Hershey (HSY) FY2020 results: revenue $8.1 billion, up 2.0% on the year
Hershey Co. (HSY) reported revenue of $8.1 billion for fiscal 2020, the year ended 31 December 2020, up 2.0% on the year before. Net income was $1.3 billion, up 11.2%, and diluted earnings per share $6.11. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2021.
Revenue
$8.1 billion
+2.0% on the year
FY2013FY2020
Operating margin
21.9%
20.0% a year earlier
FY2013FY2020
Net income
$1.3 billion
+11.2% on the year
FY2013FY2020
Diluted EPS
$6.11
+11.9% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
8,150
7,986
7,791
+2.0%
Cost of revenue
4,448
4,364
4,216
+1.9%
Gross profit
3,701
3,622
3,575
+2.2%
Gross margin
45.4%
45.4%
45.9%
Research and development
37.6
37.1
38.5
+1.2%
Selling, general and administrative
1,891
1,906
1,875
-0.8%
Operating income
1,783
1,596
1,624
+11.7%
Operating margin
21.9%
20.0%
20.8%
Interest expense
153
152
147
+0.9%
Pre-tax income
1,495
1,381
1,410
+8.3%
Income tax
220
234
239
-6.2%
Effective tax rate
14.7%
16.9%
17.0%
Net income
1,279
1,150
1,178
+11.2%
Net margin
15.7%
14.4%
15.1%
Diluted EPS
$6.11
$5.46
$5.58
+11.9%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,700
1,764
1,600
-3.6%
Capital expenditure
442
318
329
+38.8%
Free cash flow
1,258
1,446
1,271
-13.0%
Free cash flow margin
15.4%
18.1%
16.3%
Cash from investing
-531
-780
-1,503
Cash from financing
-499
-1,081
116
Depreciation and amortisation
295
292
295
+1.2%
Share-based compensation
57.6
51.9
49.3
+11.0%
Buybacks
211
527
248
-59.9%
Dividends paid
641
610
563
+5.0%
Diluted shares, weighted
209m
211m
211m
-0.6%
Shares outstanding at period end
208m
209m
210m
-0.3%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
2,234
1,739
1,399
+28.5%
Non-controlling interest
3.5
5.8
8.5
-38.8%
Debt
4,603
4,266
4,458
+7.9%
Operating lease liabilities
182
184
0.0
-1.2%
Finance lease liabilities
75.9
75.6
n/a
+0.4%
Other liabilities
2,034
1,869
1,838
+8.8%
Total liabilities and equity
9,132
8,140
7,703
+12.2%
Fixed assets
2,285
2,153
2,130
+6.1%
Goodwill
1,988
1,986
1,801
+0.1%
Intangible assets
1,295
1,341
1,278
-3.4%
Cash and equivalents
1,144
493
588
+131.9%
Receivables
615
569
594
+8.2%
Inventory
964
815
785
+18.3%
Other assets
840
783
526
+7.2%
Total assets
9,132
8,140
7,703
+12.2%
10-K for the year ended 31 December 2020, filed 17 February 2021: the filing.