CORRECTED - CORRECTED-UPDATE 1-Silicon Labs buys private chipmaker; sees str

(Corrects fourth bullet point and paragraph 4 to show that Q4 adjusted EPS was 46 cents, which beat estimates)

* Buys SpectraLinear for $40 mln

* Deal to add to earnings, excluding amortization

* Sees Q1 rev $116-$122 mln vs est $111.3 mln

* Q4 adj EPS $0.46 vs est $0.37

* Q4 rev $112 mln vs est $108 mln

Jan 26 (Reuters) - Silicon Laboratories Inc (SLAB.O) said it agreed to buy privately held SpectraLinear for $40 million to complement its line of timing integrated circuits, and forecast first-quarter revenue above market estimates.

Timing ICs are used in electronics and computing devices to control the sequence of a recurring event.

Silicon Labs, which makes integrated circuits used in consumer devices like DVD players and set-top boxes, forecast first-quarter revenue of $116-$122 million, compared with analysts' average estimate of $111.3 million.

For the fourth quarter, the company posted net income of $12.9 million, or 28 cents a share. Excluding items it earned 46 cents a share.

Revenue for the three months ended Jan. 1 fell 12 percent to $112 million.

Analysts on average were looking for earnings of 37 cents a share, before items, on $108 million in revenue, according to Thomson Reuters I/B/E/S.

Shares of Austin, Texas-based Silicon Labs were up 1 percent at $49.71 in pre-market trading. They closed at $47.62 on Tuesday on Nasdaq. (Reporting by Himank Sharma in Bangalore; Editing by Anne Pallivathuckal)