UPDATE 2-Lance Q3 misses estimates, shares fall

* Q3 EPS $0.27 vs est $0.37

* Sees 2010 EPS growth of 30 pct

* Sees 2010 rev growth of 6 pct

* Narrows FY EPS view to $1.15-$1.20

* Shares fall as much as 12 pct (Adds details from conference call; updates share movement, adds analyst comment)

BANGALORE, Oct 30 (Reuters) - Snack-food maker Lance Inc (LNCE.O) posted lower-than-expected quarterly results as demand for its branded products in convenience stores slowed, and it forecast revenue weakness into fiscal 2010, sending its shares down as much as 12 percent.

On a conference call with analysts, the company said it expects to grow revenue by 6 percent and per-share earnings by 30 percent in 2010.

For 2009, the maker of Toastchee and Captain's Wafers, narrowed the upper end of its earnings view to $1.15 to $1.20 a share on sales of $915 million to $925 million.

Analysts expect 2010 earnings of $1.55 a share on revenue of $986.5 million, according to Thomson Reuters I/B/E/S.

"Given the shortfall in the third quarter, there are some questions whether they can really achieve a good fourth quarter," Morgan, Keegan & Co analyst Ben Brownlow said.

The analyst also raised concerns about the company's earnings power in 2010 given the momentum that was in the company's business.

Lance has beaten revenue estimates for five out of the last six quarters.

Net profit in the quarter rose to $8.8 million, or 27 cents a share, compared with $6.8 million, or 21 cents a share, last year.

Revenue rose 4 percent to $234.9 million.

However, results fell short of analysts' average estimate for earnings of 37 cents on revenue of $242.1 million, according to Thomson Reuters I/B/E/S.

Sales of Lance's branded products, which accounted for more than half of the quarterly revenue, were hurt by volume declines from convenience store and food service customers.

Shares of the Charlotte, North Carolina-based company fell as much as 12 percent to $24.04, before paring some losses to trade down 11 percent at $24.15 Friday afternoon on Nasdaq. (Reporting by Abhishek Takle in Bangalore; Editing by Himani Sarkar and Anil D'Silva)