UPDATE 4-EADS Q3 dips, stays cautious on FY

* Q3 EBIT before one-offs 381 mln euros, Q3 net loss 87 mln

* No FY EBIT guidance, too much uncertainty

* "Cautiously envisaging" economic improvement in next mths

* Confirms FY 2009 300 gross aircraft order estimate

* EADS shares up 3.27 pct on good cash position

By Helen Massy-Beresford and Matthias Blamont (Adds extra comments from conference call, updates shares)

PARIS, Nov 16 (Reuters) - EADS (EAD.PA) unveiled a 77-percent drop in third-quarter core profit on Monday, hurt by the downturn in civil aviation, the weak dollar and delays to its A400M programme. [ID:nLG464923]

Core earnings of 201 million euros ($301 million) beat forecasts but Europe's largest aerospace group passed on full-year guidance, citing uncertainty over the impact of delays to the A400M and A380 programmes on the fourth quarter. [ID:nLB254530]

Investors welcomed positive news on cash consumption and by 1131 GMT the shares were up 3.27 percent at 13.58 euros. The CAC-40 index .FCHI was 0.81 percent higher.

"The company's cash performance is fabulous; they deserve an enormous amount of credit for that," said RBS analyst Sandy Morris. Net cash stood at 8.1 billion euros at the end of the third quarter, unchanged since the end of the first half.

CURRENCY FEARS

But the group will be facing a "big currency headwind" in 2010, Morris warned, and the market may not have taken on board the likely impact of the weakening dollar in 2010.

"It is indeed probably one of our biggest headaches today -- the level of the euro/dollar," chief financial officer Hans Peter Ring told a conference call.

EADS, which traditionally prices in dollars, said the weakening of the greenback was "challenging" its performance "because of a weakening hedge book over time" but the currency issue was not a short-term threat.