The Board of Directors of The Hershey Company (NYSE: HSY) today announced quarterly dividends of $1.370 on the Common Stock and $1.245 on the Class B Common Stock. The dividends were declared April 30, 2025, and are payable June 16, 2025, to stockholders of record as of May 16, 2025. It is the 381st consecutive regular dividend on the Common Stock and the 162nd consecutive regular dividend on the Class B Common Stock.

Hershey Company reported first-quarter 2025 financial results showing declines in revenue and profit due to lower volumes and increased costs.

Key financials for Q1 2025 compared to Q1 2024:

- Net sales were $2.81 billion, a decrease of 13.8 percent.
- Organic, constant currency net sales declined 13.2 percent.
- Reported net income was $224 million, down 71.7 percent.
- Reported earnings per share (diluted) were $1.10, compared to $3.89 last year.
- Adjusted EPS was $2.09, a decline of 31.9 percent.
- Gross margin fell to 33.7 percent from 51.5 percent.
- Adjusted gross margin was 41.2 percent, down 370 basis points.
- Operating profit declined 65.1 percent to $369 million.
- Adjusted operating profit was $608 million, down 29.4 percent.

Segment performance:

- North America Confectionery net sales decreased 15.0 percent, driven by volume declines tied to prior-year inventory timing, the later Easter, and fewer shipping days. Segment profit was down 26.6 percent.
- North America Salty Snacks sales rose 1.0 percent, supported by strong performance from Dot’s Pretzels and SkinnyPop. Segment profit increased 8.1 percent.
- International segment sales dropped 15.9 percent, mostly due to reduced volume and currency impacts. Segment profit declined 32.9 percent.

Outlook for 2025:

- Net sales growth is expected to be at least 2 percent.
- Adjusted EPS is projected between $6.00 and $6.18, reflecting a mid-30 percent decline.
- Tariff expenses in Q2 are estimated at $15 to $20 million.
- Capital expenditures are expected to be between $425 million and $450 million.
- The company aims for $125 million in cost savings through its automation and agility initiative.
- Reported and adjusted effective tax rates are expected to be approximately 16 percent.

Main headwinds in Q1 included derivative mark-to-market losses, increased input costs, and volume softness. The company reaffirmed its full-year guidance despite ongoing tariff uncertainty.

The Hershey Company Announces Amendments to Corporate Bylaws
HERSHEY, PA – March 4, 2025 – The Hershey Company (NYSE: HSY) has announced amendments to its corporate bylaws, which were approved by the Board of Directors and are effective immediately. These changes are intended to enhance corporate governance and align with best practices.

Key Amendments to the Bylaws
1. Independent Chairman of the Board Requirement
The Chairman of the Board must be an independent director.
However, Michele G. Buck (current Chairman and CEO) may continue to hold both positions for as long as she remains a director and CEO.
2. Majority Voting Standard for Director Elections
Uncontested elections: Each director nominee must receive a majority of votes cast to be elected.
Voting Breakdown:
Common Stock Holders (Voting Separately): A nominee must receive more FOR votes than AGAINST votes to be elected.
Common & Class B Common Stock Holders (Voting Together): A nominee must receive more FOR votes than AGAINST votes to be elected.
3. Director Resignation Policy
Incumbent directors who receive more AGAINST votes than FOR votes must offer their resignation.
The Board (excluding the affected director) will determine within 90 days whether to accept the resignation based on a recommendation from the Governance Committee.
The company will disclose the decision in an SEC Form 8-K filing, including any reasons for rejecting the resignation.
Corporate Governance Commitment
These amendments reflect Hershey’s commitment to strong corporate governance, ensuring accountability and transparency in director elections and leadership structure.

The Hershey Company Announces Lead Independent Director Victor L. Crawford Will Not Stand for Re-Election
Hershey, PA – March 7, 2025 – The Hershey Company (NYSE: HSY) today announced that Victor L. Crawford, Lead Independent Director, has notified the Company of his intention not to stand for re-election at the upcoming 2025 Annual Meeting of Stockholders, currently scheduled for May 6, 2025. Mr. Crawford will continue to serve as Lead Independent Director until that time.

Mr. Crawford’s decision is not due to any disagreement with the Company regarding its operations, policies, or practices. The Company and its Board of Directors express their deep appreciation for his years of leadership and dedicated service.

The Hershey Company announced that Victor L. Crawford, its Lead Independent Director, has decided not to stand for re-election at the company's 2025 Annual Meeting of Stockholders, expected to be held on May 6, 2025. He will continue to serve in his role until that time. Mr. Crawford stated that his decision was not due to any disagreement with the company regarding its operations, policies, or practices.

The Hershey Company (NYSE: HSY) announced a new debt offering of $2 billion in senior notes, consisting of four tranches:

- $500 million of 4.550% Notes due 2028
- $500 million of 4.750% Notes due 2030
- $500 million of 4.950% Notes due 2032
- $500 million of 5.100% Notes due 2035

The company plans to use the proceeds to repay its outstanding 0.900% Senior Notes due 2025 and 3.200% Senior Notes due 2025, as well as short-term commercial paper borrowings. Any remaining funds will be allocated for general corporate purposes.

The offering was executed through a pricing agreement with BofA Securities, Citigroup Global Markets, J.P. Morgan Securities, RBC Capital Markets, and U.S. Bancorp Investments. The notes were issued under Hershey’s registration statement on Form S-3 filed with the SEC.

Hershey noted that some underwriters have previously engaged in commercial and investment banking transactions with the company. Affiliates of certain underwriters also serve as lenders under the company’s existing credit agreements.

The Hershey Company announced that its Chairman, President, and CEO, Michele Buck, plans to retire on June 30, 2026, after 20 years with the company. She will continue in her current roles until her successor is appointed, transitioning to a senior advisor position until her retirement. A special committee has been formed to lead the CEO succession process, with consideration of both internal and external candidates. The company entered into an amended employment agreement with Ms. Buck, outlining her compensation, consulting role, and transition plan.

Under the new agreement, Ms. Buck’s base salary is $1.4 million, with a target annual bonus of 160% of her salary, and long-term incentive awards of $8.75 million for 2025. She will also receive a $41,667 monthly consulting fee during the second half of 2026. Hershey reaffirmed its 2024 financial outlook and emphasized its commitment to ensuring a smooth leadership transition. The company highlighted Ms. Buck’s contributions, including expanding the company’s snacking portfolio and driving sustainable growth.