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UPDATE 1-Chemicals maker Dow profit beats estimates on cost cuts

(Adds details on cost savings, sales)

Oct 24 (Reuters) - Dow Inc's quarterly profit beat Wall Street estimates on Thursday, as it kept a tight lid on costs against the backdrop of lower prices for chemicals used in making plastics.

An oversupply of ethylene and polyethylene, used in making plastics, and the impact of U.S.-China trade tensions on demand for chemicals had forced Dow to cut its third-quarter revenue forecast and full-year spending.

Dow, which makes chemicals used in paints, cosmetics and plastics, said it saved about $1.37 billion as part of a cost reduction program and also cut another $40 million in expenses.

The company said volume fell 2% in the third quarter, while prices declined 12%.

The company's net income available to shareholders fell to $333 million, or 45 cents per share, in the three months ended Sept. 30 from $1.01 billion, or $1.36 per share, a year earlier.

Excluding items, Dow posted operating earning of 91 cents per share, beating estimates of 73 cents per share, according to Refinitiv IBES data.

Net sales fell 15.2% to $10.76 billion, marginally beating analysts' estimate of $10.74 billion. (Reporting by Arathy S Nair in Bengaluru; Editing by Anil D'Silva)