NEW YORK – Hershey Co (NYSE:) reported third-quarter earnings that fell short of analyst expectations on Thursday, sending shares down 4% in early trading.
The chocolate and snack maker posted adjusted earnings per share of $2.34, missing the consensus estimate of $2.56. Revenue declined 1.4% YoY to $2.99 billion, also below analysts’ projections of $3.08 billion.
Hershey cited historically high cocoa prices and a challenging consumer environment for the weaker-than-expected results. Organic, constant currency net sales decreased 1.0% as price increases of approximately 2% were more than offset by lower volumes across segments.
“While year-to-date results have been affected by historically high cocoa prices and a challenging consumer environment, we are laser-focused on controlling what we can,” said Michele Buck, Hershey’s President and CEO.
Gross margin contracted 460 basis…
