Hershey (NYSE:HSY) earnings for first quarter of 2020 have HSY stock falling on Thursday. This comes after reporting adjusted earnings per share (EPS) of $1.63, which is below Wall Street’s estimate of $1.71. The chocolate company’s revenue of $2.04 billion also misses analysts’ estimates of $2.08 billion.
Here’s what else is worth noting from the most recent Hershey earnings report.
- Adjusted per-share earnings are up 2.52% compared to $1.59 during the same time last year.
- Revenue comes in 1% higher than the $2.02 billion reported in the first quarter of 2019.
- Operating income of $382.8 million is a 12.78% drop year-over-year from $438.87 million.
- The Hershey earnings report also includes a net income of $271.14 million.
- That’s a 10.91% decrease from its net income of $304.36 million in the same period of the year prior.
Michele Buck, president and CEO of Hershey, said this about the earnings:
“We had a solid start to the year with our business performing as expected prior to the impact of COVID-19. Our best wishes go out to those being affected by this pandemic, and our heartfelt thanks to those working tirelessly to help us persevere through it.”
The Hershey earnings report has it withdrawing its previous 2020 guidance. It cites the novel coronavirus pandemic and the disruption it’s causing to the economy as the reason behind this decision.
HSY stock was down 3.92% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.