Hershey Results, Outlook Hurt by High Cocoa Prices and Soft Consumer Demand

Core Insights - Hershey's earnings and revenue were negatively impacted by historically high cocoa prices and soft consumer demand [1][2] - The company reported a decline in sales for two of its three business units [1] - Hershey has lowered its full-year sales and earnings forecast [1] Financial Performance - Hershey reported adjusted earnings per share (EPS) of $2.34 for the third quarter, with revenue decreasing by 1.4% to$ 2.99 billion, both figures falling short of forecasts [1] - The full-year sales outlook has been revised to "flat" from a previous expectation of a 2% gain, with adjusted EPS growth now projected to be "down mid-single-digits" percent compared to earlier expectations of "down slightly" [1] Segment Performance - Sales in the North American confectionery segment increased slightly by 0.8%, while the salty snacks unit experienced a significant decline of 15.5% [2] - International sales also saw a decrease of 3.9% [2] Stock Performance - Hershey's stock fell by 2.3% on Thursday and has declined approximately 7% year-to-date, reaching its lowest levels in three years [3]