UPDATE 1-Colfax Q1 net slightly up; cuts '09 view

* Q1 net income $6.9 mln vs yr-ago $6.8 mln

* Q1 EPS $0.16 vs $0.31 year ago

* Revenue up 4 pct

May 8 (Reuters) - Colfax Corp (CFX.N), which makes pumps and other fluid-handling products, reported a marginal increase in net profit, helped by backlog, but lowered its 2009 outlook as "economic conditions could remain difficult." For the first quarter, net income was $6.9 million, or 16 cents a share, compared with $6.8 million, or 31 cents a share, a year earlier.

The company, which went public in May last year, earned 24 cents a share on an adjusted basis, compared with 23 cents a year ago.

Revenue for the company, whose products are used in sectors such as oil and gas and power generation, rose more than 4 percent to $136.3 million.

Analysts on average were expecting earnings of 24 cents a share, before special items, on revenue of $132.2 million, according to Reuters Estimates.

Backlog at the end of the first quarter stood at $305.6 million. For 2009, the company expects adjusted earnings of $1.00 to $1.07 a share, which includes about 7 cents of negative currency impact. Earlier, the company forecast earnings of $1.10 to $1.17 a share.

It sees organic sales for the year to be down 2 percent to 4 percent. In 2008, the company reported organic sales of $70.2 million. Shares of the Richmond, Virginia-based company closed at $8.40 Thursday on the New York Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Aradhana Aravindan)