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

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

Hershey now forecasts 2025 adjusted earnings per share to be between $6.00 and $6.18, well below analysts' expectations of $7.34 per share, according to estimates compiled by LSEG. Company CEO Michele Buck said she expects the surge in cocoa prices to put "significant pressure on 2025 earnings."