UPDATE 1-Nalco Q2 beats Street, boosts FY view

* Q2 shr $0.41 vs est $0.34

* Q2 rev up 19 pct, beats Street

* Results helped by dispersants sold for oil spill

* Ups FY outlook

July 27 (Reuters) - Water treatment services company Nalco NLC.N reported a quarterly profitthat handily beat analysts' estimates, helped by sales of its dispersants used to clean up the Gulf of Mexico oil spill, and boosted its full-year view.

The company forecast 2010 adjusted earnings to exceed $1.40 a share, and said organic revenues are expected to increase at a high-single-digit rate. It had previously expected earnings to exceed $1.30 a share and mid-single-digit organic sales growth.

Analysts, on average, expected the company to post earnings of $1.43 a share, excluding items, on revenue of $3.99 billion, according to Thomson Reuters I/B/E/S.

For the latest second quarter, net income attributable to Nalco Holding was $56.7 million, or 41 cents a share, compared with a net loss of $29.2 million, or 21 cents a share, last year. Analysts were expecting 34 cents a share.

Total revenue for the quarter rose 19 percent to $1.09 billion beating analysts' expectation of $990.2 million.

Excluding $70 million in sales of dispersants, which work much like kitchen dish soap by breaking up oil into smaller parts, to the Gulf of Mexico oil spill, sales grew 9 percent organically. Shares of the company closed at $24.77 Tuesday on the New York Stock Exchange. (Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Aradhana Aravindan)