* Third-quarter adj. earnings/share $0.46 vs est $0.36

* Sales rise 3.4 pct to $955 mln vs est $939 mln

* Expects low-single-digit sales growth for full year

(Adds outlook, details on commodity prices, updates shares)

May 6 (Reuters) - Hillshire Brands Co HSH.N reported better-than-expected quarterly sales as the packaged meat company raised prices to offset higher prices of pork and beef.

Hillshire, formerly the food business of Sara Lee Corp, makes Hillshire Farm luncheon meat, Jimmy Dean sausages and Ball Park hot dogs.

Wholesale prices of pork and beef have been rising steadily due to supply constraints for several months, prompting food companies to increase prices to maintain profitability.

Last year, the company was among the first to say it would raise prices after the spread of the deadly PEDv virus among piglets led to a shortage of pork. ID:nL1N0IN0FX

Tyson Foods Inc TSN.N , the largest U.S. meat processor, said on Monday it expects pork supplies to fall as much as 4 percent this fiscal year due to the virus. ID:nL3N0NR27E

Hillshire posted a 3.4 increase in revenue for the third quarter, mainly due to price increases, which offset volume declines. Higher sales of Jimmy Dean products, led by breakfast sandwiches, contributed to sales growth, the company said.

The company reported sales of $955 million, topping the average analyst estimate of $939 million, according to Thomson Reuters I/B/E/S.

Hillshire said it now expected full-year sales growth to be in the low-single-digit percentage range. It had earlier said sales would be slightly above last year, without giving a figure.

The company reported third-quarter net income from continuing operations of $42 million, or 35 cents per share, little changed from a year earlier. Excluding items, the company earned 46 cents per share.

Analysts on average had expected earnings of 36 cents per share on sales of $939 million, according to Thomson Reuters I/B/E/S.

Sara Lee spun off its international coffee and tea business in June 2012 into D.E Master Blenders 1753 NV DEMB.AS and changed its name to Hillshire Brands.

Hillshire's shares, which have risen 2 percent in the one-year to Monday's close, were up 1 percent at $35.63 in morning trading on Tuesday.

(Reporting by Siddharth Cavale in Bangalore and Lisa Baertlein in Los Angeles; Editing by Don Sebastian)

((lisa.baertlein@thomsonreuters.com)(+1 213 955 6742)(Reuters Messaging: lisa.baertlein.thomsonreuters.com@reuters.net))

Keywords: HILLSHIRE BRANDS RESULTS/