* Q1 adj EPS $0.11 vs est loss $0.02/shr

* Q1 rev $86.3 mln vs est $81.6 mln

* Affirms full-year 2009 EPS view of $1.35

* Shares jump 23 pct (Adds analyst comments, updates share movement)

By Poojya Trivedi

BANGALORE, April 21 (Reuters) - Toymaker RC2 Corp (RCRC.O: Quote, Profile, Research) posted a surprise first-quarter profit, helped by lower expenses, and it stood by its full-year earnings outlook, sending its shares up 23 percent.

The company captured market share in a difficult environment, and sales trends have noticeably improved, Wedbush Morgan Securities analyst Chris White said by phone.

For the first quarter ended March 31, the company reported net income of $1.8 million, or 10 cents a share, compared with $2.0 million, or 11 cents a share, a year earlier.

Net sales fell 7.5 percent, hurt by unfavorable fluctuations in foreign currency exchange rates.