UPDATE 2-Volcom Q3 tops market, sees Q4 profit below estimates

* Q3 EPS $0.54 vs est $0.37

* Q3 rev $93.9 mln vs est $84.8 mln

* Sees Q4 EPS $0.01-$0.04 (Recasts, adds conference call details)

Oct 29 (Reuters) - Volcom Inc's (VLCM.O) quarterly profit easily beat market estimates, helped in part by a better product mix that boosted demand during the back-to-school season, but forecast fourth-quarter profit way below analysts' expectations.

"The consumer got out there and did some back to school shopping, maybe a little bit more than we had anticipated. I think in the big picture it's an indication that the tide is changing," a company executive said on a conference call with analysts.

The surfing-inspired apparel maker, which sells to mall-based retailers and specialty chains like Zumiez Inc (ZUMZ.O) and Pacific Sunwear of California Inc (PSUN.O), saw third-quarter gross margins rise to 51.6 percent from 49.4 percent last year.

However, the company expects sales of about $6 million from key customer PacSun in the fourth quarter, compared with $10.4 million a year ago.

Volcom, which had taken a more aggressive pricing strategy in the third quarter to attract customers, earned $13.3 million, or 54 cents a share, compared with $16.3 million, or 67 cents a share, in the year-ago quarter.

Revenue at the company came in at $93.9 million.

Analysts on average were expecting earnings of 37 cents a share on revenue of $84.8 million, according to Thomson Reuters I/B/E/S.

For the fourth quarter, Volcom expects to earn 1 cent to 4 cents a share, on revenue of $59 million to $62 million. Analysts' mean profit view was 11 cents on revenue of $61.9 million.

Shares of the Costa Mesa, California-based Volcom closed at $17.46 Thursday on Nasdaq. (Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Pradeep Kurup)