UPDATE 1-Fuel Systems shares soar on strong Q1 results

(Adds conference call details, analysts' comments, updates stock movement)

By Mary Meyase

BANGALORE, May 8 (Reuters) - Shares of Fuel Systems Solutions Inc (FSYS.O: Quote, Profile, Research) jumped as much as 37 percent Friday, a day after the alternative fuel components maker reported better-than-expected quarterly profit as cost-cutting efforts helped margins, and the company backed its full-year revenue forecast.

"While revenues essentially matched our estimate, record-level gross margin and meaningfully lower selling, general and administrative expenses drove the upside in earnings per share," analyst David Woodburn of ThinkEquity LLC said.

Selling, general and administrative expenses fell 11 percent in the first quarter. [ID:nBNG501198]

"This quarter, what was surprising was strength in industrial and the company instituted some cost-cutting measures, so operating margins held firm even in a tough year-on-year comparison," analyst John Quealy of Canaccord Adams said.

Industrial operating margin of 13.9 percent came in well ahead of our estimates, even as customers reported very weak end-market demand recently, Quealy said, adding that there was continued resilience in the transportation business.

He has a "buy" rating on the stock.

Fuel Systems designs, manufactures and supplies alternative fuel components and systems for use in the transportation, industrial and power generation industries.