Summary by Moomoo AI
On February 8, 2024, The Hershey Company reported its financial results for the fourth quarter and full year ended December 31, 2023. The announcement revealed a slight increase in consolidated net sales for the quarter, up 0.2% to $2,657.1 million, while organic, constant currency net sales saw a marginal decrease of 0.1%. The company's reported net income for the quarter fell by 11.5% to $349.0 million, or $1.70 per share-diluted. However, for the full year, net sales rose by 7.2% to $11,165.0 million, and reported net income increased by 13.8% to $1,861.8 million, or $9.06 per share-diluted. Hershey also provided its 2024 outlook, expecting net sales growth of 2% to 3% and reported earnings per share to be relatively flat due to higher cocoa and sugar costs and one-time expenses. The company announced a multi-year productivity initiative, 'Advancing Agility & Automation' (AAA), aimed at generating long-term savings and improving efficiency, with expected pre-tax costs of $200 million to $250 million through 2026 and annual savings of approximately $300 million at the program's conclusion.