HERSHEY, Pa. -- (Business Wire)
In a presentation today at the 2013 Consumer Analyst Group of New York
(CAGNY) conference, John P. Bilbrey, President and Chief Executive
Officer, The Hershey Company (NYSE: HSY); Humberto P. Alfonso, Executive
Vice President, CFO and Chief Administrative Officer; and Michele G.
Buck, Senior Vice President and Chief Growth Officer; reviewed the
progress the company has achieved in its consumer-driven global approach
to core brand investment in both the U.S. and key international markets.
The company outlined initiatives underway in its focused international
markets where it is making solid progress on expanding its five core
global brands – Hershey’s, Reese’s, Hershey’s Kisses, Jolly Rancher and
Ice Breakers. “We continue to build and execute our consumer-centric
business model and are creating a virtuous cycle that is delivering
predictable, profitable and sustainable results,” said Bilbrey. “We
believe the strategies in place support our long-term targets of organic
net sales growth of 5 to 7 percent and adjusted earnings per
share-diluted growth of 8 to 10 percent,” Bilbrey concluded.
During the presentation Bilbrey reaffirmed the company's full-year 2013
financial expectations for net sales, gross margin and earnings per
share-diluted growth provided in its January 31, 2013, earnings release.
The Hershey Company CAGNY presentation was accompanied by slides that
can be accessed at the corporate website (http://www.thehersheycompany.com).
Please go to the Investor Relations section of the website for further
information.
Note:
In 2013, the company expects to record total GAAP charges of about $10
million to $15 million, or $0.03 to $0.05 per share-diluted,
attributable to Project Next Century and $13.2 million, or $0.04 per
share-diluted, of non-service related pension expenses (NSRPE). Below is
a reconciliation of earnings per share-diluted in accordance with GAAP
to non-GAAP adjusted earnings per share-diluted:
|
|
|
|
|
| | 2013 |
| | | | | | (Projected) |
Reported EPS-Diluted
| | | | | |
$
|
3.47 - $3.56
|
Total Business Realignment
| | | | | | |
and Impairment Charges
| | | | | | |
0.03 – 0.05
|
Non-Service Related Pension Expense
| | | | | | | 0.04 |
Adjusted EPS-Diluted
| | | | | |
$
|
3.56 - $3.63
|
Possible adjustments to exclude business realignment and impairment
charges over the long term are not known at this time; therefore, the
company is unable to provide a reconciliation of earnings per
share-diluted in accordance with GAAP to adjusted earnings per
share-diluted.
Safe Harbor Statement
This release contains statements that are forward-looking. These
statements are made based upon current expectations that are subject to
risk and uncertainty. Because actual results may differ materially from
those contained in the forward-looking statements, you should not place
undue reliance on the forward-looking statements when deciding whether
to buy, sell or hold the company's securities. Factors that could cause
results to differ materially include, but are not limited to: issues or
concerns related to the quality and safety of our products, ingredients
or packaging; changes in raw material and other costs; selling price
increases, including volume declines associated with pricing elasticity;
market demand for our new and existing products; increased marketplace
competition; disruption to our supply chain; failure to successfully
identify, execute and integrate acquisitions, divestitures and joint
ventures; changes in governmental laws and regulations, including taxes;
political, economic, and/or financial market conditions; risks and
uncertainties related to our international operations and related growth
targets; disruptions, failures or security breaches of our information
technology infrastructure; the impact of future developments related to
the investigation by government regulators of alleged pricing practices
by members of the confectionery industry, including risks from current
or subsequent litigation or further government action; pension cost
factors, such as actuarial assumptions, market performance and employee
retirement decisions and funding requirements; our ability to achieve
ongoing annual savings from supply chain realignment initiatives; and
such other matters as discussed in our Annual Report on Form 10-K for
2011. All information in this press release is as of February 20, 2013.
The company undertakes no duty to update any forward-looking statement
to conform the statement to actual results or changes in the company's
expectations.
Contacts:
The Hershey Company
FINANCIAL CONTACT:
Mark
Pogharian, 717-534-7556
or
MEDIA CONTACT:
Jeff
Beckman, 717-534-8090
jbeckman@hersheys.com
Source: The Hershey Company
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