UPDATE: Lufkin Posts Weaker-Than-Expected Q2 Profit, Issues Downbeat Q3 Forecast

Lufkin Industries (NASDAQ: LUFK) posted a weaker-than-expected second-quarter profit and issued a downbeat forecast for the third quarter

Lufkin projects Q3 earnings between $0.70 per share and $0.80 per share, on revenue between $330 million and $340 million. However, analysts were projecting earnings of $1.09 per share and revenue of $341.21 million.

Lufkin's quarterly net income surged to $19.3 million, or $0.57 per share, versus $18.5 million, or $0.60 per share, in the year-ago period. Excluding items, Lufkin earned $0.66 per share, missing analysts' estimates of $0.82 per share.

Its revenue jumped 35% to 305.6 million, missing analysts' estimates of $307.7 million.

Lufkin shares closed at $59.33 on Friday.