The Hershey Company reported that it increased its consolidated net sales by 5.7% in 2020, to $ 2,185.2 million.
Hershey is a world leader in confectionery that produces chocolate, candy, mints, gum and other snacks.
It is also the largest producer of quality chocolate in North America, a leading manufacturer of snacks in the United States, and a world leader in chocolate and non-chocolate confectionery.
Globally, Hershey markets, sells and distributes its products under more than 80 brands in approximately 85 countries.
“2020 was a year of unexpected challenges and difficulties, but also of opportunity, resilience, and compassion,” said Michele Buck, president and CEO of The Hershey Company.
The company‘s outlook for 2021 is provided in the context of higher-than-usual volatility associated with the Covid-19 pandemic.
By 2021, the company expects a return in line with its long-term growth algorithm of 2-4% net sales growth and 6-8% earnings per share growth.
In the North America segment, the company expects recent performance and momentum to continue into the first quarter of 2021 due to high and sustained sales of take-home and seasonal chocolate, as well as additional earnings from participation in the market.
Hershey projects second quarter and second half results to be moderate given the strong performance in 2020.
In the international segment and others, the company expects to stabilize sales trends in most markets; however, the pace and magnitude of the recovery remain uncertain.
Finally, Hershey sees capital investments of approximately $ 550 million in 2021, driven by key initiatives that include the company’s ongoing ERP (Enterprise Resource Planning) transformation and the company’s supply chain initiatives.