Hershey (HSY) FY2019 results: revenue $8.0 billion, up 2.5% on the year
Hershey Co. (HSY) reported revenue of $8.0 billion for fiscal 2019, the year ended 31 December 2019, up 2.5% on the year before. Net income was $1.1 billion, down 2.4%, and diluted earnings per share $5.46. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2020.
Revenue
$8.0 billion
+2.5% on the year
FY2012FY2019
Operating margin
20.0%
20.8% a year earlier
FY2012FY2019
Net income
$1.1 billion
-2.4% on the year
FY2012FY2019
Diluted EPS
$5.46
-2.2% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
7,986
7,791
7,515
+2.5%
Cost of revenue
4,364
4,216
4,060
+3.5%
Gross profit
3,622
3,575
3,455
+1.3%
Gross margin
45.4%
45.9%
46.0%
Research and development
37.1
38.5
45.9
-3.6%
Selling, general and administrative
1,906
1,875
1,885
+1.7%
Operating income
1,596
1,624
1,313
-1.7%
Operating margin
20.0%
20.8%
17.5%
Interest expense
152
147
100
+3.6%
Pre-tax income
1,381
1,410
1,111
-2.1%
Income tax
234
239
354
-2.1%
Effective tax rate
16.9%
17.0%
31.9%
Net income
1,150
1,178
783
-2.4%
Net margin
14.4%
15.1%
10.4%
Diluted EPS
$5.46
$5.58
$3.66
-2.2%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,764
1,600
1,250
+10.2%
Capital expenditure
318
329
258
-3.2%
Free cash flow
1,446
1,271
992
+13.7%
Free cash flow margin
18.1%
16.3%
13.2%
Cash from investing
-780
-1,503
-329
Cash from financing
-1,081
116
-844
Depreciation and amortisation
292
295
262
-1.2%
Share-based compensation
51.9
49.3
51.1
+5.3%
Buybacks
527
248
300
+113.0%
Dividends paid
610
563
526
+8.5%
Diluted shares, weighted
211m
211m
214m
-0.1%
Shares outstanding at period end
209m
210m
211m
-0.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,739
1,399
915
+24.3%
Non-controlling interest
5.8
8.5
16.2
-32.5%
Debt
4,266
4,458
2,920
-4.3%
Operating lease liabilities
184
0.0
n/a
Finance lease liabilities
75.6
n/a
n/a
Other liabilities
1,869
1,838
1,702
+1.7%
Total liabilities and equity
8,140
7,703
5,554
+5.7%
Fixed assets
2,153
2,130
2,107
+1.1%
Goodwill
1,986
1,801
821
+10.3%
Intangible assets
1,341
1,278
369
+4.9%
Cash and equivalents
493
588
380
-16.1%
Receivables
569
594
588
-4.3%
Inventory
815
785
753
+3.9%
Other assets
783
526
536
+48.8%
Total assets
8,140
7,703
5,554
+5.7%
10-K for the year ended 31 December 2019, filed 20 February 2020: the filing.