Hershey, the maker of Hershey's Kisses and Reese's Peanut Butter Cups, reported a better-than-expected quarterly profit as stronger demand and a shift in the timing of shipments helped boost sales in North America, its biggest market.
The company also reported its first rise in net sales this year, a 3.7 percent increase to $1.64 billion that beat the average analyst estimate of $1.61 billion.
Hershey, which rejected a $23 billion buyout offer from Mondelez in June, said it was looking at more opportunities to cut costs and spend less on advertising and marketing this year.
The company said it now expected to save about $135 million this year, up from its previous estimate of at least $100 million.
Hershey also reduced its capital expenditure budget to $265 million to $275 million for the year from $285 million to $295 million.