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Hershey Announces Fourth Quarter And Full-Year 2013 Results; Reaffirms Outlook For 2014

The Hershey Company (NYSE: HSY):
  • Fourth quarter and full-year 2013 net sales increase 11.7% and 7.6%, respectively
  • Fourth quarter earnings per share-diluted of $0.82 as reported and $0.86 adjusted
  • Full-year 2013 earnings per share-diluted of $3.61 as reported and $3.72 adjusted
  • Outlook for 2014 net sales and earnings per share-diluted reaffirmed:
    • Full-year net sales expected to increase 5-7%, driven primarily by volume
    • Reported earnings per share-diluted expected to be $4.02 to $4.11
    • Adjusted earnings per share-diluted expected to increase 9-11% and be in the $4.05 to $4.13 range

The Hershey Company (NYSE: HSY) today announced sales and earnings for the fourth quarter and full-year ended December 31, 2013. For the fourth quarter of 2013, consolidated net sales were $1,956,253,000 compared with $1,751,035,000 for the fourth quarter of 2012. Reported net income for the fourth quarter of 2013 was $186,075,000 or $0.82 per share-diluted, compared with $149,879,000 or $0.66 per share-diluted for the comparable period of 2012.

“The Hershey Company ended 2013 strongly with high-quality net sales and adjusted earnings per share-diluted growth slightly exceeding our expectations,” said John P. Bilbrey, President and Chief Executive Officer, The Hershey Company. “Net sales increased 11.7 percent in the fourth quarter, driven by solid volume growth in North America and in international markets. Our results are also reflected in our marketplace data. Specifically, in the U.S., we gained candy, mint and gum (CMG) market share in every measured channel for the third consecutive year. As a result, Hershey reclaimed its CMG category leadership position in the U.S. with a 31.1 percent share of the market. Additionally, our China business reached a milestone 10.2 percent share of the chocolate market and, in Canada, our combined candy and mint segments became the category leader in that marketplace. The progress we’ve made across our business gives us confidence that our strategies are working well and meeting consumer wants and needs. In 2014, our plans are focused on targeted growth initiatives in key global markets, new product launches in both the U.S. and international geographies and continued support of our core brands. I’m also pleased with the agreement we entered into last month with Shanghai Golden Monkey. This will build on Hershey’s continuing commitment to the China market and will further accelerate the Company’s scale and geographic footprint in that market. We continue to anticipate that the acquisition will close by the end of the second quarter.”

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