UPDATE 1-PolyOne Q3 profit beats Wall St, sees weak Q4

* Q3 EPS ex-items of 14 cts tops Wall St view of 5 cts

* Revenue off 25 pct to $548.3 million

NEW YORK Nov 4 (Reuters) - Chemicals maker PolyOne Corp (POL.N) posted a better-than-expected third-quarter profit on Wednesday, but said both earnings and revenues would slip in the fourth quarter.

Net income was $49.6 million, or 53 cents per share, from a net loss of $5.6 million, or 6 cents per share, in the year-earlier quarter.

Excluding one-time items, PolyOne's earnings of 14 cents per share beat analysts' average forecast of 5 cents per share, according to Thomson Reuters I/B/E/S.

Revenues fell 25 percent from a year ago to $548.3 million, beating the $522.4 million that analysts had forecast. (Reporting by Matt Daily and Ernest Scheyder; Editing by Derek Caney)