UPDATE 1-'Transformers' beats targets with $201 mln debut

* Transformers sequel earns $201 million in first 5 days

* Narrowly misses five-day record held by "Dark Knight"

(Updates with studio quotes, other films)

LOS ANGELES, June 28 (Reuters) - The "Transformers" sequel quickly became the third-biggest movie of the year at the North American box office after just five days of release, as the costly robot extravaganza surpassed industry expectations.

"Transformers: Revenge of the Fallen," a follow-up to the smash hit of 2007, earned an estimated $201.2 million since it blasted into theaters on Wednesday, distributor Paramount Pictures said on Sunday.

Earlier in the week, the Viacom Inc (VIAb.N: Quote, Profile, Research)-owned studio had conservatively forecast a five-day haul in the $130 million to $150 million range. But industry pundits said a tally of at least $175 million was more likely.

"For me the high water mark was, could you get to $200 million in seven days?" said Don Harris, executive vice-president of distribution at Paramount, adding that his target was met with skepticism by movie-theater owners.

The biggest movies of the year so far are "Up" with $250 million and "Star Trek" with $246 million. The new "Transformers" movie is on track to hit the low $300 million area by the end of next weekend, Paramount said.

"We should have three really strong weeks before 'Harry Potter (and the Half-Blood Prince)' comes in (on July 15)," Harris said.