Update 2-Lubrizol profit nearly triples; outlook raised

* Q3 EPS $2.46 vs. 92 cents year earlier

* Ex-items, Q3 EPS $2.52 matches Street view

* Q3 revenue down 6.5 percent

* 2009 earnings forecast raised

* Shares up 2.3 percent (Adds industry background, executive comment, prior outlook, stock activity, byline)

By Ernest Scheyder

NEW YORK, Oct 29 (Reuters) - Lubrizol Corp (LZ.N) said on Thursday that third-quarter profit nearly tripled due to aggressive cost-cutting that more than offset a drop in sales, and the chemical maker raised its 2009 outlook.

Lubrizol sales have suffered as the recession has hurt the transportation sector. The company's chemicals are used in engine oil and lubricants, as well as other products crucial to transportation companies.

While Wickliffe, Ohio-based the company said the fourth quarter would be challenging, it remains bullish and raised its forecast for that period.