Hershey (HSY) FY2018 results: revenue $7.8 billion, up 3.7% on the year
Hershey Co. (HSY) reported revenue of $7.8 billion for fiscal 2018, the year ended 31 December 2018, up 3.7% on the year before. Net income was $1.2 billion, up 50.4%, and diluted earnings per share $5.58. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2019.
Revenue
$7.8 billion
+3.7% on the year
FY2011FY2018
Operating margin
20.8%
17.5% a year earlier
FY2011FY2018
Net income
$1.2 billion
+50.4% on the year
FY2011FY2018
Diluted EPS
$5.58
+52.5% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
7,791
7,515
7,440
+3.7%
Cost of revenue
4,216
4,060
4,271
+3.8%
Gross profit
3,575
3,455
3,170
+3.5%
Gross margin
45.9%
46.0%
42.6%
Research and development
38.5
45.9
47.3
-16.0%
Selling, general and administrative
1,875
1,885
1,891
-0.6%
Operating income
1,624
1,313
1,255
+23.6%
Operating margin
20.8%
17.5%
16.9%
Interest expense
147
100
91.9
+46.8%
Pre-tax income
1,410
1,111
1,099
+27.0%
Income tax
239
354
379
-32.5%
Effective tax rate
17.0%
31.9%
34.5%
Net income
1,178
783
720
+50.4%
Net margin
15.1%
10.4%
9.7%
Diluted EPS
$5.58
$3.66
n/a
+52.5%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,600
1,250
1,013
+28.0%
Capital expenditure
329
258
269
+27.5%
Free cash flow
1,271
992
744
+28.2%
Free cash flow margin
16.3%
13.2%
10.0%
Cash from investing
-1,503
-329
-595
Cash from financing
116
-844
-464
Depreciation and amortisation
295
262
302
+12.7%
Share-based compensation
49.3
51.1
54.8
-3.5%
Buybacks
248
300
593
-17.6%
Dividends paid
563
526
499
+6.9%
Diluted shares, weighted
211m
214m
n/a
-1.3%
Shares outstanding at period end
210m
211m
212m
-0.5%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
1,399
915
786
+52.8%
Non-controlling interest
8.5
16.2
41.8
-47.3%
Debt
4,458
2,920
2,980
+52.6%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
1,838
1,702
1,716
+8.0%
Total liabilities and equity
7,703
5,554
5,524
+38.7%
Fixed assets
2,130
2,107
2,177
+1.1%
Goodwill
1,801
821
812
+119.4%
Intangible assets
1,278
369
493
+246.3%
Cash and equivalents
588
380
297
+54.7%
Receivables
594
588
581
+1.0%
Inventory
785
753
746
+4.3%
Other assets
526
536
418
-1.7%
Total assets
7,703
5,554
5,524
+38.7%
10-K for the year ended 31 December 2018, filed 22 February 2019: the filing.