UPDATE 2-Force Protection Q3 results beat Street view

* Q3 adj EPS $0.23 vs est $0.12

* Revenue $316.2 mln vs est $211.8 mln

* Shares rise 4 pct (Adds conference call comments, details)

Nov 9 (Reuters) - Defense contractor Force Protection Inc (FRPT.O) posted better-than-expected quarterly results, helped by strong shipments of its Buffalo and Wolfhound vehicles, sending its shares up 4 percent.

Force Protection, which is known for its armored trucks the Cougar, Buffalo and Cheetah, said it expects to complete its previously announced $40 million cost reduction initiative in the first half of 2010.

"The benefit of the cost reduction initiative is expected to begin in the fourth quarter of 2009, and accelerate in subsequent quarters," the company said on a conference call with analysts.

The company, which lost a $1.1 billion supertruck contract with the U.S. Pentagon to rival Oshkosh Corp (OSK.N) in June, said it is still actively pursuing other opportunities with potential customers for the Cheetah vehicles.

"We have re-evaluated the Cheetah program... We believe that there are several potential customers beyond traditional military customers, include Homeland Security, private security contractors and NGOs," the company said on the call. For the third quarter, Force Protection reported earnings of $3.2 million, or 5 cents a share, compared with $19.9 million, or 29 cents a share, in the year-ago quarter.

Excluding a $19.3 million pretax charge for the write-down of its Cheetah inventory related to the Multipurpose All-Terrain Vehicle bids and related costs, the company earned 23 cents a share.

Revenue fell 8 percent to $316.2 million.

Analysts on average expected the company to earn 12 cents a share, before items, on revenue of $211.8 million, according to Thomson Reuters I/B/E/S.

Shares of the Ladson, South Carolina-based company were up 4 percent at $5.32 in after-market trade. They closed at $5.12 Monday on Nasdaq. (Reporting by Bijoy Koyitty in Bangalore; Editing by Anne Pallivathuckal)