Hershey Co. HSY topped expectations with its latest earnings and outlook Thursday morning, noting that unit pricing contributed to retail sales growth in its most recent period. The company notched fourth-quarter net income of $396.3 million, or $1.92 a share, up from $335.6 million, or $1.62 a share, in the year-earlier period. On an adjusted basis, Hershey earned $2.02 a share, up from $1.69 a share a year before, while analysts tracked by FactSet were modeling $1.77 a share. Revenue climbed to $2.65 billion from $2.33 billion a year prior, whereas the FactSet consensus was for $2.58 billion. The company capped off “one of its strongest years in history despite record inflation, continued supply chain disruptions and macroeconomic uncertainty for many consumers,” Chief Executive Michele Buck said in a release, as annual revenue increased 16% to $10.4 billion. For the full year, Hershey anticipates 6% to 8% in net-sales growth, along with a 9% to 11% increased in adjusted earnings per share. Analysts tracked by FactSet were modeling $11.04 billion in revenue, up 5.9% from 2022 levels, and $8.96 in adjusted EPS, up 5.2% from what Hershey reported for 2022.
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