Hormel Foods Corp.’s fiscal third-quarter earnings rose 11 percent as the food-processing company saw revenue continue to rise and brands like its Hormel chili did well. The result beat analysts’ expectations and the company raised the year’s earnings forecast for a third time, hiking it to $2.85 to $2.91 a share from $2.75 to $2.85.

The company has announced some price increases on offerings like Hormel hash and corned beef to offset higher prices for commodities. Higher raw material costs were one pressure in the latest quarter.

In an interview, Chief Executive Jeff Ettinger said that the company felt some of its biggest raw material pressures from higher pork and beef prices. While the company has raised some prices, it is still taking “a wait-and-see approach” on pricing for other brands as consumers are still under pressure, he said.

For the quarter ended July 25, Hormel reported a profit of $85.4 million, or 63 cents a share, up from $77.2 million, or 57 cents a share, a year earlier. The maker of Spam and Dinty Moore stews said revenue increased 10 percent to $1.73 billion.

Analysts polled by Thomson Reuters most recently forecast earnings of 60 cents on revenue of $1.67 billion.

Gross margin was flat at 16.5 percent.

Grocery-product earnings tumbled 23 percent on higher raw materials costs, but sales rose 13 percent and volume jumped 16 percent on gains by Hormel’s namesake chili and the MegaMex brand. At the refrigerated-foods business, Hormel’s largest by revenue, earnings rose 11% and sales grew 12 percent despite flat volume.

At its formerly struggling Jennie-O turkey unit, earnings soared 93 percent on prior cost cuts and favorable commodities prices while sales were flat and volume fell 6 percent.

Shares were recently up 12 cents at $43.49. The stock is up about 13 percent this year.