UPDATE 3-Carlisle says raw material costs may hurt Q4; shrs fall

* Q3 EPS $0.73 vs est $0.68

* Rev falls 27 pct

* Says still sees about 25 pct drop in 2009 rev

* Shares fall 11 pct (Recasts; adds conference call details, updates share movement)

Oct 20 (Reuters) - Diversified manufacturer Carlisle Cos Inc (CSL.N) reported a third-quarter profit that beat market expectations, but said it expects the next two quarters to be challenging due to rising raw material costs, sending its shares down 11 percent.

Carlisle said it still sees 2009 revenue declining about 25 percent from last year's $2.97 billion.

Prices of all the petroleum products it buys are going up, the company said.

"So we think we are going to see some raw material pressures -- certainly in the fourth quarter and probably in the first quarter," Chief Executive David Roberts said on a conference call.

The company's raw materials include processing oils, solvents, rubber and asphalt.

Carlisle, which makes specialty tires, wheels and aerospace cables, reported third-quarter revenue below analysts' estimates as sales were down across all its segments.

The company said its trailer business, which was down 64 percent, remains the most depressed business.

"Our capital equipment businesses remain the most negatively impacted by little or no spending in construction in the agricultural markets and the mining markets," the CEO said.

For the third quarter, Carlisle's net income from continuing operations was $45.0 million, or 73 cents a share, compared with $50.6 million, or 83 cents a share, a year ago.

Net sales from continuing operations fell 27 percent to $604.6 million.

Analysts on average were expecting earnings of 68 cents a share on revenue of $636.6 million, according to Thomson Reuters I/B/E/S.

Sales at the transportation products segment, which makes steel-belted radial trailer tires and roll-formed steel wheels, fell 37 percent.

Construction materials segment sales were down 24 percent to $340.1 million. Beacon Roofing Supply Inc (BECN.O) is the exclusive distributor for Carlisle roofing products in the upper midwestern and northeastern markets.

The Charlotte, North Carolina-based company said it would continue to focus on bolt-on acquisitions.

The company said net interest expense in the latest quarter was $2.0 million compared with $6.1 million a year ago.

Shares of the company were down $3.06 at $33.13 in afternoon trade on the New York Stock Exchange. They earlier touched a low of $32.24. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Ratul Ray Chaudhuri)