UPDATE 2-Colfax cuts 2009 outlook, shares fall
* Q1 adj EPS $0.24 in line with estimates
* Revenue up 4 pct
* Lowers 2009 view
* Shares fall 10 pct (Recasts; adds analyst comment, updates share movement)
May 8 (Reuters) - Pumps and other fluid-handling products maker Colfax Corp (CFX.N: Quote, Profile, Research) reported quarterly profit that came in line with Wall Street expectations, but lowered its 2009 outlook on weak economic conditions, and its shares fell 10 percent.
For 2009, the company expects adjusted earnings of $1.00 to $1.07 a share, which includes about 7 cents of negative currency impact. Its prior view was profit of $1.10 to $1.17 a share.
The company, whose products are used in sectors such as oil and gas and power generation, sees 2009 organic sales to be down 2 to 4 percent. Organic sales were $70.2 million in 2008.
Robert W. Baird analyst Michael Schneider, who said Colfax generates over 25 percent of its revenue from the crude oil and power generation end markets, expects the company to experience negative organic order growth in 2009.
"Our model assumes organic revenue declines each quarter in 2010," Schneider wrote in a note to clients. Continued...
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