UPDATE 1-Westlake Chemical Q3 results beat Wall Street view

* Q3 adj EPS $0.41 beats est $0.18

* Q3 revenue $632.6 mln tops est $580.2 mln

* Focus on cost controls to continue

Nov 3 (Reuters) - Westlake Chemical Corp (WLK.N) posted a third-quarter profit that handily beat Wall Street estimates, helped by higher selling prices for most of its major products.

However, Chief Executive Albert Chao said he maintained a cautious outlook on the economy, adding there will be continued focus on controlling costs, working capital and discretionary capital spending, in order to conserve cash.

For the quarter ended Sept. 30, the company posted net income of $29.8 million, or 45 cents a share, compared with $27.4 million, or 42 cents a share, a year ago.

Excluding the benefit from a lower tax rate, the company earned 41 cents a share, while analysts were looking for earnings of 18 cents a share, before items, according to Thomson Reuters I/B/E/S.

Quarterly revenue at the maker of basic chemicals for everyday products like dry-cleaning bags, polyester shirts and paint dropped 41 percent to $632.6 million.

Westlake said the quarter saw a sequential rise in higher polyethylene and polyvinyl chloride, or PVC, resin margins, which were partially offset by a 53 percent drop in industry caustic prices and lower PVC pipe margins.

Shares of the Houston-based company closed at $25.08 Monday on the New York Stock Exchange. (Reporting by Antonita Madonna Devotta in Bangalore; Editing by Vinu Pilakkott)