Hershey Lowers Forecast as Price Hikes Impact Demand

The company's third-quarter earnings fall short of expectations, prompting a revised outlook amid high cocoa costs and shifting consumer preferences.

Hershey reported a 1.4% decline in quarterly sales to $2.987 billion, missing analyst expectations of $3.077 billion.
Net income for the third quarter decreased to $446.3 million, with diluted earnings per share dropping to $2.20 from $2.52 a year ago.
The company has revised its full-year earnings per share forecast to $9.00-$9.10, down from the previous estimate of $9.49-$9.59.
High cocoa prices and a challenging consumer environment have led to repeated price hikes, reducing demand for Hershey's products.
The North America Salty Snacks segment saw a significant 15.5% sales decline, contributing to the overall drop in volume and revenue.