UPDATE: Lufkin Posts Downbeat Q1 Profit, Issues Weak Q2 Forecast

Lufkin Industries Inc LUFK posted a weaker-than-expected first-quarter profit and issued a weak second-quarter profit forecast. Lufkin projects Q2 earnings of $0.80 to $0.90 per share on revenue of $300 million. However, analysts were projecting earnings of $0.95 per share on revenue of $316 million. Lufkin's quarterly profit dropped to $10.9 million, or $0.34 per share, from $12.4 million, or $0.40 per share, in the year-ago period. Excluding items, Lufkin earned $0.56 per share. Its revenue surged 44% to $279.5 million. However, analysts were expecting a profit of $0.59 per share on revenue of $276.1 million. Lufkin shares closed at $72.30 on Friday.