HSY - Earnings call transcript Q3 2024

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Operator

Greetings, and welcome to the Hershey Company Third Quarter 2024 Earnings Q&A session. [Operator Instructions] A question and answer session will follow. [Operator Instructions].

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Anoori [indiscernible], Senior Director of Investor Relations. you. Thank

begin. may You

Unknown Executive

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

undertakes Please post conclusion assumptions could live and update Q&A press company's these call. session, In addition, no transcript that a financial of regarding today's posted and events. note and release of future the company's replay statements will to performance. Actual These Q&A based expectations of on the may differ also operations a risks detailed today's we have risks those prerecorded transcript results audio from statements, remarks. At in that such subsequent and listing of uncertainties. and session, found today's the and company book. forward-looking obligation make during we including materially A uncertainties to various the The are this we subject be can statements SEC projected.

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

for Voskuil. question. Senior it that, turn me the President Joining I Chairman Hershey's Steve operator CEO, to and today are With first the over Vice Buck; and and CFO, Michele Hershey's will

Operator

[Operator Instructions].

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

Kenneth Goldman

comment next of line couple a [ roughly top ask regarding year. Algo being ] to questions around on wanted the for I

factor guidance to year. the Street the second the way wanted historical pretty or looking past? of typical assume products I of price is to next us one-for-one is, for that it decent certain kind elasticity it. step-up question the in a sure right will make in think for is to kind your And realized that's mentioned then first for The reasonable on of question the your you've that is

Michele Buck

to take want that? you do Steve,

Steven Voskuil

Sure.

On we're algorithm, our the reference talking long-term algorithm. the to about

the So top. X on to that's X

that in realized So in, year to to reference terms expect looking a this we're of pricing -- we'd price, year. point that's look all lot like the next

through. of As And the execution work to historical expect flow we which price we is then And sure we standpoint, elasticity, through good year with we we've we're sure year. make Obviously, increases, seen further retailers that. to elasticity from this took what work make as competitive. we'll get an this progressed

Operator

Our next Andrew comes of Barclays. the with from Lazar line question

Andrew Lazar

underlying I guess we next market looking more this put be aside sort do of share Can obviously I half data, 'XX supposed What market we're we normalize. core of expect chocolate, years cost Steve. again first get share and X of potentially I inflation think, through looking really of we're share are back the maybe core trends 'XX important. on, It's the this costs takes as into obviously, share weakness. should going as Or look maybe in cocoa because, underlying I in the like to stable? growth think core, year? that And for outsized year Michele move it as ask most on the focus trends. you in some year? And if fourth want trends a like you in I the be And to sort guess, anomalous quarter? sort through all of and to what you things exit moment would chocolate guess, for to of I cocoa to

I'm that's what trying get to So at. really

Michele Buck

category and trends. about step me let Absolutely. Yes, Thanks, Andrew. market little and share bit back a talk

is first all, around snack that continue been and consistently seen range, really the resiliency growing which we've good about it's of X% other about to that -- categories. outpace to So what we feel category historically continuing

goes good ending than a we us. We script the some that's called called share have do starting increasing point think have that period taking greater pressure had really starting into to and [ by, look to the particularly XX sweets key a we're in share a [ period We the momentum we've the us in innovation there. with takeaway and that launched reductions one of green with had that we retailers. marketplace expect see acceleration facing. before are reversal past shoots strong. And really that year that we for spoken each the merge the relative growth have Last few we in seen driving over if also get lessens is ] that, the and hold, out X-week that X% we X in Halloween ] about we weeks. we in seen we the So that remains that we certainly, Halloween. at that a had labs in SkinnyPop, that for then we great will Innovation We've trend. weeks,

some a we with as that are less the inventory feel longer bit things, relative [ Easter Mexico good about those we look issues. SNAP, a of and combined as drinks retailer we forward, into of next a other ] get So lot to year, headwinds

So we convenience gradual say of the pressure consumable and the some probably think channel start of pressure it's dollars both be, terms And in that saw I improvement build a portfolio to will be that say, will in under the midyear. that I stores, really piece instant percent. of because do would going remain we will would

it first get the half we So take through to think that. through will us

we're portfolio to expecting the see to of pieces other The recovery. continue

Andrew Lazar

maybe bringing continuation what quick, more table with head North a him could Got or it. see then little sort change bit is of it a it. more where And around strategy the real And about just just just new of America you to Confectionery. and a well energy

a get better that. Just for trying sense to

Michele Buck

absolutely. Yes,

is appreciate always and really exec Mike doing strong can Several a coming number where to he good better. PepsiCo. us to chance that to we're perspective obviously, think things I external well, a So relook we continue one, what will bring, from be always

migrating a will Secondly, that and portfolio deep he retail. And I that and future think up growth where even our those into being significantly are to channels he and close background as rich evolve go customers incredibly of the to unlock consumers very to new has forward continue to. to further we

Operator

question with comes of next Peter of from line Bank Our America. the Galbo

Peter Galbo

your headwind 'XX Steve, you you just remarks, to it that in on rate bit insight and of 'XX. But what if prepared elaborate. inflation in was be expecting give did could wondering of a versus a more

guidance I think single-digit for your high COGS this inflation. year is

double-digit And think you we think about modeling. number, year, teens, so anything for else that more a low is next we give when low mid-teens? help can us to Just about kind as more of

Steven Voskuil

be me is going to move And be biggest Yes. the year-over-year Not piece will surprising Cocoa. significant. the

year, that set You guidance the when rates for our in look we at February. that we paying this set we've back been Cocoa

so then, we back well said And we're hedged XXXX. for

cocoa prices year earlier reflect been this the from into market preceding. the really getting So year in this we've paying

side. butter, cocoa step liquor coco of current other for of next up. be pricing now flash some cocoa pricing The piece, of and significant but will and the cocoa it's beans just the at look that the inside year, course, pretty physical a And that So also ahead it's cocoa derivatives inflation. biggest not you you to there's

and inflation we'll And expect specialty sugar so biggest that in see like chip inflation probably we cocoa that, back biggest things I X fourth some plans get the probably of clearly. some that a will are be about and for when more the talking that into at inflation inflation, of on quarter. we'll we'll we'll forth lot going to source to and come productivity labor that pieces. other And in ingredients detail some But our alongside that. but the so be see be away

Peter Galbo

Got it.

kind can what Is help understand -- internal what that's And wait deleverage seemed helpful. drove own came if February the you It variance? it there? Just for happened margin expectations. for than more actually We'll more more And volume I No, you not in the ask the quarter. but expected? then below maybe us from only the Is like detail just just just your in it Street, there. mix? gross on can maybe piece Okay. of

Steven Voskuil

on Sure. below the was It top line, as the for as disappointed sales, sales by in we of about mix C-store, the we and disappointed well. the then what margin performance we're flow and said were we fact, were piece down expecting just was example. the sales talked through biggest The

the in negative that when had was sales some inside impact as big some you mix an gross then deleverage So had on delivery have that we the an mentioned, of we impact also margin. And volume there quarter.

the sales the drove mix through are and biggest the that deleverage, between that those disappointment. So pieces the flow really

Operator

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

Alexia Howard

patients topic the are them using currently adopted this That to then that we up have of that GLP-X days time and bring last to sales on follow-up. on I [indiscernible] the a the Obviously, respond are There forward these. you're maybe little need? is Can faster of adults that you drugs? sources be data going whether early moment seeing mid-single-digit ask that? a what to exploring to than what few suggesting percentage path you're chocolate it's U.S. the now. the seem was be expected How about impact how at any year. these Can I And a

Michele Buck

Yes.

I I'd gradual a what but see in of expect, that. what mix are sources we I to which we've continued So multiple a less eating mild on would is that year-on-year impact. seen validating data, those more there's would we shared of consistent categories. on some a we're I know we've with line say, say been disproportionately We've with think consumers data say seeing before drugs would our impact, lot the

consumers. what are we in we it's and needs are expect, monitoring understanding the it's certainly what with how evolving those line So behavior, of and that carefully

that evolving we we that as we're time, well. So for as make consumers it right are portfolio, we that way doing to to sure which always a offerings those the in over evolve continue have our

Alexia Howard

And then follow-up. a quick

something an in I'll Can in activity that pass elaborate mentioned is it And you in on? Is on. there the competitive You segment competition? from going else on pricing confectionary. competitors international increase Or global that?

Michele Buck

somewhat it's in certain And deeply really And be where a in of price us, back to but lot it a of market on to has point. pricing competitors we it's those where that's for tend chosen where it A the intense smaller some occurred. deal has smaller been markets have competition Yes. player. been markets

Steven Voskuil

of higher has Mexico pockets competition, some of and which Europe winning Brazil, the with price levels of think The and particularly seen pleased We've but Yes. progress, related. with really strength. I had we're in Reese's, we've been

Operator

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

Robert Moskow

you, heard like on XXXX ] if [ I year. think don't out Algo really is think I questions. Michelle, you know do. X an cocoa above yours they guess a I I calling can based costs be will felt of competitor what that

So on pricing. I can give that sure specifics how maybe also from I you comment understand Steve you then on the make wanted to And more works. think

going I think increase pricing 'XX, on you but look have price single-digit said will 'XX in a high chocolate. like it's lot to look a like you

what So than would lower if it looks like before expect. that looks just I

I'm So give But clarity? you wrong maybe there. more can

Michele Buck

Yes.

I'll So XXXX. the hit

possible, declined, So if cocoa outsized we prices and feel growth some really algorithm could be that if be there good is on can do cocoa stable certainly.

some be cocoa on we're believe but carefully, based the we we algorithm on are and would have what So feeling good that see or watching we upside. price

Steven Voskuil

on of the our about the pricing chocolate I is on And piece pounds]. taken half [ side, we've pricing think

to And low why saw it that's say this we And ends year. what in in, it's I up pricing mid-single-digit out to so total. you factor similar when that largely netting

Operator

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

Michael Lavery

Just spending. wanted thinking you're to understand about marketing how

as down it advertising sales. wasn't course, much quite sales. Your as spending but was [indiscernible] of slightly, down And

protect obviously, even line? given marketing, ways protecting But you obviously share about bottom that's in do a or held trying you up. Or well really just cost-pressured can So quarter, of basis, got increases? some environment flexibility as with one is the on that to price think this the how a the percent you've have

Michele Buck

and as to Steve some ask I'll thoughts share I'll well.

an continue environment ROIs So each good in think hold mix ourselves that said, investing standard. we clearly, We where higher really believe prices generating that's we We look in models. our continually brands. important are in marketing they to the year. at also are. to have of where importance We really That

new like productivity. We drive are that also have RFPs We always things at can do looking that media we as approach agency meaningful XXXX.

on year you Strategically, be area bolster next investment in we that there? it consumable want to to terms to in add the trying investing Steve, we're very business. So variety really we instant want about other thoughtful of where things our focus to makes think there's an sense. really brands incremental

Steven Voskuil

just media to Yes, bit QX, I on P&L. little a say way hits we would sales the index

some impact that's top terms we consumption line, our brands. there's of not be driving and efficiency. priorities So top in look there. to as going one And next our to driving media don't we're to No want And are to driving leverage we share, [indiscernible]. supporting year, say pullback as going

we're said, drive will Michele bringing back. absolutely to allocating to pulling we're efficiency. As looking agency that bear but that that to tools not new We're sure new money make some wisely, we're

Michael Lavery

have lease half be, That's Coming initially would tighter that coming of [ confections reset out even had maybe a I as inventories into expected? Can the know don't can fourth you at just impacting like pointed skewed, or a much materializing believe, sounds ] quarter, inventory maybe from had second just how cut Okay. docking comments then sense you follow-up guidance the isn't but way you an in inventory been you that helpful. I the And in your outlook. you us the expected. had how X of kind you lift a of through is a that's it on inventory called as XQ. specific X-point not to give

Steven Voskuil

significant we Yes, digit. be the impacts, still fourth in quarter If shipping still say it's kind I of the all see a Sure. mid-single going pretty timing to expect to in drag guidance, take at a about is the made. full we point the these probably fourth of impact of all year look X.X moves I adjustment inventory on If that a quarter.

Just ] have have give seasons and of retailers acknowledge way factors. ] I with perspective. And lots this out noisy timing -- lapping lots [ ALD some and the [ to we think is SX a case between in quarter laid the of of

you it, but across biggest all -- when look piece is of So point. the X.X

of should lot see less We all that cleaner It in XXXX. expect to conversation. be a

Operator

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

Thomas Palmer

know But noted outlook. morning. Good to XXXX on I full early a still more items of it's couple a maybe you get for wanted I specific 'XX. for just

bit the plan help versus year? 'XX? to plans tracking be And in and XXXX how multiyear much this flex the any you incentive comp, the you've what that's productivity below second, cost on out. for To able extent laid Just savings you have for a higher might what was

Steven Voskuil

Yes. more quarter. about that. The talk we get can the when we'll Sure. comp take We to that reset, fourth

But earnings, obviously, we'll to this So excuse But we're still still give on -- when year. comp we -- talk be this imagine working And that. the performance meaningful reset be again, year going to target to year, can need fourth we're incentive next a back more is with about you color impact. it's year-over-year through the levels.

productivity, the On absolutely.

try continue AAA trajectory. do of something year. to continue productivity The we working that. push the to of like We that as then even AAA to bounds And we'll net help tough. teams to the savings it's savings. going working within I'd more offset look it. say the of base teams have is incremental, the driving here things which every talked are great can to a what we level hard history are be our program, inflation. that just to a about The of CI We program, share before. up we some are on The do

But to takes we much drive will So level as we definitely can account it next savings of as into year. looking some for reinvestment. be

Thomas Palmer

others? the would periods more about see thinking we Just year there be cocoa. next significant should prepared than we will rate one on Are indicated where throughout of a The that inflation it quick year. remarks inflationary be

Steven Voskuil

we'll that's price still pretty year-over-year would because cocoa then, give hard bit now we're talk I movements. do those have getting guidance this call We'll say been has [indiscernible]. when of through of to that so volatile. right about picture color year next By to of for a and more just a try good full year give we Yes, some to little

Operator

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

Max Andrew Gumport

being I X we should have buckets? are after be now, $XXX the cost remarks thinking benefiting 'XX? there total. number And million it about teams for we coming maybe $XX but million feels Are to be that those your savings or being productivity right? be then savings year. from the in about what really or will COGS the it COGS get like $XXX million it AAA beyond so program, could It incremental back to going above your then know do benefiting and two, working, and those or in so savings. $XXX call Just One, million program next for so so Or tough there

Steven Voskuil

want supply that's Yes. -- million give $XXX going to operating $XXX don't typically at CI how targeted to million the exactly pin area. is The chain to I down in allocate.

component, well, details say, for when COGS breakout there it? expense detail tick on It's there's box of significant We'll as that what we'll the that. about had? we SG&A So there. before, a AAA on pretty it a second and I'll our And was the on that is the quarter. talked mix, more correct a component more fourth clearly give question as we corporate Was split give guidance you give and the

Max Andrew Gumport

what to Alexia's question, all But snacks I on that meaningful then particularly impact. about pressure level related curious impact And now think that due much was due think GLP-X. than curious that you I'm category see a will mind about a you seeing is of actually now to -- really the if question even in talked your others. portion related I categories we're such to there of -- the of better some snacking, which that right of weakness second seeing think on a helpful. feeling the I we're if seeing. I'm ask is remarks. But mild you really you to snappiness put financial the prepared is type could point back shifts as which was of on snacking That And -- meat right finer you're I within higher is a we is these doing talked GLP-X, as to going protein consumer

Michele Buck

financially. done analysis feeling the that is show has Yes. snacking in the impact we have categories driven and that to the significant the pressured by really are not All continued that the pressure year-on-year consumers

has of some So every seen business, for some be that course, piece our to then, opportunities us executing elements we've of on data of And indicated really that. better.

what really has that's shown. So our data

Operator

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

David Palmer

line maybe the end take around call, I'm could case can XXXX. we're a talking compensation, maybe about crack assumptions, today. how of some about, that it cost And think cohort some we that maybe like the earnings for how How wondering things if decrease think reset this obviously, going at the put for now, to say realities thinking X% brackets top would we'd at of have be to you're if thinking earnings right incentive base I'm double-digit given further? Is you X% safe something wondering to all to some 'XX? you're a -- we

Steven Voskuil

Yes. I what around give precision more love, would range look to like. David, mean we'd that

reality the kind the evolving. it challenge, and said today is I the think question of in cocoa you is

impact share Clearly, what yet it's incentive be going say, normalization into and tax of some the to visibility let's next be kind not very visibility, that we're year. We've exactly there's hard position from a cocoa, or to we in full a but headwinds talked to give more is, just to is on guidance the to total going what it. And until get year-over-year of so about impact it significant normalization. our

David Palmer

question one on Understood just line. top Okay. on the that. And

of as had job great growth Power growth in a growth and outsized the areas terms category. about and long-term you're going of of like but reminder you're Cesar], your of brand not through growth growth growth prepared of wondering about And growth I'm in went You growth shape how great and of in areas thinking remarks, maybe market forward? things confectionery the the done only that, has Hershey the XX-year Reese's outsized [ sort the the the of contributors a from share big those

Whether that growth about how has been chocolate are be which for and candidates thinking maybe outsized confectionery, the you channel, beyond. you 'XX non-chocolate in for outperforming recently,

Michele Buck

Yes.

but also SALT], categorize slightly I us would come growth. area chocolate. we I would to penetration we a household to would think those growth category, biggest underdeveloped. Certainly, us of look say as going growing we versus businesses. inflection forward. will at with at certainly so would Distribution drive expansion, area in ones on that continue where relative of certainly, the we those [ the Strong I the than lots channel and portfolio kind of I to to have some ] [ of is of because opportunities suites some is [ Suite chocolate And I So are an for we've the mentioned. entire upside line category, in others better look more be ways and be through big a for continued our big going say, lot a area the that and probably of seasons], think strength of to 'XX category, that the in point are

Operator

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

Christopher Carey

a in XXXX than you'll XXXX. reference dealing be you with wanted that just to back experienced to prepared remarks the headwinds go in in I fewer

expect line really you better to or comment. you half, it's into get new Michele, [ [ well, better the probably get maybe I weak execution think infection]. convenience front in-store with sounds like flag a ] as a stores potentially then top but leader

remarks. helpers headwinds are when year-over-year think in about the that the and when what you fewer that the thinking you're really Just that things comment about prepared inserted you

Michele Buck

can some them, and but miss Mexico drink if the several I we business. were of Steve jump exited there in Yes,

that, that at lapped. softness have that we which around was we've fully The there X again, should on experience innovation, some [ through ] of leaky ready-to-eat some seen that. get was pulled be year popcorn little anything Steve that from earlier. Certainly, Steve we items bit had this smaller I were inventory There a referenced won't lap some will retail we a of key SkinnyPop business had the that that want that think merch So the the of to and reduced some away year pressure. from on the you we creating pressures most drag that to? on is retailer those we on pressures buckets

Steven Voskuil

Yes, of one, and we've the And positives strong in got for investment the only have about I other SkinnyPop. very called we've the behind the pipeline, X think, out. talked inflection right? then, course, a got some Easter, strong innovation sweets you that longer Michele side, on We've with X year year both it. has next ] year [ momentum,

of negatives side. and So growth on opportunities absence the

Christopher Carey

have But of follow-up quick be years has market execution one new between innovation then reference past in just desire that can be -- execution throughout like [indiscernible] clearly, several Michele, and a bit better, you leadership a like like does you you? be, it of And what there's business. you been and execution would lacking in-store the versus [indiscernible] for that sounds what feel this times you session, that this with Q&A couple How it share merchandising to did maybe just frame Okay. can improve. feel would have

market that meaningful been kind execution past think So some several in about of when how say, has other factors? you years, versus, the

Michele Buck

Yes.

past this like have in couple things not as of strongly Olympics. had we So I hoped, been as market think Certainly, year, I summer areas activations better. our a perform do want did there that to

think some that category. some I changing where the were dynamics in are there areas there

in was competition So private increased label and smaller take-home. there manufacturers from

on and innovation with of stepped-up So we that really ] we new there. But found more calendar in instant competitors we level but sweets on incredibly was even consumable did well and a had innovation our good take-home, that [ focused it there. need

work a a we influence season, and optimal and look optimal them or I that home with opportunity, years I then weak partner shelf the just right of some lot as We perhaps we a partners on areas retail the can few talked think of choose execution didn't we offerings had standard some greater for We we had implementing portfolio. where way. And not our always that but now have at We're take we gold some probably in think about of the opportunity. did variety instances back. instant So consumables. a

that I some think results lead will for stellar to that, us.

brands the some So consumables focus putting and well really we're as that within our portfolio as as well instant well. executing variety that on of

So those areas focus. the of are some of

Operator

Our question next Goldman line from the Leah of comes Sachs. Jordan with

Leah Jordan

I was domestically. think increased the more in private competition on seeing these having in And you seeing you address could players pressures? that if label smaller color now plan how meaningful out? as you is environment provide in do do the that different What called confection you're are a to you impact,

Michele Buck

to -- their the as value. to it think think looking I So at on I focus and And certainly, margins exists and label, I by private comes certainly, retailers there. potential think that's driven that the consumer pressure

the some as that barriers sweets some I say with easier [ of bit an open more as think would do how to to -- a I into players, really to entry media are focused total the well we digital some really with of the to to ] have enable as we category as category right offerings, smaller goes the sweets the the it has ] well. Where [ door of is value because come proposition.

consumables, for about at it's look everywhere. the instant velocity if example, items So always we highest

items. switch but there need instances are the the stronger some are came that to we out of okay, innovation items pandemic doing and took have in space smaller some even now some the put we we and we're shelf and So out for during items who and there we players have some where competitive velocities,

that. think I So it's a really on focus

Operator

[Operator of Dickerson with Rob next Instructions] line the Jefferies. question Our comes from

Robert Dickerson

said today, a like on would bit portfolio. But it somewhere that like that feel year. little to to America Great. understand taken on you've year we're the to if actually bit implies do in marry North maybe a you would help kind previously mid-single-digit America still pricing pricing the seem want portfolio, that similar Maybe next probably for beat but would to come pricing pricing me be of Steve, Coast. this just just a be I so higher speak, I North know I it to I'm that. confection seeing a range can want trying to the little horse, the And total restated back confection had don't around next high the I to given what of conversation comment single-digit some you because next of about year year 'XX. for the half essentially

Steven Voskuil

Sure.

just is biggest due think are being probably disconnect of to items the I that the priced. mix

I think the you kind of with what you of gets what on pounds back similar, through priced kind say, not same, the we pounds saw a to when and about exactly that's similar that, XX% the but about this to I'd that talked flow a being we bit of little year. portfolio, basis,

Robert Dickerson

Okay.

made mean the spend. into like sounds continue to back but I efficacy we don't remember, ago Michele, gauge now, push if the them, if little And maybe Okay. a bit It media, overall is kind media the on then maybe enough. Fair kind maybe initiative just mean bit? there's question other bit like about an the trade you maybe a prepared or and you a core Does a in little brands mean? little more those of little comment marketing increasing so, guess coming there those It around improve you [indiscernible], a remarks and AlmondJoy, bit. more the lean brands, X know kind just trying Reese's, making kind more on we social brands them into where PAYDAY. And I that more go right, what like that brands maybe this kind brands? of off of a not was just can years overall seemed to I take portfolio. Does lean innovation those Just of lean does little like bit from of of it to bit but kind dynamics? little of of

Michele Buck

Yes. Absolutely.

those the account. those growth. distribution is of of brands, biggest they prioritizing So it regular parts in is their Most are of brands.

support, and to value there focus brands now game distribution points. Really robust velocities have the course, the and other that brands, king-sized the have trying continuing may and price to leads brands those sure which portfolio consumer in in those We entry-level will we that invest outpace newer them think are regular So big then a have in category. we items account. be we the of given making that many then, competitive of give to to marketing strong who on

Operator

like [Operator make Instructions] There some this Would at no to you are additional remarks. questions further time.

Michele Buck

Yes. many to us speaking We days forward thank joining you look for weeks. in few all with today. next just the coming and you of I say

Operator

Thank you conference. Thank will This participation. your conclude for you. today's

You may this your [indiscernible]. time, at disconnect and now lines

The Hershey Company (HSY) 7 Nov 242024 Q3 Earnings call transcript