Analysis of Revenues
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Return on Equity (ROE) since 2005
- Aggregate Accruals
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Revenues as Reported
Hershey Co., income statement, revenues
US$ in thousands
| 12 months ended: | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| North America Confectionery | |||||||||||
| North America Salty Snacks | |||||||||||
| International | |||||||||||
| Net sales |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
- North America Confectionery
- From 2019 to 2022, this segment shows a consistent upward trend in revenue. Starting at approximately 6.8 billion USD in 2019, revenues increased each year, reaching about 8.5 billion USD in 2022. This reflects a steady compound growth indicating robust demand or successful market strategies in this category.
- North America Salty Snacks
- This segment exhibits significant growth over the observed period. Beginning with approximately 410 million USD in 2019, revenues increased moderately in 2020 to about 438 million USD, followed by a more pronounced rise to 555 million USD in 2021. The most notable surge occurred between 2021 and 2022, with revenues nearly doubling to over 1 billion USD. This suggests either substantial market expansion, product innovation, or successful acquisitions in this category.
- International
- The international segment experienced some fluctuations but overall an increasing trend. Revenue decreased from roughly 761 million USD in 2019 to 627 million USD in 2020, indicating a potential market challenge or external impact. However, a recovery ensued with revenues rising to approximately 733 million USD in 2021 and further to 853 million USD in 2022, surpassing the 2019 level and suggesting regained growth momentum.
- Net Sales
- Total net sales demonstrate a clear upward trajectory throughout the period. Starting at nearly 8 billion USD in 2019, sales increased modestly to about 8.15 billion USD in 2020, followed by a more substantial rise each subsequent year to approximately 9 billion USD in 2021 and over 10.4 billion USD in 2022. The accelerating growth pattern indicates a strengthening overall sales performance, likely driven by gains across different segments.
- Overall Observations
- The data highlights a positive growth trend across key business segments, with the North America Confectionery and Salty Snacks sectors contributing significantly to increased revenues. The particularly strong performance in the Salty Snacks segment from 2021 to 2022 merits attention as a key driver of growth. The international business, despite an initial dip, shows resilience and recovery. Aggregate net sales reflect these segmental improvements, culminating in steady and accelerating revenue expansion over the four-year period.