Colfax income up slightly in first quarter

Colfax Corp. today reported income of $6.9 million for the first quarter, a slight increase over the $6.8 million in the same period a year earlier.

The Richmond-based maker of industrial pumps and valves said quarterly sales increased 4.3 percent to $136.3 million.

"We believe economic conditions could remain difficult for the balance of the year and now expect organic sales for the year to be down between 2 percent and 4 percent," said John Young, president and chief executive officer. "We expect adjusted earnings per share of $1.00 to $1.07 for 2009, which includes about 7 cents of negative currency impact compared to our prior guidance of $1.10 to $1.17."