In a presentation today at the 2013 Consumer Analyst Group of Europe (CAGE)
conference, John P. Bilbrey, President and Chief Executive Officer, The
Hershey Company HSY and Humberto P. Alfonso, Executive Vice President,
CFO and Chief Administrative 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.
During the presentation, Bilbrey and Alfonso 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, earning release as
well as its long-term target for net sales and adjusted earnings per
share-diluted. The Hershey Company CAGE 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 expense (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 March 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.
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