Hershey: second quarter sales and earnings up

Reported net income for the second quarter of 2016 was USD 146.0 m or USD 0.68 per share-diluted, compared with a net loss of USD 99.9 m or USD 0.47 per share-diluted for the comparable period of 2015. "Second-quarter operating results were better than our estimates as North America and International sales sequentially improved, as expected, versus last quarter," said John P. Bilbrey, Chairman, President and Chief Executive Officer, The Hershey Company.

For the first six months of 2016, consolidated net sales were USD 3.467 bn compared with USD 3.517 bn for the same period of 2015, a decrease of 1.4%. Reported net income for the first six months of 2016 was USD 375.8 m or USD 1.74 per share-diluted, compared with a USD 144.8 m or USD 0.65 per share-diluted for the comparable period of 2015. For the first six months of 2016 and 2015, these results, prepared in accordance with GAAP, included items impacting comparability of USD 60.7 m and USD 281.6 m, or USD 0.21 and USD 1.22 per share-diluted, respectively.

Adjusted net income, which excludes these items, was USD 421.5 m, or USD 1.95 per share-diluted, for the first six months of 2016, compared with USD 415.4 m, or USD 1.87 per share-diluted, for the same period of 2015, an increase of 4.3% in adjusted earnings per share-diluted.