UPDATE 1-Dril-Quip Q3 results beat Wall Street

* Q3 adj EPS $0.72 vs est. of $0.67

* Q3 revenue 138.2 mln vs est. of $136.1 mln

* Sees Q4 EPS in range of $0.62-$0.72

* Says backlog rose to $623 mln at Sept. 30

Nov 6 (Reuters) - Offshore drilling and production equipment maker Dril-Quip Inc (DRQ.N) posted third-quarter results that beat estimates, on lower costs, and forecast fourth-quarter earnings in a range, the mid-point of which was in line with expectations.

For the fourth quarter, the company forecast a profit in the range of 62 cents to 72 cents a share, before items, while analysts were expecting the company to earn 67 cents a share, according to Thomson Reuters I/B/E/S/.

In the latest quarter, the company posted a net income of $25.1 million, or 63 cents a share, compared with $27.4 million, or 69 cents a share, a year ago.

The results include a charge of $3.5 million, or 9 cents a share, related to the employment contract termination expenses from the death of Gary Smith, one of the company's co-chief executive officers.

Revenue for the quarter rose 4 percent to $138.2 million, and backlog rose to about $623 million at Sept. 30, from about $528 million, a year ago.

Analysts on average were looking for earnings of 67 cents a share, before items, on revenue of $136.1 million.

Shares of the Houston-based company closed at $52.57 Thursday on the New York Stock Exchange. (Reporting by Antonita Madonna Devotta in Bangalore; Editing by Unnikrishnan Nair )