UPDATE 1-Plains All American Q3 results beat estimates

* Q3 profit $0.59/unit beats est by 2 cents

* Q3 rev $4.86 bln vs est of $4.27 bln

Nov 4 (Reuters) - Plains All American Pipeline LP (PAA.N) posted third-quarter earnings that beat analysts estimates, helped by lower costs.

In the latest quarter, the oil and gas pipeline operator posted a net income of $122 million, or 65 cents a unit, compared with $206 million, or $1.41 a unit, a year ago. Excluding items, it earned 59 cents a share.

Revenue for the quarter dropped 45 percent to $4.86 billion.

Analysts, on average, were looking for earnings of 57 cents a unit, before items, on revenue of $4.27 billion, according to Thomson Reuters I/B/E/S.

Shares of the Houston, Texas-based company closed at $48.24 Wednesday on the New York Stock Exchange. (Reporting by Antonita Madonna Devotta in Bangalore; Editing by Pradeep Kurup)