Hershey Posts Modest Sales Bump, Extracts Costs to Bolster Brand Spend; Shares a Bit Undervalued
Hershey reported mixed first-quarter results that included a modest sales increase (up 2% on an organic basis) and expanding margins (adjusted gross margins increased 70 basis points to 47.5% and adjusted operating margins edged up 170 basis points to 23.2%). And while slowing global growth and intense competition persist, we maintain that Hershey’s wide moat, which stems from leading brands (maintaining more than 31% of U.S. confectionery, including 46% of U.S. chocolate) and entrenched retail ...Hershey is engaged in the production of chocolate and non-chocolate confectionery. The company's segments are: North America, which is responsible for the company's chocolate and non-chocolate confectionery market position, and its grocery and snacks market positions, in the United States and Canada; and International and Other, in which the company has operations and manufactures product in China, Mexico, Brazil, India and Malaysia, and also distributes and sells confectionery products in export markets of Asia, Latin America, Middle East, Europe, Africa and other regions. The company's product offerings include chocolate and non-chocolate confectionery products, gum and mint refreshment products, snack and pantry items.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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