UPDATE 1-Smart Modular posts narrower Q3 loss, weak Q4 view

* Q3 adj. EPS $0.01 meets estimates

* Q3 rev $91.7 mln vs estimates of $100 mln

* Sees Q4 below estimates

* Shares down 5 pct

June 25 (Reuters) - Chipmaker Smart Modular Technologies Inc (SMOD.O) posted a narrower quarterly loss, helped by a drop in operating expenses, but forecast fourth-quarter earnings below estimates, sending its shares down 5 percent in post-market trade.

For the third quarter, the company posted a loss of $2.4 million, or 4 cents a share, compared with a loss of $11 million, or 18 cents a share, a year ago.

Excluding items, the company's earnings were a cent a share that came in line with analysts' estimates.

Net sales fell 45 percent to $91.7 million, while operating expenses were down 24 percent to $19.1 million.

Analysts were expecting revenue of $100 million for the quarter, according to Reuters Estimates.