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TheStreet Open House

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

Stocks in this article: HSY

Live Webcast

As previously announced, the Company will hold a conference call with analysts today at 8:30 a.m. Eastern Time. The conference call will be webcast live via Hershey’s corporate website, www.thehersheycompany.com. Please go to the Investor Relations section of the website for further details.

 
The Hershey Company
Summary of Consolidated Statements of Income
for the periods ended December 31, 2013 and December 31, 2012
(in thousands except per share amounts)
             
Fourth Quarter Twelve Months
2013 2012 2013 2012
 
Net Sales $ 1,956,253   $ 1,751,035   $ 7,146,079   $ 6,644,252  
 

Costs and Expenses:

Cost of Sales 1,098,867 995,827 3,865,231 3,784,370
Selling, Marketing and Administrative 543,783 485,857 1,922,508 1,703,796

Business Realignment and Impairment Charges, net

5,298   16,734   18,665   44,938  
 
Total Costs and Expenses 1,647,948   1,498,418   5,806,404   5,533,104  
 
Income Before Interest and Income Taxes (EBIT) 308,305 252,617 1,339,675 1,111,148
Interest Expense, net 21,870   22,666   88,356   95,569  
 
Income Before Income Taxes 286,435 229,951 1,251,319 1,015,579
Provision for Income Taxes 100,360   80,072   430,849   354,648  
 
Net Income $ 186,075   $ 149,879   $ 820,470   $ 660,931  
 
Net Income Per Share - Basic - Common $ 0.85   $ 0.69   $ 3.76   $ 3.01  
- Basic - Class B $ 0.77   $ 0.62   $ 3.39   $ 2.73  
- Diluted - Common $ 0.82   $ 0.66   $ 3.61   $ 2.89  
 
Shares Outstanding - Basic - Common 163,739   163,349   163,549   164,406  

- Basic

- Class B 60,623   60,630   60,627   60,630  

- Diluted

- Common 227,357   227,264   227,203   228,337  
 
Key Margins:
Gross Margin 43.8 % 43.1 % 45.9 % 43.0 %
EBIT Margin 15.8 % 14.4 % 18.7 % 16.7 %
Net Margin 9.5 % 8.6 % 11.5 % 9.9 %
 
 
The Hershey Company
Consolidated Balance Sheets
as of December 31, 2013 and December 31, 2012
(in thousands of dollars)
     

Assets

2013   2012
 
Cash and Cash Equivalents $ 1,118,508 $ 728,272
Accounts Receivable - Trade (Net) 477,912 461,383
Deferred Income Taxes 52,511 122,224
Inventories 659,541 633,262
Prepaid Expenses and Other 178,862   168,344
 
Total Current Assets 2,487,334 2,113,485
 
Net Plant and Property 1,805,345 1,674,071
Goodwill 576,561 588,003
Other Intangibles 195,244 214,713
Deferred Income Taxes 12,448
Other Assets 293,004   152,119
 
Total Assets $ 5,357,488   $ 4,754,839
 

Liabilities and Stockholders' Equity

 
Loans Payable $ 166,875 $ 375,898
Accounts Payable 461,514 441,977
Accrued Liabilities 699,722 650,906
Taxes Payable 79,911   2,329
 
Total Current Liabilities 1,408,022 1,471,110
 
Long-Term Debt 1,795,142 1,530,967
Other Long-Term Liabilities 434,068 668,732
Deferred Income Taxes 104,204   35,657
 
Total Liabilities 3,741,436 3,706,466
 
Total Stockholders' Equity 1,616,052   1,048,373
 
Total Liabilities and Stockholders' Equity $ 5,357,488   $ 4,754,839
 




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