* Q3 profit $0.42/shr vs Street estimate $0.80
* Cuts 2011 silver production outlook to 22.5 mln ounces
* Shares drop 5.5 percent to C$28.69 on TSX (In U.S. dollars unless noted)
Nov 9 (Reuters) - Shares of Pan American Silver PAA.TO fell more than 5 percent on Wednesday morning after the silver miner reported a lower-than-expected quarterly profit and cut its full-year production outlook.
Late on Tuesday, the company reported adjusted net income in the quarter ended Sept. 30 of $45.6 million, or 42 cents a share. That compared with $27.4 million, or 26 cents a share, in the same quarter of 2010.
Analysts, on average, had expected earnings of 80 cents a share, according to Thomson Reuters I/B/E/S. Shares fell 5.5 percent to C$28.69 on Wednesday morning on the Toronto Stock Exchange.
Revenue rose 34 percent to $220.6 million.
Silver production in the quarter fell 10 percent to 5.6 million ounces and Pan American reduced its full-year output forecast to 22.5 million ounces from its previous forecast of 23 million to 24 million ounces.
$1=$1.02 Canadian Reporting by Julie Gordon; editing by Peter Galloway