UPDATE 1-Corrections Corp Q3 profit tops Street, sees Q4 in line

* Q3 adj EPS $0.33 vs est $0.31 * Revenue $426.0 mln vs est $422.8 mln

* Sees Q4 EPS $0.33-$0.35

Nov 4 (Reuters) - Prison operator Corrections Corp of America (CXW.N) posted a quarterly profit that beat market estimates, helped by an increase in inmate populations from California and Arizona, and forecast fourth-quarter earnings in line with analysts' expectations.

For the third quarter, the largest U.S. prison company posted net income of $45.3 million, or 39 cents a share, compared with $37.9 million, or 30 cents a share, a year earlier.

Excluding tax benefits, it earned 33 cents a share.

Revenue at the company, which runs 65 facilities in 19 states, rose 6 percent to $426.0 million.

Analysts on average expected earnings of 31 cents a share, before special items, on revenue of $422.8 million, according to Thomson Reuters I/B/E/S.

Total average daily compensated population increased 5 percent to 79,081 in the third quarter, up from 75,691 a year ago.

Corrections Corp expects to post fourth-quarter earnings of 33 cents to 35 cents a share.

Analysts were expecting 34 cents a share for the period.

Shares of the Nashville, Tennessee-based company closed at $25.49 Wednesday on the New York Stock Exchange. (Reporting by Anne Pallivathuckal in Bangalore; Editing by Ratul Ray Chaudhuri)