Subtext

The Hershey Company HSY

SectorConsumer Staples
Transcripts72
Date range2007-07-19 – 2025-05-01
Calls charted72

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-20-10+0+10+202007 Q22009 Q32011 Q42014 Q12016 Q22018 Q32020 Q42023 Q12007 Q2 · Overall: +3.92007 Q3 · Overall: +8.22007 Q4 · Overall: +3.22008 Q1 · Overall: +5.82008 Q2 · Overall: +8.82008 Q3 · Overall: +2.32008 Q4 · Overall: +1.32009 Q1 · Overall: +7.42009 Q2 · Overall: +6.02009 Q3 · Overall: +5.92009 Q4 · Overall: +8.52010 Q1 · Overall: +11.52010 Q2 · Overall: +11.52010 Q3 · Overall: +10.52010 Q4 · Overall: +9.42011 Q1 · Overall: +8.92011 Q2 · Overall: +10.92011 Q3 · Overall: +9.22011 Q4 · Overall: +6.32012 Q1 · Overall: +10.52012 Q2 · Overall: +12.02012 Q3 · Overall: +14.62012 Q4 · Overall: +13.52013 Q1 · Overall: +13.42013 Q2 · Overall: +11.82013 Q3 · Overall: +13.02013 Q4 · Overall: +11.02014 Q1 · Overall: +4.12014 Q2 · Overall: +2.92014 Q3 · Overall: +4.92014 Q4 · Overall: +8.42015 Q1 · Overall: +2.32015 Q2 · Overall: +6.32015 Q3 · Overall: +6.02015 Q4 · Overall: +6.32016 Q1 · Overall: +5.32016 Q2 · Overall: +10.92016 Q3 · Overall: +14.42016 Q4 · Overall: +14.82017 Q1 · Overall: +9.62017 Q2 · Overall: +12.32017 Q3 · Overall: +12.32017 Q4 · Overall: +11.72018 Q1 · Overall: +11.52018 Q2 · Overall: +17.32018 Q3 · Overall: +16.02018 Q4 · Overall: +12.72019 Q1 · Overall: +17.72019 Q2 · Overall: +10.62019 Q3 · Overall: +11.52019 Q4 · Overall: +13.22020 Q1 · Overall: +5.82020 Q2 · Overall: +9.72020 Q3 · Overall: +11.82020 Q4 · Overall: +10.72021 Q1 · Overall: +13.62021 Q2 · Overall: +1.72021 Q3 · Overall: +6.62021 Q4 · Overall: +10.92022 Q1 · Overall: +9.72022 Q2 · Overall: +2.62022 Q3 · Overall: +7.32022 Q4 · Overall: +8.02023 Q1 · Overall: +8.52023 Q2 · Overall: +7.22023 Q3 · Overall: +9.82023 Q4 · Overall: +3.32024 Q1 · Overall: +2.62024 Q2 · Overall: +5.02024 Q3 · Overall: +4.32024 Q4 · Overall: +8.82025 Q1 · Overall: +8.9
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-37-18+0+18+372007 Q22009 Q32011 Q42014 Q12016 Q22018 Q32020 Q42023 Q12007 Q2 · CEO: +16.72007 Q3 · CEO: +20.62007 Q4 · CEO: +7.72008 Q1 · CEO: +13.22008 Q2 · CEO: +13.82008 Q3 · CEO: +8.02008 Q4 · CEO: +3.82009 Q1 · CEO: +11.72009 Q2 · CEO: +8.92009 Q3 · CEO: +12.32009 Q4 · CEO: +14.52010 Q1 · CEO: +16.12010 Q2 · CEO: +15.72010 Q3 · CEO: +13.72010 Q4 · CEO: +14.52011 Q1 · CEO: +9.82011 Q2 · CEO: +21.32011 Q3 · CEO: +17.92011 Q4 · CEO: +15.22012 Q1 · CEO: +17.62012 Q2 · CEO: +21.62012 Q3 · CEO: +23.72012 Q4 · CEO: +20.82013 Q1 · CEO: +22.02013 Q2 · CEO: +15.62013 Q3 · CEO: +23.82013 Q4 · CEO: +18.02014 Q1 · CEO: +7.42014 Q2 · CEO: +10.72014 Q3 · CEO: +22.02014 Q4 · CEO: +14.32015 Q1 · CEO: +7.52015 Q4 · CEO: +15.22016 Q2 · CEO: +21.62016 Q3 · CEO: +22.82016 Q4 · CEO: +20.02017 Q1 · CEO: +17.22017 Q2 · CEO: +26.22017 Q3 · CEO: +21.12017 Q4 · CEO: +21.52018 Q1 · CEO: +19.42018 Q2 · CEO: +30.82018 Q3 · CEO: +29.72018 Q4 · CEO: +30.02019 Q1 · CEO: +31.82019 Q2 · CEO: +17.52019 Q3 · CEO: +20.62019 Q4 · CEO: +28.82020 Q1 · CEO: +8.02020 Q3 · CEO: +20.32020 Q4 · CEO: +19.42021 Q1 · CEO: +28.52022 Q1 · CEO: +22.12022 Q2 · CEO: +14.42022 Q3 · CEO: +16.72023 Q2 · CEO: +23.52023 Q3 · CEO: +24.92024 Q4 · CEO: +21.72025 Q1 · CEO: +25.42007 Q2 · CFO: -13.22007 Q3 · CFO: +2.22008 Q1 · CFO: +3.82008 Q2 · CFO: +8.82008 Q3 · CFO: +4.32008 Q4 · CFO: +4.52009 Q1 · CFO: +9.12009 Q2 · CFO: +15.22009 Q3 · CFO: +7.22009 Q4 · CFO: +11.82010 Q1 · CFO: +14.82010 Q2 · CFO: +12.12010 Q3 · CFO: +13.12010 Q4 · CFO: +12.72011 Q1 · CFO: +8.92011 Q2 · CFO: +9.92011 Q3 · CFO: +10.22011 Q4 · CFO: +9.82012 Q1 · CFO: +12.12012 Q2 · CFO: +12.52012 Q3 · CFO: +15.52012 Q4 · CFO: +18.02013 Q1 · CFO: +13.62013 Q2 · CFO: +21.12013 Q3 · CFO: +11.22013 Q4 · CFO: +19.02014 Q1 · CFO: +4.52014 Q2 · CFO: +0.52014 Q3 · CFO: -1.12015 Q1 · CFO: +8.82015 Q4 · CFO: -0.92016 Q2 · CFO: +5.42016 Q3 · CFO: +5.52016 Q4 · CFO: +12.12017 Q1 · CFO: +12.12017 Q2 · CFO: +8.92017 Q3 · CFO: +13.22017 Q4 · CFO: +5.52018 Q1 · CFO: +8.82018 Q2 · CFO: +7.42018 Q3 · CFO: +6.22018 Q4 · CFO: +10.52019 Q1 · CFO: +13.52019 Q2 · CFO: +15.62019 Q3 · CFO: +9.02019 Q4 · CFO: +9.92020 Q1 · CFO: +14.92020 Q2 · CFO: +13.22020 Q3 · CFO: +16.32020 Q4 · CFO: +8.32021 Q1 · CFO: +14.22021 Q2 · CFO: +10.32021 Q3 · CFO: +14.02021 Q4 · CFO: +19.02022 Q1 · CFO: +15.62022 Q2 · CFO: +10.92022 Q3 · CFO: +13.52022 Q4 · CFO: +17.12023 Q1 · CFO: +14.72023 Q2 · CFO: +15.22023 Q3 · CFO: +3.92023 Q4 · CFO: +12.72024 Q2 · CFO: +14.22024 Q3 · CFO: +12.52024 Q4 · CFO: +16.82025 Q1 · CFO: +3.7
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-33-17+0+17+332007 Q22009 Q32011 Q42014 Q12016 Q22018 Q32020 Q42023 Q12007 Q2 · Prepared remarks: +12.02007 Q3 · Prepared remarks: +13.52007 Q4 · Prepared remarks: +8.52008 Q1 · Prepared remarks: +14.32008 Q2 · Prepared remarks: +14.82008 Q3 · Prepared remarks: +8.62008 Q4 · Prepared remarks: +5.42009 Q1 · Prepared remarks: +14.32009 Q2 · Prepared remarks: +12.82009 Q3 · Prepared remarks: +7.82009 Q4 · Prepared remarks: +14.52010 Q1 · Prepared remarks: +19.02010 Q2 · Prepared remarks: +15.42010 Q3 · Prepared remarks: +15.12010 Q4 · Prepared remarks: +19.52011 Q1 · Prepared remarks: +10.32011 Q2 · Prepared remarks: +21.12011 Q3 · Prepared remarks: +19.52011 Q4 · Prepared remarks: +15.22012 Q1 · Prepared remarks: +15.22012 Q2 · Prepared remarks: +14.12012 Q3 · Prepared remarks: +19.32012 Q4 · Prepared remarks: +19.52013 Q1 · Prepared remarks: +22.42013 Q2 · Prepared remarks: +19.92013 Q3 · Prepared remarks: +19.72013 Q4 · Prepared remarks: +19.92014 Q1 · Prepared remarks: +3.42014 Q2 · Prepared remarks: +6.32014 Q3 · Prepared remarks: +10.62014 Q4 · Prepared remarks: +11.62015 Q1 · Prepared remarks: +5.42015 Q2 · Prepared remarks: +2.42015 Q3 · Prepared remarks: +4.92015 Q4 · Prepared remarks: +4.82016 Q1 · Prepared remarks: +6.02016 Q2 · Prepared remarks: +13.12016 Q3 · Prepared remarks: +13.02016 Q4 · Prepared remarks: +18.02017 Q1 · Prepared remarks: +15.12017 Q2 · Prepared remarks: +20.82017 Q3 · Prepared remarks: +13.42017 Q4 · Prepared remarks: +13.02018 Q1 · Prepared remarks: +16.22018 Q2 · Prepared remarks: +25.32018 Q3 · Prepared remarks: +25.22018 Q4 · Prepared remarks: +22.12019 Q1 · Prepared remarks: +29.02019 Q2 · Prepared remarks: +20.92019 Q3 · Prepared remarks: +20.52019 Q4 · Prepared remarks: +25.82020 Q1 · Prepared remarks: +10.92020 Q2 · Prepared remarks: +12.72020 Q3 · Prepared remarks: +0.02020 Q4 · Prepared remarks: +0.02021 Q1 · Prepared remarks: +0.02021 Q2 · Prepared remarks: +0.02021 Q3 · Prepared remarks: +0.02021 Q4 · Prepared remarks: -3.42022 Q1 · Prepared remarks: +0.02022 Q2 · Prepared remarks: +0.02022 Q3 · Prepared remarks: +0.02022 Q4 · Prepared remarks: +11.42023 Q1 · Prepared remarks: +0.02023 Q2 · Prepared remarks: +0.02023 Q3 · Prepared remarks: +0.02023 Q4 · Prepared remarks: +0.02024 Q1 · Prepared remarks: +21.72024 Q2 · Prepared remarks: +0.02024 Q3 · Prepared remarks: +0.02024 Q4 · Prepared remarks: +0.02025 Q1 · Prepared remarks: +0.02007 Q2 · Q&A responses: +7.12007 Q3 · Q&A responses: +9.82007 Q4 · Q&A responses: +4.72008 Q1 · Q&A responses: +7.02008 Q2 · Q&A responses: +10.72008 Q3 · Q&A responses: +4.72008 Q4 · Q&A responses: +3.12009 Q1 · Q&A responses: +7.72009 Q2 · Q&A responses: +7.82009 Q3 · Q&A responses: +11.12009 Q4 · Q&A responses: +11.82010 Q1 · Q&A responses: +13.02010 Q2 · Q&A responses: +14.22010 Q3 · Q&A responses: +11.52010 Q4 · Q&A responses: +11.02011 Q1 · Q&A responses: +13.92011 Q2 · Q&A responses: +11.22011 Q3 · Q&A responses: +9.72011 Q4 · Q&A responses: +7.02012 Q1 · Q&A responses: +13.62012 Q2 · Q&A responses: +19.12012 Q3 · Q&A responses: +17.02012 Q4 · Q&A responses: +16.82013 Q1 · Q&A responses: +13.72013 Q2 · Q&A responses: +12.52013 Q3 · Q&A responses: +16.62013 Q4 · Q&A responses: +11.62014 Q1 · Q&A responses: +11.22014 Q2 · Q&A responses: +6.52014 Q3 · Q&A responses: +11.22014 Q4 · Q&A responses: +10.62015 Q1 · Q&A responses: +2.42015 Q2 · Q&A responses: +15.02015 Q3 · Q&A responses: +12.12015 Q4 · Q&A responses: +15.12016 Q1 · Q&A responses: +8.32016 Q2 · Q&A responses: +13.02016 Q3 · Q&A responses: +20.62016 Q4 · Q&A responses: +15.32017 Q1 · Q&A responses: +13.22017 Q2 · Q&A responses: +10.12017 Q3 · Q&A responses: +0.02017 Q4 · Q&A responses: +8.12018 Q1 · Q&A responses: +7.82018 Q2 · Q&A responses: +12.62018 Q3 · Q&A responses: +11.02018 Q4 · Q&A responses: +18.82019 Q1 · Q&A responses: +13.32019 Q2 · Q&A responses: +8.22019 Q3 · Q&A responses: +8.12019 Q4 · Q&A responses: +10.72020 Q1 · Q&A responses: +6.92020 Q2 · Q&A responses: +12.12020 Q3 · Q&A responses: +18.72020 Q4 · Q&A responses: +16.02021 Q1 · Q&A responses: +23.22021 Q2 · Q&A responses: +9.82021 Q3 · Q&A responses: +13.92021 Q4 · Q&A responses: +18.92022 Q1 · Q&A responses: +18.72022 Q2 · Q&A responses: +12.72022 Q3 · Q&A responses: +14.92022 Q4 · Q&A responses: +14.32023 Q1 · Q&A responses: +16.52023 Q2 · Q&A responses: +14.42023 Q3 · Q&A responses: +19.32023 Q4 · Q&A responses: +13.82024 Q1 · Q&A responses: +17.22024 Q2 · Q&A responses: +14.42024 Q3 · Q&A responses: +12.52024 Q4 · Q&A responses: +20.22025 Q1 · Q&A responses: +18.0
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$3.77$7.18$10.602007 Q22009 Q32011 Q42014 Q12016 Q22018 Q32020 Q42023 Q12014 Q1: $4.242014 Q2: $4.322014 Q3: $4.382014 Q4: $4.452015 Q1: $4.472015 Q2: $4.502015 Q3: $4.412015 Q4: $4.402016 Q1: $4.432016 Q2: $4.402016 Q3: $4.492016 Q4: $4.642017 Q1: $4.882017 Q2: $5.022017 Q3: $5.132017 Q4: $5.222018 Q1: $5.462018 Q2: $5.462018 Q3: $5.572018 Q4: $5.642019 Q1: $5.712019 Q2: $5.862019 Q3: $6.042019 Q4: $6.162020 Q1: $6.262020 Q2: $6.002020 Q3: $6.302020 Q4: $6.572021 Q1: $6.822021 Q2: $7.082021 Q3: $7.282021 Q4: $7.512022 Q1: $8.082022 Q2: $8.352022 Q3: $8.702022 Q4: $8.932023 Q1: $9.522023 Q2: $9.922023 Q3: $10.132023 Q4: $10.032024 Q1: $9.742024 Q2: $9.712024 Q3: $9.36

Forward P/E

15.9321.5727.212007 Q22009 Q32011 Q42014 Q12016 Q22018 Q32020 Q42023 Q12014 Q1: 24.602014 Q2: 22.972014 Q3: 21.422014 Q4: 22.552015 Q1: 22.622015 Q2: 20.552015 Q3: 21.272015 Q4: 20.782016 Q1: 20.932016 Q2: 21.832016 Q3: 21.362016 Q4: 21.552017 Q1: 22.402017 Q2: 22.792017 Q3: 21.312017 Q4: 21.682018 Q1: 18.612018 Q2: 16.712018 Q3: 18.422018 Q4: 19.032019 Q1: 19.392019 Q2: 23.532019 Q3: 25.322019 Q4: 23.672020 Q1: 18.562020 Q2: 22.072020 Q3: 22.722020 Q4: 22.872021 Q1: 22.662021 Q2: 24.372021 Q3: 24.042021 Q4: 25.272022 Q1: 25.462022 Q2: 24.712022 Q3: 25.502022 Q4: 26.432023 Q1: 25.672023 Q2: 26.272023 Q3: 20.702023 Q4: 18.822024 Q1: 20.102024 Q2: 18.832024 Q3: 21.13

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2017 Q1 tone ↓ -5.2 fwd EPS ↑ +0.24 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q4 tone ↓ -3.3 fwd EPS ↑ +0.07 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q2 tone ↓ -7.1 fwd EPS ↑ +0.15 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q1 tone ↓ -7.4 fwd EPS ↑ +0.10 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q2 tone ↑ +3.9 fwd EPS ↓ -0.26 Tone rose while the forward EPS estimate was cut.
  • 2021 Q2 tone ↓ -11.8 fwd EPS ↑ +0.26 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q2 tone ↓ -7.1 fwd EPS ↑ +0.27 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-05-01+8.9——View →
2024 Q42025-02-06+8.8——View →
2024 Q32024-11-07+4.3$9.3621.1View →
2024 Q22024-08-01+5.0$9.7118.8View →
2024 Q12024-05-03+2.6$9.7420.1View →
2023 Q42024-02-08+3.3$10.0318.8View →
2023 Q32023-10-26+9.8$10.1320.7View →
2023 Q22023-07-27+7.2$9.9226.3View →