Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Hershey Co., consolidated income statement (quarterly data)

US$ in thousands

3 months ended:	Jul 2, 2023	Apr 2, 2023	Dec 31, 2022	Oct 2, 2022	Jul 3, 2022	Apr 3, 2022	Dec 31, 2021	Oct 3, 2021	Jul 4, 2021	Apr 4, 2021	Dec 31, 2020	Sep 27, 2020	Jun 28, 2020	Mar 29, 2020	Dec 31, 2019	Sep 29, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jul 1, 2018	Apr 1, 2018
Net sales	2,490,280)	2,987,614)	2,652,338)	2,728,153)	2,372,582)	2,666,221)	2,326,128)	2,359,839)	1,989,422)	2,295,948)	2,185,244)	2,219,829)	1,707,329)	2,037,317)	2,068,125)	2,134,422)	1,767,217)	2,016,488)	1,987,902)	2,079,593)	1,751,615)	1,971,959)
Cost of sales	(1,358,181)	(1,605,292)	(1,507,532)	(1,619,653)	(1,372,583)	(1,420,741)	(1,313,261)	(1,298,504)	(1,063,977)	(1,246,997)	(1,223,173)	(1,139,805)	(914,777)	(1,170,695)	(1,156,213)	(1,191,104)	(892,473)	(1,123,984)	(1,043,550)	(1,216,100)	(958,195)	(997,899)
Gross profit	1,132,099)	1,382,322)	1,144,806)	1,108,500)	999,999)	1,245,480)	1,012,867)	1,061,335)	925,445)	1,048,951)	962,071)	1,080,024)	792,552)	866,622)	911,912)	943,318)	874,744)	892,504)	944,352)	863,493)	793,420)	974,060)
Selling, marketing and administrative expense	(571,804)	(581,587)	(616,445)	(551,880)	(543,468)	(524,216)	(552,918)	(486,139)	(467,629)	(494,665)	(537,978)	(468,614)	(408,949)	(475,384)	(517,200)	(481,363)	(453,793)	(453,573)	(486,036)	(453,921)	(449,548)	(485,324)
Long-lived asset impairment charges	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(1,600)	(7,543)	(107,744)	—)	(4,741)	—)	(28,912)	(1,649)	(27,168)	—)
Business realignment benefits (costs)	370)	(811)	(1,715)	—)	—)	(274)	(777)	(365)	(1,141)	(1,242)	(18,978)	—)	1,370)	(895)	(770)	(1,140)	(6,140)	(62)	(8,239)	(1,660)	(980)	(8,224)
Operating profit	560,665)	799,924)	526,646)	556,620)	456,531)	720,990)	459,172)	574,831)	456,675)	553,044)	405,115)	611,410)	383,373)	382,800)	286,198)	460,815)	410,070)	438,869)	421,165)	406,263)	315,724)	480,512)
Interest expense, net	(36,661)	(37,685)	(35,587)	(35,378)	(33,413)	(33,179)	(29,762)	(30,154)	(31,065)	(36,436)	(37,782)	(37,258)	(38,079)	(36,255)	(37,435)	(35,456)	(33,776)	(37,458)	(37,630)	(36,916)	(34,952)	(29,339)
Other income (expense), net	(84,484)	(2,983)	(127,937)	(48,157)	(19,658)	(10,407)	(86,469)	(23,004)	(7,194)	(2,414)	(103,933)	(11,644)	(11,217)	(11,533)	(34,442)	(17,999)	(13,125)	(5,477)	(39,565)	(12,493)	(20,766)	(1,942)
Income before income taxes	439,520)	759,256)	363,122)	473,085)	403,460)	677,404)	342,941)	521,673)	418,416)	514,194)	263,400)	562,508)	334,077)	335,012)	214,321)	407,360)	363,169)	395,934)	343,970)	356,854)	260,006)	449,231)
Provision for income taxes	(32,537)	(172,071)	33,174)	(73,598)	(87,904)	(143,926)	(3,150)	(76,746)	(117,186)	(117,323)	27,930)	(115,250)	(66,035)	(66,229)	(9,903)	(82,178)	(49,898)	(92,053)	(12,370)	(91,441)	(36,687)	(98,512)
Net income including noncontrolling interest	406,983)	587,185)	396,296)	399,487)	315,556)	533,478)	339,791)	444,927)	301,230)	396,871)	291,330)	447,258)	268,042)	268,783)	204,418)	325,182)	313,271)	303,881)	331,600)	265,413)	223,319)	350,719)
Net (gain) loss attributable to noncontrolling interest	—)	—)	—)	—)	—)	—)	(4,235)	—)	—)	(1,072)	57)	25)	859)	2,354)	2,769)	125)	(431)	477)	5,191)	(1,700)	3,536)	(516)
Net income attributable to The Hershey Company	406,983)	587,185)	396,296)	399,487)	315,556)	533,478)	335,556)	444,927)	301,230)	395,799)	291,387)	447,283)	268,901)	271,137)	207,187)	325,307)	312,840)	304,358)	336,791)	263,713)	226,855)	350,203)

Net Sales Trend: Net sales exhibited a general upward trend over the analyzed period, with fluctuations corresponding to seasonality and market factors. Initial values hovered around 2 billion US dollars, then dipped during mid-2020, likely reflecting external pressures, but rebounded strongly thereafter, reaching nearly 3 billion US dollars by early 2023 before a slight decline in the mid-2023 quarter.
Cost of Sales: The cost of sales followed a similar pattern to net sales, rising gradually over time but maintaining a somewhat volatile pattern with quarter-to-quarter variations. Costs peaked in late 2022 and early 2023, indicating increased production or input costs. The cost upswing somewhat mirrors the increasing sales, suggesting stable cost-to-sales relationships but potential cost pressures emerging in recent quarters.
Gross Profit Analysis: Gross profit fluctuated in alignment with sales and cost trends, with significant dips correlating to periods of lower sales or increased costs. Despite some volatility, gross profit demonstrated resilience, achieving higher absolute values towards the end of the timeline, particularly during 2022 and early 2023. This suggests effectiveness in managing costs relative to sales growth during most quarters.
Operating Expenses: Selling, marketing, and administrative expenses showed consistent expenditure levels with moderate increases over time. A peak in expenses was noted during late 2022 and early 2023 periods, which might reflect intensified marketing campaigns or general inflationary impacts. The trend shows a steady investment in operations but with occasional spikes that could affect operating margins.
Asset Impairment and Business Realignment: Long-lived asset impairment charges were sporadic, with notable spikes occurring in mid to late 2018 and around the end of 2019, indicating occasional write-downs impacting profitability during these quarters. Business realignment costs and benefits showed variability with some negative impacts primarily early in the analyzed timeline, followed by some positive realignment benefits in 2020 and beyond, reflecting strategic adjustments within the company.
Operating Profit: Operating profit demonstrated significant volatility, with notable troughs around late 2019 and mid-2022, possibly linked to impairment charges and expense spikes. Despite this, operating profit showed strong recoveries post-2020, culminating in peaks near the end of the dataset, reflecting improved operational efficiency or favorable market conditions.
Interest and Other Income/Expense: Interest expense remained relatively stable, showing a slight downward trend over time. Other income and expenses presented high variability with significant negative spikes, especially around late 2020 and 2022, which had a dampening effect on pre-tax income during these quarters. This volatility in other income/expense components indicates exposure to irregular financial items or external economic factors.
Income Before Taxes and Tax Provision: Income before income taxes largely tracked operating profit trends but was influenced by volatile other income/expense items. Provision for income taxes was inconsistent, with some quarters showing sizeable tax benefits, especially in late 2020 and parts of 2022, likely impacting net profitability favorably in those periods. The disparity between pre-tax income and tax provisions highlights possible tax strategy adjustments or discrete tax events.
Net Income and Attribution: Net income attributable to the company closely resembled the overall net income trend, which showed growth over time with fluctuations. Several quarters such as late 2020 and early 2023 displayed pronounced income peaks, reflecting favorable operational and tax impacts. The noncontrolling interest's gain or loss was minimal relative to the total income, indicating primary earnings derived from the company's core operations.
Summary Insight: The financial data illustrates a business with resilient revenue generation and gross profitability despite periodic cost and expense pressures. Asset impairments and realignment efforts indicate ongoing strategic evolution. Variability in operating profit and other income components suggests sensitivity to non-recurring events and external economic conditions. Overall, the company successfully managed to enhance net income over time, with improved profitability evident in the most recent periods analyzed.

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Hershey Co. (NYSE:HSY)

Income Statement Quarterly Data

Income Statement
Quarterly Data