UPDATE 1-WD-40 Q1 results beats Street; cuts 2009 view

* Q1 EPS $0.46/shr beats estimates by $0.05/shr

* Q1 sales up 5.6 pct

* Cuts FY 2009 forecasts

Jan 7 (Reuters) - Household lubricant and cleaning products maker WD-40 Co (WDFC.O) posted a better-than-expected quarterly profit but cut its full-year forecasts, as it deals with a deteriorating economy and volatile raw material costs.

While prices of certain raw materials such as oil and steel have fallen, the price of tinplate, a primary cost, has risen substantially, the company said.

The San Diego-based company now expects 2009 earnings of $1.60 to $1.75 a share on sales of $305 million to $315 million, compared with its October forecast of $1.65 to $1.85 a share, on sales of $323 million to $343 million.

According to Reuters estimates, analysts were expecting earnings of $1.76 a share on revenue of $329.51 million for the period.

Due to the tanking global economy, volatile raw materials costs and significant fluctuations in foreign exchange rates, the company would not be able to provide accurate long-term outlook, Chief Executive Garry Ridge said.

For the first quarter ended Nov 30, WD-40 reported net income of $7.7 million compared with $6.2 million last year. Sales grew 5.6 percent to $83.6 million.

Sales of maintenance products like the company's namesake brand rose 14.9 percent to $65.9 million, but sales of cleaning products fell 18.8 percent to $17.7 million.

Shares of the company were down about 5 percent at $25.50 in trading after the bell, after closing at $26.79 on Nasdaq Wednesday.

For the alerts, please click [ID:nWNAB7655] (Reporting by Mihir Dalal in Bangalore; Editing by Anthony Kurian)