UPDATE 1-Lanxess Q3 adj oper profit falls 26 pct

* Q3 adj EBITDA 143 mln eur vs poll avg 117 mln

* Says global economic environment remains challenging

(Adds details, background)

FRANKFURT, Nov 12 (Reuters) - German specialty chemicals group Lanxess (LXSG.DE) said its third-quarter underlying operating profit dropped 26 percent on persistently weak demand for synthetic rubber for tyres, but still exceeded expecations.

"The global economic environment remains challenging despite improvements since the pace of the economic recovery varies from one region to another," the company said on Thursday.

Lanxess, the world's second-largest maker of rubber und rubber chemicals after Exxon (XOM.N), said its quarterly earnings before interest, tax, depreciation and amortisation (EBITDA) and special items fell to 143 million euros ($214.3 million), surpassing the average analyst estimate of 117 million in a Reuters poll of analysts.

Lanxess was hit particularly hard by the sharp downturn in the global automobile industry.

Major tyre makers such as Japan's Bridgestone Corp (5108.T) and France's Michelin (MICP.PA) have suffered losses in recent months, but have beaten analysts' expectations and suggested some recovery in the second half of the year.

Car sales have shown some signs of recovery due to purchase incentive schemes from governments, but tyremakers, including Bridgestone, remain cautious about post-incentive demand.

Based on Thomson Reuters StarMine, which weights estimates according to analysts' track record, Lanxess shares trade at about 19 times estimated earnings for the coming 12 months, above an average multiple of 16 for the global chemicals sector. (Reporting by Ludwig Burger)