Despite a Sluggish End to 2018, We Posit Hershey Is Prudently Working to Shore Up Its Edge
From our vantage point, the market is once again honing in on Hershey’s weak headline fourth-quarter numbers (0.1% organic sales growth and 20 basis points of degradation in adjusted gross margins to 42.5%), but we think there is more to the story. For one, across its operations, the company has been intentionally rationalizing its fare to ensure it's allocating shelf space and ad dollars to the highest-return opportunities (which management cited as a 100-basis-point drag on fiscal 2018 organic...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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