UPDATE 2-Goldcorp says net profit falls, but raises forecast

* Q3 adj EPS $0.19/shr vs est $0.16/shr

* Production rises 11 pct to 621,100 oz

* Raises 2009 output guidance, cuts cost outlook

* Shares rise in after-hours trade (Adds details and background. In U.S. dollars unless otherwise noted)

TORONTO, Nov 4 (Reuters) - Goldcorp (G.TO: Quote) (GG.N: Quote) said on Wednesday quarterly net profit fell 62 percent, but its core earnings beat estimates and the company raised its 2009 production outlook and chopped its cost guidance.

The Canadian gold miner, the world's second-largest by market value, earned $114.2 million, or 16 cents a share, in the third quarter.

That compared with a year-earlier profit of $297.2 million, or 42 cents a share, which included a $254 million non-cash foreign-exchange related gain.

Excluding a $28 million foreign exchange loss and other items, the company earned 19 cents a share, beating the 16 cents a share expected by analysts, according to Thomson Reuters I/B/E/S.

Revenue rose 25 percent to $691.9 million, as quarterly gold production increased 11 percent to 621,100 ounces, helped by a strong quarter from the Red Lake mine in Ontario, the company's largest operation.