UPDATE 1-OM Group Q3 profit dives 80 pct on lower sales, prices

* Q3 EPS $0.38 vs $1.86 yr ago

* Q3 revenue falls 48 pct

* To cut 94 jobs; Idles production at Manchester facility

* Cuts production at Finland and Ontario facility

Nov 5 (Reuters) - Specialty chemicals maker OM Group Inc's (OMG.N) third-quarter profit dropped 80 percent on lower selling prices and sales volumes, and said it will cut 94 jobs as a result of reduced production at some of its facilities.

As part of its cost-cutting measures, the company announced the termination of production at its Manchester facility and production of advanced organics in Kokkola, Finland and added it cut production levels in Ontario.

Chief Executive Joseph Scaminace said demand was starting to improve in end-markets like battery, semiconductor, printed circuit board and memory disk, while challenging conditions persist in the automotive, construction and industrial production sectors.

"Until we see more stability and consistency in demand and pricing trends, our optimism in the near term remains tempered," he said.

In the latest quarter, net income attributable to the company was $11.4 million, or 38 cents a share, compared with $56.3 million, or $1.86 a share, a year ago.

Revenue for the quarter dropped 48 percent to $235.2 million.

Analysts, on average, were looking for earnings of 35 cents a share, before items, on revenue of $233.5 million, according to Thomson Reuters I/B/E/S.

Total restructuring costs are expected to be $17.2 million, with $11.9 million already recognized in the third quarter, the company said.

Shares of the Cleveland, Ohio-based company closed at $27.56 Wednesday on the New York Stock Exchange. (Reporting by Antonita Madonna Devotta in Bangalore; Editing by Maju Samuel)