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.

The chocolate maker easily beats quarterly estimates but issues disappointing guidance because of higher cocoa prices.

Cadbury-parent Mondelez International forecast a bigger-than-estimated drop in its annual profit on Tuesday, signaling pressures from higher costs, including from surging cocoa prices, sending its shares down nearly 6% after the bell.