reporting $2.79 billion in Q2 sales and $1.90 adjusted EPS, beating expectations.
Hershey posted second-quarter net sales of $2.79 billion, up 6.6% year-over-year, exceeding analysts’ estimates of $2.63 billion. Adjusted earnings reached $1.90 per share, well above the $1.42 forecast, driven by a 12% price increase that offset an 8% volume decline.
The company’s North America Confectionery segment grew 4.2%, while Salty Snacks sales surged 22.9%. Hershey now expects full-year net sales growth of 4.5% to 5.0% and adjusted EPS of $8.36 to $8.52, raising the upper end of its guidance ranges.
CEO Kirk Tanner noted soft U.S. consumer sentiment but highlighted new product launches and seasonal campaigns as growth drivers for the second half of the year.