Common-Size Income Statement
Quarterly Data
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Hershey Co. pages available for free this week:
- Income Statement
- Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Aggregate Accruals
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Hershey Co., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01).
- Cost of Sales and Gross Profit Trends
- The cost of sales as a percentage of net sales exhibits a fluctuating pattern with a general tendency to remain between approximately 50% and 60%. Notably, the cost percentage peaked around the third quarter of 2022 at nearly -59.37% and showed some improvement afterward. Correspondingly, gross profit margins, representing the complement of cost of sales, oscillated around mid-40% levels, with occasional dips to the low 40% range in late 2018, early 2020, and late 2022. The data indicates gross profit margins faced pressure in some quarters but held relatively steady, largely within the 40% to 49% range, suggesting moderate variability in production or purchase costs relative to net sales.
- Selling, Marketing and Administrative Expenses
- Selling, marketing, and administrative expenses remained relatively stable, fluctuating generally between approximately -19.5% and -25.7% of net sales. There is no strong directional trend, but periodic decreases toward the lower end of this range are observed in several recent quarters, such as around early 2022 and mid-2023, suggesting minor improvements in operational efficiency or cost control in selling and administrative functions.
- Long-lived Asset Impairment Charges
- Impairment charges were present sporadically, primarily between mid-2018 and early 2020, with notable peaks in certain quarters such as the fourth quarter of 2019 (-5.21%). These charges were mostly absent in the more recent quarters, indicating a possible cessation or management focus on reducing asset impairments during the latter part of the analysis period.
- Business Realignment Benefits and Costs
- Business realignment impacts were relatively minor and fluctuated around zero, showing occasional small costs or benefits not exceeding around 1% of net sales in magnitude. There is no clear consistent trend, implying these expenses are sporadic and relatively insignificant in the overall financial structure.
- Operating Profit Margins
- Operating profit margin as a percentage of net sales demonstrates notable volatility, ranging from a low of approximately 13.8% in the fourth quarter of 2019 to a peak of over 27.5% in the third quarter of 2020. This variation reflects the combined effects of fluctuating gross margins, operating expenses, and impairments. Despite volatility, operating profits have generally held above 18% in many quarters and showed improvement in several recent periods, indicating resilience and effective operational management.
- Interest Expense, Net
- Interest expense as a percentage of net sales remained relatively steady, consistently hovering near -1.3% to -2.2%. A slight declining trend is detectable in the later quarters, suggesting some reduction in borrowing costs or debt levels.
- Other Income (Expense), Net
- Other income (expense) displayed higher variability, occasionally producing substantial negative impacts on net sales percentage, such as in the fourth quarters of 2020 and 2022 (-4.76% and -4.82%, respectively). The presence of recurrent negative deviations suggests that irregular or one-time financial items substantially affected the income statement in these periods.
- Income Before Income Taxes
- Income before taxes mirrored patterns observed in operating profit but with additional impact from interest and other income/expense items, resulting in a wider range of outcomes. Values ranged from about 10.4% to roughly 25.4% of net sales, indicating some quarters of significantly lower pre-tax profitability which coincide with strong negative other income (expense) impacts.
- Provision for Income Taxes
- Tax provisions as a percentage of net sales vary considerably, with some quarters showing minimal to slightly positive figures and others displaying substantial negative values (which may reflect tax benefits or adjustments). This variability leads to a somewhat inconsistent effective tax rate, complicating straightforward interpretation of net income trends based purely on pre-tax income.
- Net Income Attributable to The Hershey Company
- Net income margins attributable to the company have demonstrated a generally positive trend with significant quarter-to-quarter variation. The lowest points are around 10% (fourth quarter 2019) with peaks exceeding 20% (multiple quarters such as early 2022 and parts of 2021). Despite fluctuations, recent data from 2023 suggests a maintained strong net margin above 16%. The company's ability to maintain positive and robust net income margins reflects operational strength and effective management of expenses and tax costs despite some earnings volatility.