UPDATE 2-Goldcorp says net profit falls, but raises forecast

* Q3 adj EPS $0.19/shr vs est $0.16/shr

* Production rises 11 pct to 621,100 oz

* Raises 2009 output guidance, cuts cost outlook

* Shares rise in after-hours trade (Adds details and background. In U.S. dollars unless otherwise noted)

TORONTO, Nov 4 (Reuters) - Goldcorp (G.TO) (GG.N) said on Wednesday quarterly net profit fell 62 percent, but its core earnings beat estimates and the company raised its 2009 production outlook and chopped its cost guidance.

The Canadian gold miner, the world's second-largest by market value, earned $114.2 million, or 16 cents a share, in the third quarter.

That compared with a year-earlier profit of $297.2 million, or 42 cents a share, which included a $254 million non-cash foreign-exchange related gain.

Excluding a $28 million foreign exchange loss and other items, the company earned 19 cents a share, beating the 16 cents a share expected by analysts, according to Thomson Reuters I/B/E/S.

Revenue rose 25 percent to $691.9 million, as quarterly gold production increased 11 percent to 621,100 ounces, helped by a strong quarter from the Red Lake mine in Ontario, the company's largest operation.

"Red Lake experienced an outstanding quarter, driven by excellent results in the high grade zone and continued productivity enhancements. Also in Ontario, Porcupine's quarterly gold production was its best in almost three years," Goldcorp Chief Executive Chuck Jeannes said in a statement.

Realized gold prices climbed to $968 an ounce from $865, while cash costs per ounce fell to $295 from $346 on a byproduct basis, which factors production of silver and base metals as a cost offset.

The Vancouver-based company lifted its 2009 gold production forecast to 2.4 million ounces from 2.3 million, and chopped its cost-per-ounce guidance to about $300 on a byproduct basis, down from its previous $345.

Goldcorp has mines in Canada and throughout Latin America. Its key development projects are the Pensaquito mine in Mexico, which is expected to reach commercial production next year, and it's 40 percent share of the Pueblo Viejo joint venture in the Dominican Republic.

It also plans to develop the high-grade Cochenour deposit, which sits near the Red Lake mine. (Reporting by Cameron French; Editing by Steve Orlofsky)