The American chocolatier records a $460 million pretax gain on commodity derivatives as cocoa futures hit record highs last year.

Hershey forecast annual profit below Wall Street estimates on Thursday as record cocoa prices weigh on the Kit Kat maker's margins. Packaged food companies including Hershey have had to raise prices to combat high raw material costs,

Hershey (HSY -1.90%) is struggling today. One of the biggest problems is inflation, but not the kind that consumers dealt with coming out of the coronavirus pandemic. Cocoa prices