UPDATE 2-Meredith to buy Allrecipes.com in $175 mln deal

* Sees deal to lower FY 2012 profit by $0.10 per share

* Sees deal to modestly add to earnings in 2013

* Sees Allrecipes to drive incremental revenue and profit growth

* Shares down 3 pct

Jan 24 (Reuters) - Media and publishing company Meredith Corp will buy food information website Allrecipes.com from privately held Reader's Digest Association Inc in a $175 million deal to expand its online presence.

The deal will shave off about 10 cents per share from Meredith's fiscal 2012 results, the company said.

Meredith, which publishes magazines targeted at women, expects the acquisition to modestly add to its earnings in fiscal 2013.

"It (Allrecipes.com) more than doubles the scale of the Meredith Women's Digital Network, and is expected to drive incremental revenue and profit growth," Meredith Chief Executive Steve Lacy said in a statement.

Allrecipes gets more than 700 million annual visits from home cooks who share and download recipes, reviews, photos, personal profiles and meal ideas, according to its website.

Meredith, which expects the deal to give its advertisers access to more than 100 million American women, plans to invest in Allrecipes.com to make it more attractive to online and mobile audiences.

Evercore served as one of the financial advisors to Reader's Digest in the Allrecipes.com sale.

Separately, Meredith posted a second-quarter profit that topped analysts' expectations and forecast third-quarter earnings above Street view.

Shares of Des Moines, Iowa-based Meredith, were down 3 percent at $31.62 in morning trade on Tuesday on the New York Stock Exchange.