UPDATE 3-Estee Lauder quarterly profit falls 4 percent

(Recasts 1st paragraph; adds analyst comment, stock activity)

NEW YORK, May 6 (Reuters) - Estee Lauder Cos Inc (EL.N: Quote, Profile, Research, Stock Buzz) posted slightly lower quarterly earnings on Tuesday, but the maker of cosmetics, fragrances and hair-care products raised the low end of its full-year profit forecast and its shares rose 4 percent.

The company, known for its MAC, Aveda, Clinique and Bobbi Brown brands, said profit was $90.1 million, or 46 cents per share, for its fiscal third quarter ended March 31, down 4 percent from $93.9 million, or 45 cents per share, a year earlier.

The company had fewer outstanding shares in the latest quarter, which boosted per-share earnings.

Analysts, on average, were expecting 47 cents per share, according to Reuters Estimates.

Estee Lauder rival Elizabeth Arden Inc (RDEN.O: Quote, Profile, Research, Stock Buzz) reported a surprising quarterly net loss last week and cut its full-year outlook as the weak economy crimped cosmetic sales.

But Estee Lauder boosted the low end of its fiscal-year forecast by 6 cents per share. It now sees full-year earnings per share of $2.34 to $2.40, compared with a previous view of $2.28 to $2.40.

Goldman Sachs analyst Andrew Sawyer said two factors cushioned the impact of the quarterly profit miss.

He said sales growth from the Americas region, while weak, had a pretty good showing "versus most of the competition after a very soft U.S. cosmetics industry performance in the March quarter."