Did The Hershey beat or miss consensus estimates last quarter?

What is the revenue and EPS growth rate for The Hershey year over year?

What is The Hershey's latest dividend and current dividend yield?

What is The Hershey's gross profit margin?

What were the key takeaways from The Hershey's earnings call?

What is the market's earnings forecast for The Hershey next quarter?

What factors drove the changes in The Hershey's revenue and profit?

What does The Hershey do and what are its main business segments?

- **2026 Outlook**: Balanced growth with 2-4% revenue target, cautious elasticity (-1%), and cocoa/tariff relief potential for EPS upside.
- **Halloween Strategy**: Slow start but strong CMG momentum; analyzing consumer data for future seasonal adjustments.
- **Innovation Success**: REESE'S Oreo drives 14% salty snacks growth; pipeline includes SkinnyPop and Dot's innovations.
- **Cocoa and Tariffs**: Cocoa costs 70% higher than 2023, moderate relief expected; $200M tariff impact with optimism on trade deals.
- **Consumer Resilience**: CMG category resilient despite broader challenges; minimal SNAP impact (2% of sales).

**【2026 Outlook and Elasticity】**
- CEO Kirk Tanner emphasizes balanced growth with category alignment and margin recovery, targeting 2-4% revenue growth and potential EPS upside beyond algorithm.
- CFO Steve Voskuil highlights cautious elasticity assumption of -1%, with Q3 pricing showing double-digit CMG growth and no immediate concerns over competitor pricing cadence.
- Cocoa costs remain 70% higher than 2023, but moderate relief expected in 2026; tariffs modeled at $200M incremental impact, with optimism on trade deals.

**【Halloween Performance and Strategy】**
- Halloween sales start slow due to Friday timing, but everyday CMG grows double digits in last 4 weeks.
- Management plans to analyze consumer insights for future seasonal adjustments, focusing on product mix and pricing points.

**【Innovation and Salty Snacks Growth】**
- REESE'S Oreo drives innovation success, with salty snacks up 14% Y/Y, led by SkinnyPop, Dot's Pretzels, and Pirate's Booty expansion.
- Salty snacks pipeline includes Dot's and SkinnyPop innovations, targeting permissible snacking and category growth.

**【Cocoa Costs and Tariffs】**
- Cocoa costs expected to moderate in 2026, with hedging strategy allowing downside participation; tariffs remain a headwind but trade deals offer hope.
- CFO notes 2026 cocoa inflation modeled but moderating, with cocoa-intensive international business lagging in profitability recovery.

**【International Business Challenges】**
- International segment faces cocoa intensity and elasticity challenges, but shares growing in Brazil and other markets.
- Management optimistic on long-term recovery as cocoa costs stabilize.

**【Consumer Sentiment and SNAP Impact】**
- Consumer resilience in CMG category despite broader sentiment challenges; SNAP impact minimal (2% of category sales), with minimal expected 2026 impact.

**【Tax Rate Adjustments】**
- 2025 tax rate affected by legacy reserves, cocoa procurement strategies, and reduced tax credit investments.
- 2026 tax guidance pending, with focus on ROI and quality thresholds for tax credits.

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