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UPDATE 1-Mosaic profit beats estimates on lower costs

(Adds details, background, shares)

Nov 3 (Reuters) - U.S. fertilizer company Mosaic Co reported a better-than-expected quarterly profit, helped by lower costs and a smaller tax bill.

Excluding one-time items, Mosaic earned 62 cents per share in the third quarter ended Sept. 30, above the average analyst estimate of 53 cents, according to Thomson Reuters I/B/E/S.

"Cost reduction combination with our share repurchases and a lower effective tax rate, drove an improvement in adjusted...