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

Key Takeaways Hershey beat profit and sales estimates as the chocolate maker's price hikes helped to offset the higher cost of cocoa.The company also cut selling, marketing, and administrative expenses.

Hershey forecast annual profit below Wall Street estimates on Thursday as record cocoa prices weigh on the Kit Kat maker's margins.