The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how shelf-stable food stocks fared in Q2, starting with Hershey (NYSE: HSY).

As America industrialized and moved away from an agricultural economy, people faced more demands on their time. Packaged foods emerged as a solution offering convenience to the evolving American family, whether it be canned goods or snacks. Today, Americans seek brands that are high in quality, reliable, and reasonably priced. Furthermore, there's a growing emphasis on health-conscious and sustainable food options. Packaged food stocks are considered resilient investments. People always need to eat, so these companies can enjoy consistent demand as long as they stay on top of changing consumer preferences. The industry spans from multinational corporations to smaller specialized firms and is subject to food safety and labeling regulations.

The 20 shelf-stable food stocks we track reported a mixed Q2. As a group, revenues beat analysts’ consensus estimates by 1.3% while next quarter’s revenue guidance was in line.

While some shelf-stable food stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 2.6% since the latest earnings results.

Best Q2: Hershey (NYSE: HSY)

Best known for its milk chocolate bar and Hershey's Kisses, Hershey (NYSE: HSY) is an iconic company known for its chocolate products.

Hershey reported revenues of $2.61 billion, up 26% year on year. This print exceeded analysts’ expectations by 3.1%. Overall, it was an exceptional quarter for the company with an impressive beat of analysts’ EBITDA and organic revenue estimates.

"We are pleased with our second-quarter results and the momentum we are seeing in our business," said Michele Buck, The Hershey Company President and Chief Executive Officer.

Hershey pulled off the fastest revenue growth of the whole group. The results were likely priced in, however, and the stock is flat since reporting. It currently trades at $186.15.

Is now the time to buy Hershey? Access our full analysis of the earnings results here, it’s free.

J&J Snack Foods (NASDAQ: JJSF)

Best known for its SuperPretzel soft pretzels and ICEE frozen drinks, J&J Snack Foods (NASDAQ: JJSF) produces a range of snacks and beverages and distributes them primarily to supermarket and food service customers.

J&J Snack Foods reported revenues of $454.3 million, up 3.3% year on year, outperforming analysts’ expectations by 2%. The business had a very strong quarter with an impressive beat of analysts’ EBITDA estimates and a solid beat of analysts’ adjusted operating income estimates.

Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 6.7% since reporting. It currently trades at $107.53.

Is now the time to buy J&J Snack Foods? Access our full analysis of the earnings results here, it’s free.

Weakest Q2: Conagra (NYSE: CAG)

Founded in 1919 as Nebraska Consolidated Mills in Omaha, Nebraska, Conagra Brands today (NYSE: CAG) boasts a diverse portfolio of packaged foods brands that includes everything from whipped cream to jarred pickles to frozen meals.

Conagra reported revenues of $2.78 billion, down 4.3% year on year, falling short of analysts’ expectations by 1.7%. It was a disappointing quarter as it posted full-year EPS guidance missing analysts’ expectations significantly and a significant miss of analysts’ EBITDA estimates.

Conagra delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 4.2% since the results and currently trades at $19.50.

Read our full analysis of Conagra’s results here.

Mondelez (NASDAQ: MDLZ)

Founded as Nabisco in 1903, Mondelez (NASDAQ: MDLZ) is a packaged snacks powerhouse best known for its Oreo, Cadbury, Toblerone, Ritz, and Trident brands.

Mondelez reported revenues of $8.98 billion, up 7.7% year on year. This result topped analysts’ expectations by 1.5%. It was a strong quarter as it also recorded a solid beat of analysts’ EBITDA estimates and a decent beat of analysts’ adjusted operating income estimates.

The stock is down 11.1% since reporting and currently trades at $62.

Read our full, actionable report on Mondelez here, it’s free.

SunOpta (NASDAQ: STKL)

Committed to clean-label foods, SunOpta (NASDAQ: STKL) is a sustainability-focused food and beverage company specializing in the sourcing, processing, and packaging of organic products.

SunOpta reported revenues of $191.5 million, up 12.9% year on year. This number surpassed analysts’ expectations by 3.1%. Overall, it was a strong quarter as it also put up a beat of analysts’ EPS estimates and full-year revenue guidance slightly topping analysts’ expectations.

SunOpta delivered the highest full-year guidance raise among its peers. The stock is up 23.1% since reporting and currently trades at $6.38.

Read our full, actionable report on SunOpta here, it’s free.

Market Update

Thanks to the Fed’s rate hikes in 2022 and 2023, inflation has been on a steady path downward, easing back toward that 2% sweet spot. Fortunately (miraculously to some), all this tightening didn’t send the economy tumbling into a recession, so here we are, cautiously celebrating a soft landing. The cherry on top? Recent rate cuts (half a point in September 2024, a quarter in November) have propped up markets, especially after Trump’s November win lit a fire under major indices and sent them to all-time highs. However, there’s still plenty to ponder — tariffs, corporate tax cuts, and what 2025 might hold for the economy.

Want to invest in winners with rock-solid fundamentals? Check out our Hidden Gem Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.

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