Chocolate maker Hershey Co reported a better-than-expected quarterly profit as lower commodity prices and cost cutting boosted margins.
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The maker of Kit Kat, Twizzlers and Reese's Peanut Butter Cups benefited from lower cocoa prices, which fell to an 11-month low in March.
Hershey's gross margin rose 2.4 percentage points to 46.5 percent in the quarter ended March 31.
On an adjusted basis, the candymaker earned $1.09 per share, 5 cents more than analysts had estimated on average.
The candymaker posted a 6 percent increase in revenue to $1.83 billion, driven by higher sales in the United States, its largest market, and the introduction of Brookside Foods Ltd products into its line-up.
Analysts were looking for revenue of $1.84 billion, according to Thomson Reuters I/B/E/S.
The net income rose to $241.9 million, or $1.06 per share, from $198.7 million, or 87 cents per share, a year earlier.