UPDATE 2-Colfax Q4 profit beats estimates, but sees weak '10

* Q4 adj EPS $0.26 vs est $0.24

* Sales down 18 pct

* Sees 2010 adj EPS $0.67-$0.77 vs est $0.80

* Shares fall as much as 5 pct (Recasts; adds details, share movement)

Feb 18 (Reuters) - Colfax Corp (CFX.N) posted a quarterly profit that beat estimates by 2 cents on lower expenses, but the pumps and fluid-handling products maker forecast a weaker-than-expected earnings for 2010.

The company said it is seeing signs of economic recovery in some end-markets, but that it remains uncertain about its pace and strength.

"We expect our businesses to continue to be under pressure in 2010 as most of them are later-cycle businesses and lag the broader economy," Chief Executive Clay Kiefaber said in statement.

Colfax forecast 2010 adjusted earnings of 67 cents to 77 cents per share, on revenue of $480 million to $500 million. Analysts were looking for earnings of 80 cents per share, on revenue of $482.7 million, according to Thomson Reuters I/B/E/S.

The projected adjusted earnings excludes restructuring and other related charges, asbestos coverage litigation expenses and asbestos liability and defense costs, totaling 26 cents per share, it said.

For the latest fourth quarter, net income fell to $5.1 million, or 12 cents a share, from $10.4 million, or 24 cents a share, a year ago. Sales fell 18 percent to $131 million.

Excluding items, the company whose brands include Allweiler, Fairmount and Warren Pumps, earned 26 cents per share.

Analysts on average had expected earnings of 24 cents a share, before special items, on revenue of $128.4 million.

Shares of the company were down 4 percent at $11.41 Thursday morning on the New York Stock Exchange. They touched a low of $11.28 earlier in the session. (Reporting by Divya Sharma in Bangalore; Editing by Gopakumar Warrier)