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In a presentation today at the 2013 Consumer Analyst Group of Europe (CAGE) conference, John P. Bilbrey, President and Chief Executive Officer, The Hershey Company (NYSE: HSY) and Humberto P. Alfonso, Executive Vice President, CFO and Chief Administrative Officer, reviewed the progress the company has achieved in its consumer-driven global approach to core brand investment in both the U.S. and key international markets.
During the presentation, Bilbrey and Alfonso reaffirmed the company's full-year 2013 financial expectations for net sales, gross margin and earnings per share-diluted growth provided in its January 31, 2013, earning release as well as its long-term target for net sales and adjusted earnings per share-diluted. The Hershey Company CAGE presentation was accompanied by slides that can be accessed at the corporate website (
http://www.thehersheycompany.com). Please go to the Investor Relations section of the website for further information.
In 2013, the company expects to record total GAAP charges of about $10 million to $15 million, or $0.03 to $0.05 per share-diluted, attributable to Project Next Century and $13.2 million, or $0.04 per share-diluted, of non-service related pension expense (NSRPE). Below is a reconciliation of earnings per share-diluted in accordance with GAAP to non-GAAP adjusted earnings per share-diluted:
$3.47 - $3.56
Total Business Realignment
and Impairment Charges
0.03 – 0.05
Non-Service Related Pension Expense
$3.56 - $3.63
Possible adjustments to exclude business realignment and impairment charges over the long term are not known at this time; therefore, the Company is unable to provide a reconciliation of earnings per share-diluted in accordance with GAAP to adjusted earnings per share-diluted.