LONDON (Reuters UK) - Pump manufacturer Weir Group (WEIR) expects fourth-quarter profit to be at the upper-end of analysts' forecasts as cost cuts and the weak pound boosted its third quarter performance.
The group, which makes pumps and valves for the mining, oil and gas and power generation sectors, said on Tuesday it performed well in the third quarter, despite ongoing trading uncertainties in many of its markets.
Keith Cochrane, who took over as CEO from Mark Selway on Monday, said fourth-quarter core profit -- which analysts have forecast to range between 151.6 million pounds and 177.1 million pounds -- would be at the top-end of the estimates.
Weir said in August it expected 2009 pretax profit to come in at the upper end of a range of 140 million to 169 million pounds after benefiting from the weak pound and a strong performance from its service and spares operations.
Its shares, which have more than doubled in value since the start of the year, closed on Monday at 695 pence.
(Reporting by Tiisetso Motsoeneng, Editing by Rhys Jones)
