UPDATE 1-Arbitron Q3 misses Street, backs FY09 view

* Q3 adj EPS $0.51 vs est $0.53

* Q3 rev misses est

* Keeps FY09 outlook

Oct 20 (Reuters) - Media rating service company Arbitron Inc (ARB.N) posted quarterly results that missed Wall Street estimates, as it lost customers to competitors and a tough advertising environment hurt renewals and new business.

For the third quarter, the company's net income fell to $13.7 million, or 51 cents a share, from $17 million, or 63 cents a share, a year ago.

Revenue for the company, which makes the device called Portable People Meter to measure radio station listenership, fell 4 percent to $98 million.

Analysts were expecting earnings of 53 cents a share, before items, on revenue of $103.1 million, according to Thomson Reuters I/B/E/S.

The company, however, kept its fiscal 2009 outlook unchanged.

Arbitron expects a year-over-year increase of 2 percent to 6 percent in revenue for the period. This would imply revenue of $394.1 million to $410 million.

Analysts are looking at revenue of $386.4 million, according to Thomson Reuters I/B/E/S.

The company expects per-share earnings of $1.40 and $1.55, including the impact of $10.1 million in pre-tax expense tied to its restructuring and reorganization program.

Shares of the company closed at $23.37 Monday on the New York Stock Exchange.

For alerts, please double click [ID:nWNAB1043] (Reporting by Mansi Dutta in Bangalore; Editing by Ratul Ray Chaudhuri)