CORRECTED - CORRECTED-(Nov 3) UPDATE 1-Tekelec Q3 profit tops Wall Street

(Corrects paragraph 3 to appreciation of U.S. dollar, from depreciation)

* Raises 2008 EPS forecast

* Cuts order forecast for 2008

* Q3 EPS beats estimates

* Q3 revenue up 8 percent

Nov 3 (Reuters) - Tekelec (TKLC.O), a maker of network switching systems, posted a quarterly profit that topped market estimates, helped by higher product revenue, and raised its 2008 earnings outlook on expectations of higher gross margins.

The company, however, cut its forecast for orders in 2008, blaming difficult economic conditions worldwide.

"We believe that our order input for fourth quarter may be impacted by the availability of credit in the developing world, and appreciation of US dollar versus currencies in developing countries," Chief Financial Officer William Everett said in a conference call with analysts.

The Morrisville, North Carolina-based Tekelec, whose customers include AT&T Inc (T.N) and Verizon Communications Inc (VZ.N), maintained its revenue outlook of $460 million to $470 million for 2008.

For the third quarter, total product revenue rose more than 7 percent to $75.5 million. Total operating expenses for the quarter rose more than 4 percent to $56.6 million.

Shares of the company were trading at $12.17 after the bell. They closed at $12.20 Monday on Nasdaq.

For the press release, please click [ID:nBw036519a] .

For the alerts, please click [ID:nWNAB6920], [ID:nWNAB7004] . (Reporting by Bijoy Koyitty in Bangalore; Editing by Vinu Pilakkott)