UPDATE 1-Solera Holdings Q1 profit beats Street, ups outlook

* Q1 EPS $0.50 vs est of $0.43

* Q1 rev $150.8 mln vs est of $145 mln

* Q1 sales at automotive recycling unit up 53.5 pct

* Raises 2010 outlook

Nov 3 (Reuters) - Solera Holdings Inc (SLH.N), a provider of software and services to the auto insurance industry, posted better-than-expected quarterly profit as revenue from its automotive recycling business climbed, and it also raised its 2010 outlook.

Solera now expects 2010 profit of $1.89 to $1.97 a share and revenue of $627 million to $632 million. It had previously forecast profit of $1.76 to $1.83 a share on revenue of $594 million to $602 million. For the first quarter, Solera posted earnings of $20 million, or 29 cents a share, compared with $14.3 million, or 22 cents a share, a year ago.

Excluding items, the company earned 50 cents a share beating estimates of 43 cents a share, according to Thomson Reuters I/B/E/S. [ID:nWNAB9407]

Shares of the San Diego-based company closed at $32.24 Tuesday on the New York Stock Exchange. (Reporting by Sayantani Ghosh in Bangalore; Editing by Anil D'Silva)