The following are comments about segment performance for the third quarter of 2020 versus the year-ago period. Selling, marketing and administrative expenses, excluding advertising and related consumer marketing, decreased 1.5% versus the third quarter of 2019. United States. In the assessment of our results, we review and discuss the following financial metrics that are derived from the reported and non-GAAP financial measures presented above: Calculated as non-GAAP gross profit as a percentage of net sales for each period presented. Hershey, PA 17033 3 All comparisons for full-year 2020 are with respect to the full-year ended December 31, 2019. A, HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. During the third quarter of 2019, settlement charges in our hourly defined benefit plan were triggered as a result of lump sum withdrawals by employees retiring or leaving the Company under a voluntary separation plan included within our Margin for Growth Program. As a result, the foreign currency impact is equal to the current year results in local currencies multiplied by the change in average foreign currency exchange rate between the current fiscal period and the corresponding period of the prior fiscal year. Third-Quarter 2020 ResultsConsolidated net sales were $2,219.8 million in the third quarter of 2020 versus $2,134.4 million in the year ago period, an increase of 4.0%. Reconciliation of Certain Non-GAAP Financial Measures, Derivative mark-to-market (gains) losses*, Pension settlement charges relating to Company-directed initiatives*, Pension settlement charges relating to Company-directed initiatives, Noncontrolling interest share of business realignment and impairment charges, Tax effect of all adjustments reflected above**. The net impact of acquisitions and divestitures was a 0.9 point benefit, while foreign currency exchange was a 0.1 point headwind. There were no business realignment charges during the third quarter of 2020. Combined net sales in Mexico, Brazil, India and China decreased 13.9%. This volume softness was largely driven by reduced sales at our company's owned retail locations. The net impact of acquisitions and divestitures on net sales was a 0.8 point benefit, while foreign currency exchange was a 0.6 point headwind. PO Box 810 Unallocated Corporate Expense Hershey's unallocated corporate expense in the third quarter of 2020 was $128.3 million, a decrease of $4.5 million, or 3.4% versus the same period of 2019. Below is a reconciliation of projected 2020 and full-year 2019 earnings per share-diluted calculated in accordance with GAAP to non-GAAP adjusted earnings per share-diluted: Long-Lived and Intangible Asset Impairment Charges. While the operating environment continues to evolve, the company is reinstating full-year guidance based on current visibility into sales and costs for the balance of the year. North America (U.S. and Canada)Hershey's North America net sales were $2,014.2 million in the third quarter of 2020, an increase of 6.3% versus the same period last year. These statements are made based upon current expectations that are subject to risk and uncertainty. The company can be reached via phone at 717-534-4200. 2020 projected earnings per share-diluted, as presented above, does not include the impact of mark-to-market gains and losses on our commodity derivative contracts that will be reflected within corporate unallocated expense in segment results until the related inventory is sold since we are not able to forecast the impact of the market changes. HERSHEY, Pa., Nov. 6, 2020 /PRNewswire/ -- The Board of Directors of The Hershey Company (NYSE: HSY) today announced quarterly dividends of $0.804 on the Common Stock and $0.731 on the Class B Common Stock. HERSHEY, Pa., Nov. 6, 2020 /PRNewswire/ -- The Board of Directors of The Hershey Company (NYSE: HSY) today announced quarterly dividends of $0.804 on the Common Stock and $0.731 on the Class B Common Stock. Appendix IDetails of the charges included in GAAP results, as summarized in the press release (above), are as follows: Derivative Mark-to-Market (Gains) Losses: The mark-to-market (gains) losses on commodity derivatives are recorded as unallocated and excluded from adjusted results until such time as the related inventory is sold, at which time the corresponding (gains) losses are reclassified from unallocated to segment income.
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