UPDATE 1-Air Methods Q3 profit tops market estimates

* Q3 EPS $1.01 vs est $0.77

* Revenue $137.6 mln vs est $135.2 mln

Nov 5 (Reuters) - Air-ambulance operator Air Methods Corp (AIRM.O) reported a 51 percent rise in third-quarter profit, topping market expectations, helped by lower expenses.

The company posted net income of $12.6 million, or $1.01 a share, compared with $8.4 million, or 67 cents a share, a year earlier.

Revenue rose 3 percent to $137.6 million.

Community-based services revenue declined 3 percent to $80.2 million due to the absence of hurricane response activity in the quarter, while revenue at its products division more than doubled to $5.9 million.

Analysts on average were expecting the company to earn 77 cents a share, before items, on revenue of $135.2 million, according to Thomson Reuters I/B/E/S.

Operating expenses fell 4 percent to $96.3 million.

Shares of the Englewood, Colorado-based company closed at $32.69 Thursday on Nasdaq. (Reporting by Anuradha Ramanathan in Bangalore; Editing by Anne Pallivathuckal)