The Hershey Company (NYSE: HSY):
- Fourth-quarter and full-year 2011 net sales increase 5.7% and 7.2%, respectively
- Fourth-quarter earnings per share-diluted of $0.62 as reported and $0.70 adjusted
- Full-year 2011 earnings per share-diluted of $2.74 as reported and $2.82 adjusted
- Net sales and earnings per share-diluted for 2012 updated:
- Full year net sales expected to increase 5-7%
- Reported earnings per share-diluted expected to be $2.79 to $2.89
- Adjusted earnings per share-diluted expected to increase 9-11%
- Quarterly dividend declared on Common Stock and increased 10%
The Hershey Company (NYSE: HSY) today announced sales and earnings for the fourth quarter and year ended December 31, 2011. Consolidated net sales were $1,567,145,000 compared with $1,482,809,000 for the fourth quarter of 2010. Reported net income for the fourth quarter of 2011 was $142,133,000 or $0.62 per share-diluted, compared with $135,513,000 or $0.59 per share-diluted for the comparable period of 2010.
As described in the Note, for the fourth quarter of 2011, these results, prepared in accordance with U.S. generally accepted accounting principles (GAAP), included net pre-tax charges of $27.7 million or $0.08 per share-diluted. These charges were primarily related to the Project Next Century program announced in June 2010. As a result, reported gross margin and reported income before interest and income taxes (EBIT) margin of 40.3 percent and 14.6 percent, declined 150 basis points and 80 basis points versus last year, respectively. For the fourth quarter of 2010, GAAP results included net pre-tax charges of $7.9 million, or $0.02 per share-diluted, which were related to Project Next Century. As described in the Note, adjusted net income, which excludes these net charges, was $159,636,000 or $0.70 per share-diluted in the fourth quarter of 2011, compared with $140,375,000 or $0.61 per share-diluted in the fourth quarter of 2010, an increase of 14.8 percent in adjusted earnings per share-diluted.
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