UPDATE 1-Continental Resources profit misses estimates

May 2 (Reuters) - Oil producer Continental Resources Inc's profit missed analysts' estimates, hurt by higher operating costs, and the company raised its capital expenditure for the full year.

The company forecast production growth of 47 percent to 50 percent in 2012, on increased spending of $2.3 billion.

For the first quarter, production grew 66 percent to 85,526 barrels of oil equivalent per day.

Continental Resources in February raised its full-year production growth outlook to 37 percent to 40 percent, compared with 26 percent to 28 percent it forecast earlier. It had also budgeted capital expenditures of about $1.75 billion for the year.

The company on Wednesday posted a profit of $69.1 million, or 38 cents per share for the first quarter, compared with a net loss of $137.2 million, or 80 cents a share, a year ago.

Excluding items, the company earned 76 cents a share.

Revenue came in at $395.1 million.

Analysts, on average, expected a profit of 85 cents, on revenue of $548.8 million, according to Thomson Reuters I/B/E/S.

Shares of the company closed at $90.34 on Wednesday on the New York Stock Exchange.