UPDATE 1-Franklin Electric Q2 profit beats Street

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July 28 (Reuters) - Franklin Electric Co Inc (FELE.O), a maker of water- and fuel-pumping systems, posted second-quarter earnings that beat market estimates on double-digit sales growth, helped partly by acquisitions and favourable exchange rates.

The company posted net income of $15.3 million, or 66 cents a share, compared with $6.6 million, or 28 cents a share, a year earlier.

Net sales for the quarter rose 32 percent to $201.7 million. Sales from businesses acquired in the last 12 months were $30 million, and revenue increased by $7.0 million due to favorable foreign exchange rate changes, the company said.

Analysts on average expected earnings of 57 cents a share, before special items, on revenue of $202 million, according to Reuters Estimates.

Weak economic conditions in several key markets make the company's outlook uncertain for sustaining the rate of performance improvement achieved during the first half of the year, Chief Executive Scott Trumbull said in a statement.

Shares of the company closed up 2.41 percent at $42.06 Monday on Nasdaq. (Reporting by Eric Yep in Bangalore; Editing by Pratish Narayanan)