Hershey Co. Q3 FY2023 results: revenue $3.0 billion, up 11.1% on the year

Hershey Co. (HSY) reported revenue of $3.0 billion for Q3 FY2023, the quarter ended 1 October 2023, up 11.1% on the same quarter a year earlier. Net income was $519 million, up 29.8% on the year. The figures are the company's own, from the 10-Q it filed with the SEC on 26 October 2023.

Revenue$3.0 billionup 11.1%

Net income$519 millionup 29.8%

Diluted EPSn/a

QuarterQ3 FY2023ended 1 October 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	3,030	n/a	n/a	n/a
Cost of revenue	1,670	n/a	n/a	n/a
Gross profit	1,360	n/a	n/a	n/a
Gross margin	44.9%	n/a	n/a
Selling, general and administrative	624	n/a	n/a	n/a
Operating income	736	n/a	n/a	n/a
Operating margin	24.3%	n/a	n/a
Interest expense	41.8	n/a	n/a	n/a
Pre-tax income	653	n/a	n/a	n/a
Income tax	135	n/a	n/a	n/a
Effective tax rate	20.6%	n/a	n/a
Net income	519	n/a	n/a	n/a
Net margin	17.1%	n/a	n/a

$ million except per share. Free 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 and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	516	n/a	n/a	n/a
Capital expenditure	218	n/a	n/a	n/a
Free cash flow	298	n/a	n/a	n/a
Free cash flow margin	9.8%	n/a	n/a
Depreciation and amortisation	103	n/a	n/a	n/a
Share-based compensation	20.5	n/a	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Dividends paid	238	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Total assets	11,936	n/a	n/a	n/a
Cash and equivalents	471	n/a	n/a	n/a
Receivables	1,128	n/a	n/a	n/a
Inventory	1,348	n/a	n/a	n/a
Goodwill	2,693	n/a	n/a	n/a
Long-term debt	4,094	n/a	n/a	n/a
Long-term debt including finance leases	4,086	n/a	n/a	n/a
Operating lease liabilities	284	n/a	n/a	n/a
Finance lease liabilities	68.0	n/a	n/a	n/a
Shareholders' equity	3,968	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	3,030	2,657	3,253	2,074	2,987	2,888	2,805	2,615	3,181	3,091	3,104	2,787
Cost of revenue	1,670	1,534	1,577	1,241	1,755	1,329	1,861	1,818	2,144	1,946	1,881	1,524
Gross profit	1,360	1,123	1,676	834	1,233	1,558	944	796	1,037	1,145	1,223	1,263
Gross margin	45%	42%	52%	40%	41%	54%	34%	30%	33%	37%	39%	45%
SG&A	624	659	618	541	592	623	559	603	601	698	576	621
Operating income	736	464	1,058	288	613	939	369	193	435	445	641	643
Operating margin	24%	17%	33%	14%	21%	33%	13%	7%	14%	14%	21%	23%
Interest expense	41.8	40.1	41.6	44.3	46.6	41.8	50.6	57.3	59.2	57.7	54.8	55.8
Pre-tax income	653	320	986	246	519	723	324	149	372	370	593	588
Tax rate	21%	-9%	19%	26%	14%	-10%	31%	58%	26%	13%	27%	22%
Net income	519	349	797	181	446	797	224	62.7	276	320	435	458
Net margin	17%	13%	25%	9%	15%	28%	8%	2%	9%	10%	14%	16%
Operating cash flow	516	758	569	326	695	942	397	112	842	927	469	419
Capital expenditure	218	223	213	130	128	135	146	85.1	85.9	138	115	89.8
Free cash flow	298	535	356	195	567	807	251	27.1	756	788	354	329
Buybacks	0.0	25.0	494	0.0	0.0	0.0	0.0	0.0	0.0	0.0	69.3	370
Dividends paid	238	238	273	271	270	270	272	271	271	271	288	286
Shares outstanding	n/a	204m	n/a	n/a	n/a	202m	n/a	n/a	n/a	203m	n/a	n/a
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 1 October 2023, filed 26 October 2023, accession 0000047111-23-000065: the filing on EDGAR. All of Hershey Co.'s filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install