HSY - Earnings call transcript Q1 2024

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Operator

Greetings, and welcome to The Hershey Company First Quarter 2024 Question-and-answer Session. [Operator Instructions] As a reminder, this conference is being recorded. I'd now like to turn the call over to your host, Ms. Melissa Poole, Vice President of Investor Relations for The Hershey Company. Thank you.

begin. may You

Melissa Poole

press Thank on Hershey everyone. I joining today of read us everyone prerecorded to Good remarks, website. management First you Quarter The both our to chance Company's had are Session. and XXXX for listen has our available morning, which the for release our Earnings hope Q&A

a replay Q&A the the conclusion At this addition, have session, will In we remarks. we audio posted prerecorded a transcript also call. post today's of transcript live and of of

Please note projected. Q&A performance. include financial company's today's uncertainties. various during forward-looking the statements session, and those statements make that risks Actual we results that expectations These to regarding operations may and could assumptions are differ subject future from and materially

update undertakes based obligation statements company on events. no to these subsequent The

detailed risks of press and uncertainties the found be SEC such release can in filings. today's company's listing A and

non-GAAP will for The GAAP. included Finally, morning's to considered the refer information please press that to certain to substitute intended or this for in in release. accordance investors. presented are measures financial Reconciliations that GAAP information be isolation believe in as we note presentation results is not useful a financial the this we information of with may provide

CEO, today are Steve Hershey's Buck; Joining CFO, me Senior Chairman Michele President Hershey's and and Vice and Voskuil.

question. With that, I will turn the operator it the first over for to

Operator

comes first the of with line question Our from [Operator Instructions] Andrew Lazar Barclays.

Andrew Lazar

sales underlying North X%. build, Michele, Confectionery excluding organic in inventory I the guess America rose

weakness. inflected market a of I modeled broadly chocolate share think it recently, flattish. trends more and in following we And have had the year Street

building momentum segment to maybe sequential improvement is, this? in see the question a trends XQ? all overplaying see volume you sort ERP outside to my noise? the of Or in guess Confectionery inventory are And expect you, I in I core too, starting underlying would of am

Michele Buck

Yes.

expectations. we're I it would in line with top say very our So definitely our with was Andrew, pleased QX overall, that, we -- are line performance.

share by takeaway, which only market strength exceed was in the strength really our share driven overall in particularly our and in for around also we well that However, to and consumers, the as was market innovation performance was strong both did drive very best as And as did had not well merchandising strong expectations. Super able seasons, Reese's and category we us, with Caramel, the Bowl. launched innovation with also

So seeing. we're the do the towards we're end And enter we we proceed about rest and feeling what in as to throughout improvement year. of of the some look as year the trends we year, good expect the

Andrew Lazar

improved way last headwinds then in you to faced the I interruption take improved prepared another to of customer last store the into mentioned what that, points strong sales? multiple characterize second started versus half the this year. half from display remarks of clean the some that of you maybe a mean And first that of bit year we lot a going and of that a sort this goes there's effort too major display is through seems of to sort that but can know for like activity has a realize Or also snacks it? yet maybe in year

Michele Buck

that that both recognize retailer I we we of strongly -- would are yes, think do. I opportunities very we And after. I can would partnering we go say with certainly, as some always those

to driving versus other March events Bowl Super a had some seasons at strength second performance the the look was really of merch. innovation that and that year like really seen year-to-date, our across of of customers last the lot Madness then or with customer in merch versus tying As half we we media

the second see merch with year. So that will strength the of of we we in some do anticipate retailer from the that half

Operator

from line comes question with the Alexia next of Howard our Bernstein. And

Alexia Howard

Okay.

So questions. X

First strategy. and doing hedging the give you're other it's could timing contracting with of your regarding XXXX, you have and us cocoa you know of system. going options I can you build from for forward what on flexibility you're more the not detail levers But whether sourcing of on comment regions, a sourcing to the all, amount obviously, little into bit contracts,

Just pull, there market levers amount of some that's ideas can cocoa the volatility out of you today. the the that types in given of

Steven Voskuil

to that happy one. take I'm Yes, Sure.

side program sourcing. hedging chain So trying And footprint. multiple supply one then the years deal that of we've diversify Obviously, got good deal making done a that to volatility. diverse financial the we've to is supply over job way ways with the really to and side, the the and sure of chain

within few doubt, taste bit looking of have quite that, But sourcing last on diversification the that choices. flexibility that, years, and back forward. no And flexibility But continue guide and like a that move of got us profiles at that side. some we we'll recipes went those on we've does to sourcing. give the that things course, And

Alexia Howard

whether And Great. comment the lower-income able what moment. We've the with you spending that, consumers the more vulnerable. becoming but where of American terms a headed year on American don't comments seeing much on comments seeing SNAP in consumer you're you're the at this state last how you been of on Any able recently are can to consumer? hearing hit then to make you're you? just lot about cutbacks the know I quantify

Michele Buck

Yes, absolutely.

last business impact the the reductions So in in know saw from we we part SNAP that of back do year. the

expectations built We see would occur. are some that we with plan, we to as that, we anticipated beginning lap those of stabilization to our some our Consistent start reductions. as

do value-seeking to consumers. see behavior we from continue However,

I'd changed. there. still improving say hasn't but still it's a that it's bit, So

Operator

Goldman JPMorgan. Our from the comes line Ken of with question next

Kenneth Goldman

Andrew's Confectionery. I just up wanted to your America North answer to follow to question about

expectations. -- ship your underlying, I your in in the kind exceeded your think you excluding that that market share that in expectations, of it line were general, you right, said ahead, came with but

as maybe guess, mathematically, hoped. the I well quite just you So didn't had do category as

and hearing end just trying are I'm bit. there Again, the to? some you know mentioned B, a sure I'm Is consider? that should little you struggling maybe we so, just that So if to factors other Or correctly. there's And make tied really that? lower elasticity to do it all what attribute been we A,

Michele Buck

of always Yes. say some each tied year. I that key to what like I'd prior is is versus mean competitor programming and their

our was do those lot impact versus the their So that bit little for of by prior quarter the soft a I lap largest year driven category. think share with down. competitor, innovation, sustaining, things that Mars, And was a and with of some not innovation the

biggest looked So that drivers. of to be the one

Kenneth Goldman

bit Salty. Obviously, sales trends a little And improved. were your much pivoting to then just

or a it's say I how ahead. sense business? of wanted maybe still in the you level margin think level with that of get I that fair just a to are the investment there's in some get content of -- A&P to opportunities

Just to stable expect the a expand invest that where in in price? I to a the you to more of really kind any guess, you can are little get to confident Do at same time? margins have grow you and more position business how building blocks it

Michele Buck

Yes.

that Dot's we until the expected, expectations get with will while we some on had SkinnyPop popcorn that we the that was going the occur remain category. knew rest as majority the once strong we not very And track that, We period lap. QX get Salty would And as of improvement shift performance. ready-to-eat well. our think then, and overall, improved, to forward. does of SkinnyPop pressured lapping that of past along with So

brands. and the investments As strong have behind both through the of media move we trade year, we do

the have also and and gains year. in flavor We that grow pack help will the us innovation half second both of drive share also

was a perspective, From the for the weakest QX profitability -- year. the where year Salty of for be the will business profit where

that And bigger also to advertising our starts beyond forward. going get working expect and better the happen increase to forward. can you in in QX really So

Operator

with of BNP. from comes question line next the Our Gumport Max

Max Andrew Gumport

conversation call cocoa realize not or getting on on pricing I into commenting this XXXX inflation. you're

Just could factors though. into that framework, curious of if other that about talk go you some the

with environment, a concerns overall, we cross-category you're share volumes, So think market to as health elasticity seeing. bit also of just trends, about what you've what but consumer you're little competitive the through talked the seeing try category

Steven Voskuil

the XXXX, we're think say you're 'XX of We the building and -- plan. just pointing would I midst so on the Yes. I question, in where that's

obviously, to talk going cocoa. not we're so about yes, And

the As plan, lot a to there are levers we look at. of we'll looking be

look supply savings. And other so chain we'll lever at, a is pricing

As we in got building talked last about call, years the XXXX. some we've our including we'll that in transformation be come, to savings

more about the for talk as be consumer the we what to we category expect health think and XXXX, further year, about and so able we And forth. what so get into we'll including

Max Andrew Gumport

XQ terms ERP absorption after And can on inventory XQ of for give dynamics that cutover? cost reverse turning strong out I'll might there. with in 'XX. in leave the the given comments to margin XQ, Okay. associated it the gross Any the you a help then us

Steven Voskuil

Sure. Yes.

cost in we quarter effectively second that expect quarter. fully in We the out benefited that fixed to leverage from the see reversed first

type of in bit order just little $XX of also on $XX mix and fixed to magnitude, that had So inventory of benefit built then a quarter. million million was of we cost absorption based the of the first

in of the both in out so those should quarter. And reverse second full components

Operator

the from question Capital next of Markets. with our line And Modi Nik comes RBC

Nik Modi

come the of I questions. getting kind under pressure. some from comment really the perspective, primarily wondering seeing just what starting could if Michele, a channel is Just traffic we're was to some X because of is you're you on C-stores, feedback

would love there. So your thoughts

kind the your then the which past pricing from you. categories And specifically bars versus framing we've that, kind you competing? price more going about on whether as curious, just this Or one of and for holistically things just you your -- between focused and in And consumer, more on of you talked are it the I'm lens? still in about broadly, what's or your in has the just more potential are what be alternatives business promotional been snack of more plans just year, gaps other or that cross-elasticity think the have obviously, your you're kind of

Michele Buck

Yes.

C-store C-store, our relates well as So us. it holding pretty business for been up has in to

are say, there. trend, on really a So we that seen haven't focused change I big in would we

snacking And gaps, both at look to price both price across points, as within the price -- category always gaps, points, category. we price absolute we well as and as the look

really view that So elasticity, we we that way the standard price continue evaluate to that it and way. our is

Operator

with Lavery the comes Piper Michael of Sandler. next Our from question line

Michael Lavery

comments I the just back to wanted come on XQ. to

You called declines well? half. expect first how expect still would EPS you you But that unless in high but don't, you apply as inventory reversing. I from out it, that, you the believe last the I quarter, said reiterated decline double-digit the the single-digit missed

Steven Voskuil

It does. Yes.

Michael Lavery

right want and of least, just at how And cost, the uncertainty approach of protection Great. amount far it with think business about is that, as What's -- some managing cocoa that marketing Would for be in think do the just you also the protected? there long as approach maybe or is think then the some term the How is to how something it or kind variables? play that assume does moving parts any you of for spend? of you've one to as you as Okay. about And reiterated AMC? the way. that that volatility

Michele Buck

mean, you some strategically, Yes. of can brands. time the break levels to get And threshold your to that's know rebuild our take in kind that to I part we it model. of key investment, think We if invest again. we I a want always believe to to that continue

And of those a all year we right return have pieces we to we every plan, have build when said, reevaluate That spending. the on of news. the

and have to We right to set the effectiveness right increases level. efficiency in have the

it's in on Every percent that might sales. based kind net what we specific we we or opportunities do year, of that that we seeing news are, are the have et at to support, cetera. budget a not say returns, to the where of So want we're set adjust what

Operator

with line the Spillane Bank of America. from comes question next Our Bryan of

Bryan Spillane

Michele, can if some us I give you can, guess, I you perspective, guess.

this just it merchandising year in you or does for give into approach and and and any maybe first any consumers was being different needing If the how at Halloween Halloween? a you look maybe seasons purchased quarter what display the different insight like, Easter maybe around

a that are I we every drive to the pressure And if put least I kind to Halloween the under as it say in year more of with like of so in lot guess, -- stores pressure, the everyday and a the business. pressure. about the of seasons business And think last that and context at on being year under category lot the of seems balance trying it day is, or a small-format sort right,

end on there's dependency of lot just way we any in consumers through get I'm of understanding or shopping we So are not the to go of trying the around year if holidays. Halloween whether the have difference sort an as a and

Michele Buck

absolutely. Yes,

a year, category the was of perspective. performed start well I we very strong Valentine's, the with and if beginning So share from there the

shorter declined, season category difficult, as good. makes but always in that again, Easter And The but it sell-through more it was season, well. share was we a very which gained

half obviously, strong in As for we very the we second trends we But of are look like at feel performance do the positive half. seasonal 'XX. the second some those had year,

will So we think of the and versus our growth company moderate kind grow, second perhaps we half. a super-sized be overall back the half but in in line will more think growth as with

Operator

line with comes the Moskow of Robert Cowen. And question our next from TD

Robert Moskow

actions that's pricing strategy? when once to the Michele, higher you is would I got that conversion past right? costs. and to quarter, I after Did completely cover start still saying thought And you I evaluate that your second you get ERP remembered last that quarter

And then do I -- ahead inventory of know that customers want of perceived a say, much how wondering shipments extra X would like extra? months maybe instead they weren't they how forward? thing, month a you no, did you increase? And how was pulled the And X expecting estimating maybe take that one they then like pulling inventory. price know about go do month you lastly, how did just we forward of You're

Michele Buck

amazing of done have first that S/X all, with Canadian teams implementation, So we and U.S. don't the take our lightly. and an job

along, I what which said hey, customers, good And invoicing consistent position. We're in with we we've that. are are we all et about pretty thrilled is, shipping products, a cetera. we're So think

can But that. that of end at phase quarter of the the end at system, close making and the we we do and books consider of ourselves that all ramp-up a the sure have stable

when options stable we're end have maybe available S/X and So of officially us. QX we yes, is believe on to

that around any to about our to. exists rather intentions speak not, able be never of or the we might or but course, we just Of or when strategies pricing might capability

understand the to to worked with Relative they wanted excess how customers frankly, inventory, much closely inventory we because we wanted.

We put as I had not think much the some and communicated happened. who requirements. things customers in a fully few maybe had

into inventory. added bit others it inventory. ERP who a Frankly, companies little had some that, spooked some think we some of to of the So the in that were marketplace in other implementations, I who, we face saw with retailers wanting struggling more

and and kind relative we anticipated. we we say on would be I So assume saw had to able to there'd could to actually disruption communicated and us, to execute -- some for how retailers. that's what than cap really were we in the was more a we start-up of thought We give much plan that actually

able fully to deliver. actually better versus little So there is we'd sure to a tried we really think say? of you able kind Steve, weren't wanted were what because we to anything to more they them I cap we just originally, want be meet

Steven Voskuil

healthy feel, in level. landed end, we was a we where And the

the vast we see these too to of of sign to the bleed don't trying inventory in that isn't the wasn't second increases as way way prebuying ahead much. the so And The price increases. And really market, about work practice. majority days a common quarter, out. It that price see their get we'll

risk So not there. much

Operator

of Our next the ISI. line David question comes Evercore Palmer from with

David Palmer

do change? you if heading on price cocoa how you if Any -- that think have and And chocolate price today? were might thoughts need into of might products how on What you do sense prices price 'XX? your elasticity to large is to price change the Question you remained that elasticity elasticity. increase a elevated if a were about

Michele Buck

We that's assume seen over the which change forward. is remain elasticities we've line levels, several in would past X, months. historical we in our minus about no what with and material is What going

David Palmer

weakening at-home Got it. relatively perhaps of on influencing snacking that and low-end weaker so being a reductions talk -- there's been in overlay And perhaps good this the now. there's There's of you're But consumer insights. that. always SNAP now and convenience post-COVID slowdown channels causing or

as your about channels wondering crosscurrents go things different all how thinking the seeing through just net if and I'm these between you're you you're forward of going 'XX.

Michele Buck

Yes.

is I I lower-income certainly, lot from that drove, our relative across other frankly, behavior shared with to would that, we've SNAP value-seeking And as have So that that coming that edibles consumers. that think, and the business other reduction well in of a seen trends agree what based on well. as, as companies

club strong. would and is dollar would say business And I I very say that mass, our C-store are okay.

or little significant that something seen a may that of seeking wouldn't But that value it's have say be based you out. dramatic. as seeing we So on bit I where shakes

Operator

with from Securities. comes line And question our next Carey the Fargo Chris of Wells

Christopher Carey

of One evolved coming are and know the year? is inflation the Did the complexion the at has parts Or margins. delivery the some and I year expectations. unchanged. full your months parts coming is in QX on to QX, some all inflation there's relative timing this But gross coming few in margin on the in gross against between better? insight over quick of over Just past balance your question outlook year evolving how and your going evolved of productivity target dynamics better? of any through worse,

Steven Voskuil

start, talked Yes, off for right on points time, year. no the with about Productivity down in line full We're call about year-over-year XXX still, we last basis our to change. plan. as a savings good

would So that this to a at material reshaping. point point, nothing

Christopher Carey

Yes. Okay.

regarding comment innovation competitors? Or seeing, would one lapping on anything way over is your is of going to some of important highlight beginning category innovation interpreted the your as that is one you lower that I year relative follow-up which above that of that the The expectations at was you're comments. the this peer? Just the the category it your entirely almost for just else of and there of

Michele Buck

else on I would that that. highlight No, nothing

Operator

the comes Citi. of from Palmer Tom line question next with Our

Thomas Palmer

I inflation a just beyond the wanted I differently. little just cocoa headline you're to are there moving some talking for about next know bit costs ask but year, inflation. not cocoa

think You've got and buying costs you're more powder. I butter liquor conversion than and

items So do inflation, understand right inflation? of Just the to at piece kind do within when of these trying it cocoa look headline that soften and they dynamic. that adding Are magnitude the conversion then buying, we those the just to the like now? cocoa of sub-items you're

Steven Voskuil

the right. increase But sort Sure. look at Yes, but just won't the derivatives, they increases, cocoa comment also percent headline. we are when about are the cocoa is price is. Cocoa headline, relative to cocoa they itself you as increasing. you're of And inflationary big

Thomas Palmer

on And the nonmeasured as Understood. in Okay. maybe that distribution? about driver e-commerce think as of scanner. what should Where And really this we it more the retailers? Snacks is channels this on you noted is Salty or coming from? And side, other Is see we like velocity side? outperformance a versus expanded

Michele Buck

Yes.

we So very incremental increases We some last it shared from is that on year. especially club, Dot's got nice distribution.

at velocity both So it's and there. distribution this from point,

year, So of points. club to Dot's was market And about up XX% one of we start the was share gained that. and over drivers the XXX

Operator

And Rob of line Dickerson with the Jefferies. our comes next from question

Robert Dickerson

maybe Steve, you're fully you're we how dynamic. or too, positioned the how hedging Great. positioned where internal Michele, hedging speaking practices thinking understand, you're about right, and not to or

earlier week from supply, just about that another we maybe just was like curious, more you're how right? this am global general thinking I heard cocoa to speak as But in this confection able to large broadly, company

perspective, plenty I'm and you it's of have better to than provide sure and I'm a external ours. trying internal lot that sure advisers

around So if the you question. first general curious is any I'm comments just have that

Michele Buck

to share. happy we're Yes,

the competitor earlier. say, consistent what would that about what So large are somewhat our driven I has with market shared overall, views

It that a play concerns past think structural impacting with weather, forces been months. As poor we over about started we both weather and have certainly crop. supply. then think poor impacted transient several about And prices the at it,

the much regulation deforestation But just EU speculation about as of but supply-and-demand we've mentioned previously, more and economics, the the lack it's liquidity. impacts regulation, of also also than market rather like

and and we the the has the started that good, The the will look closely supply main to to some data information supply will outlook really start things over in which it's early. crop. happen most monitor term, reads Early market and demand but continue get for the on we get So summer. signals can short on are That on. mid-crop

that. So we monitor to continue

We for also have full coverage 'XX.

focused into have executing on We we then very what's control. and coverage some 'XX, our within remain

is to drive that our drive capabilities, strategy we cost business share, efficiency continue Our enhance to improve environment. as growth, monitor innovate,

Robert Dickerson

Okay. the could the years Great. this the be obviously maybe, And on Steve, more an give really also the more focused I I inflation expect think actual was X over forthcoming. to then much that grosses next in X savings $XXX That little cost and and some very bit to one's I programs you. productivity you and There's million. don't don't savings, productivity for have helpful. you've a system, you already number. net spoken me know

I P&L, amount That's just we speaking, given X how the feel should the curious, But impact broadly productivity again, years. what a of clearly savings next the ability about is and net it. am on -- the material just over

Steven Voskuil

take just look is inflationary our in if is of And cocoa in over business, a I and levers the model to at costs the rest the of variety still that P&L. through offset the time Maybe fundamental model place. side to Sure.

that to certainly cover the inflation. longer is cocoa stressing model near is term, in term. But the course, still Of it

being we the about, the conference inflation. benefit savings discussed which so a focused on recent these as the is productivity earlier most net offset the which both And on one, ongoing have we and normal one a ongoing we're programs, in productivity, focus talking the other to like think savings of both to get efficiencies we about we those, horizon over and to SG&A of imply P&L investor that normal to mix would

looking the programs. that's cost those way so at And we're

Operator

of comes Stephens. Salera line with Our the question from Jim next

James Salera

Olympics -- dig you talk And Valentine's as to with characterize bonus and Can just don't year? like or just know a any you there's can that? to apply wanted that you'd learnings circle back guys if this it down gained I Michele, share you a mentioned what's the to, to season Easter. seasons maybe through if in and I you then on mini driving take

Michele Buck

Sure.

season, look with starts the have We at feel innovation. about as feel right the have in portfolio. good always and certainly, good product we We the So seasons, it portfolio. innovation we I at that winning the right

our is We sales Another merch. stores very in job for category we the key teams for did retail And get visibility to nice merch. business. work overall a driver really with our and desired that the

And provide then we more supply. to also, had ability the even

couple we able years, As really supply we've past got fuller mentioned the deliver. constrained portfolio. where much to to over were we place across of years had we several And a last by were year, what we of in a end our

And Super yes, to like March but seasons, traditional Olympics. and other those those apply those all of occasional Madness things seasons, lessons not Bowl, we

so a for Olympics those summer. us certainly event And levers make strong the leverage plan same to to in we

James Salera

if Great. think X weeks. I'm mistaken, And not Olympics on specifically, the it's I

activations to at of And X that any or run like as so of weeks should we end up about way that X we expect like kind or the on the size for in-store weeks that think summer? to

Michele Buck

Well, of of some ahead we event usually of activations and the engaged get on of event. like Retailers those kind highlight to time. the start ahead people

you into leading the start as early as then some depending June, you'll the on the retailer, see displays those And summer. them see So throughout really of Olympics. will

Operator

Baumgartner John the from comes with of question Mizuho. line next Our

John Baumgartner

on how I than curious about I longer pretty so, past. to I'm business, maybe still big the your presence would the in of a you're So the And bit trial high-level year desire products. you there's how mean, more with or next at a market think differentiated you're needs in there you do thinking been And a take over period? comments some recognizing say it's Is think And the there about better term. this terms I that steps? anything still some Hershey's point? about market that guess past Europe understanding Just International

Michele Buck

Yes.

best yes, of believe is approach it we think product. time that large chances always therefore, So market. And a market. the very succeeding we've well-developed, are differentiated a it is with is I taken our established over a And

And a Reese's investment in after work, have of investments. had we but And success, the successful support ton of not in frankly, really been people Europe. in or bringing in lot phenomenal we've U.K., on-the-ground starting other some of terms a to

there, feel that's focus. now we business we a have good that's profitable and our So that about primary really

we I'm So it about that big from investment, that -- differentiated efficiently think a margins. doing can not have strong win. rather bit a Europe And to think we but looking depending at of as more maintain we elements a portfolio where it

John Baumgartner

for Does categories that of out efficiency In of as Okay. more How curious, of I'm inflation, you front-of-store sort be? -- display, maybe of extended the sort are Does isn't demand in-store it demand in just presence? changes it the of promo? there? require U.S., the more think do any terms more price in it to drivers you pull advertising seeing used are period about consumer encounters require changes or high are you seeing the any drivers what your where the in

Michele Buck

the each well, pack have of perceives that comes making I and is occasion, kind Yes. ensuring the it down good about how sure and one that prices I mean, -- on portfolio across we consumer think that to types we is at entry-level the based guess I I consumer way the which guess look value. price really based how on

them of about per the has about it's lot that enables ounce. participate. that a entry-level volume to an price In lower-income for better price categories, some times point consumer, A it's

think that drive innovation think, areas the above also do and beyond be I the like I seasons products. me, to base value and So bigger piece. might

seen so well. And we've as that

Operator

HSBC. next our question Alejandro And with comes from the line of Zamacona

Alejandro Zamacona Urquiza

cocoa discussion. the pricing Just follow-up a on

comments on any curious hearing normalization. So the regarding recent I'm

weeks. in last of couple So the recently, declined prices have XX%

that around comments any So helpful. would be

Michele Buck

of There to relative declines. marketplace. that evidence supply to we're signals Yes. of further that volatility are in Well, and those the peg no some are all, what new just of It's meaningful the I decline seeing think, demand hard tremendous first that yet. is

other perhaps factors nonsupply-demand mean believe of the of I leads factors driven that to is the to some more those by thoughts mid-crop, of cetera. early discussed which speculators, that but et regulation, economic some signs the on relative we've about decline us some

Operator

reached question-and-answer to of to back floor have like with that, the And I over any our We closing Poole the for session. comments. Melissa would end turn

Melissa Poole

much attend catching morning. you this go weekend. sure great for I to a another joining we'll Thanks so you let forward up later today. that, look us Have to all call, know can there's make and so

Operator

concludes teleconference. This today's

this may you You time. your participation. for lines at disconnect your Thank

The Hershey Company (HSY) 3 May 242024 Q1 Earnings call transcript