UPDATE 3-Air Liquide Q1 sales fall, tones down 2009 outlook

* Q1 sales drop 3 pct or 3.4 pct on comparable basis

* Expects 2009 net, sales to be close to 2008 levels

* Sees Q2 Gas and Services (G&S) sales bit better than Q1

* Boosts cost savings to 300 mln euros from 250 mln

* Shares fall as much as 6.1 pct in early trade

(Adds detail from conference call, updates shares)

By Caroline Jacobs

PARIS, April 28 (Reuters) - French industrial gases group Air Liquide (AIRP.PA) posted 3 percent lower first-quarter sales and trimmed its 2009 forecast as it appeared some client markets such as cars and metals would take longer to pick up.

Air Liquide, whose gas activities range from putting fizz in soft drinks and providing hydrogen to oil refineries, said it expected "revenue and income to be close to the 2008 levels", while in February it had planned for further growth.

In addition, it raised its cost savings goal to 300 million euros ($391 million) from 250 million euros this year as part of a three-year efficiency plan, dubbed ALMA, which will end in 2010. Savings would exceed the overall 600 million euro target.

"The first positive signs first observed at the end of the quarter do not yet provide indications of a trend," Chairman and Chief Executive Benoit Potier said in a statement on Tuesday. "Thus, the recovery in our markets could take longer."

Air Liquide sales slipped 3.4 percent on a comparable basis to 2.997 billion euros, with Gas and Services (G&S) sales down 3.8 percent, or 4.2 percent on a comparable basis, to 2.548 billion.

In March rival gas group Linde (LING.DE) scrapped its profit goals for 2010 [ID:nLG309930], while this month Air Products (APD.N) of the U.S. cut its 2009 forecasts.

Air Liquide shares were down 4.7 percent at 62.665 euros at 0947 GMT, having dipped as low as 61.73 euros earlier, underperforming the DJ Stoxx chemical sector index .SX4P, which was down 2.1 percent. The stock has dropped 5.3 percent this year.

"This warning on results ... will only lead to a limited review of consensus estimates," CM CIC Securities analyst Alexandre Cornu said, rating Air Liquide stock "hold".

Senior Executive Vice President Pierre Dufour told a journalists and analysts conference call that G&S revenues this quarter would be slightly better than in the first quarter.