UPDATE 1-Gibraltar Industries Q3 profit beats estimates

* Q3 adj EPS $0.28 vs est $0.18

* Q3 rev drops 34 pct

* Repaid $40 mln debt in Q3

* Closed three locations in Q3

Nov 4 (Reuters) - Buildings products maker Gibraltar Industries Inc (ROCK.O: Quote) posted better-than-expected quarterly profit, helped by cost cutting measures and a continued reduction in debt.

For the third quarter, the company reported a net income of $4.9 million, or 16 cents a share, compared with $19.2 million, or 61 cents a share, a year ago.

Excluding items, it earned 28 cents a share.

Revenue for the quarter fell 34 percent to $225.2 million.

Analysts on average were expecting the company to earn 18 cents a share, before special items, on revenue of $233.4 million, according to Thomson Reuters I/B/E/S.