UPDATE 1-Wasau Paper Q2 results miss estimates, sees weak Q3 EPS

* Q2 adj EPS $0.07 vs est $0.11

* Q2 rev misses Street

* Sees Q3 EPS of $0.13-$0.15 vs est $0.22/shr

July 26 (Reuters) - Wausau Paper (WPP.N) reported a quarterly adjusted profit that missed analysts' estimates, as shipments fell due to closure of a Maine paper mill, and issued third-quarter earnings view below Wall Street estimates.

For the third quarter, the paper maker said it expects earnings of 13 cents a share to 15 cents a share.

Analysts, on average, expected the company to post earnings of 22 cents a share, excluding items, for the third quarter, according to Thomson Reuters I/B/E/S.

"Sluggish economic conditions and high market pulp prices will remain a factor," the company's CEO Thomas Howatt said in a statement.

For the latest second quarter, net income was $5.6 million, or 11 cents a share, compared with a net loss of $1.9 million, or 4 cents a share, last year.

Excluding items, Wausau Paper earned 7 cents a share, while analysts expected the company to post earnings of 11 cents a share.

Total revenues for the quarter rose 1 percent to $265.6 million, below analysts' view of $273.9 million.

The company said quarterly shipments declined 5 percent to 168,000 tons due to anticipated volume reductions associated with the May 2009 closure of a paper mill in Jay, Maine.

Shares of the company closed at $7.97 Monday on the New York Stock Exchange. (Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Aradhana Aravindan)