UPDATE 1-LKQ cuts 2008 earnings view amid economic downturn

* Q3 EPS 19 cents in line with expectations

* Cuts 2008 earnings view on economic uncertainty

* Shares down 18 pct

Oct 30 (Reuters) - Automobile-parts recycler LKQ Corp (LKQX.O) posted a third-quarter profit that was in line with analyst expectations, helped by revenue growth, but cut its 2008 earnings outlook citing challenging economic conditions. [ID:nWNAB4670] [ID:nGNW53442a]

"The economic downturn with the effects of lower miles driven, fewer insurance claims and decreased commodity prices will undoubtedly affect us in the short run," Chief Executive Joseph Holsten said in a statement.

"While the recycled portion of our business continues to see steady growth, the current economic realities appear to be constraining the growth of aftermarket sales," Holsten said.

The company posted third-quarter net income of $25.1 million, compared with $14.6 million a year earlier.

LKQ cut its 2008 earnings outlook to a range of 76 cents to 81 cents a share, from 85 cents to 88 cents a share.

Shares of the Chicago-based company fell to a low of $9.86, before recovering some losses to trade down 17 percent at $9.98 Thursday morning on Nasdaq. (Reporting by Eric Yep in Bangalore; Editing by Pratish Narayanan)