Blount International Inc. may someday soon become Oregon's next $1 billion company, but it's not likely to happen this year.

The Portland-based maker of sawchain and other tools and replacement parts used in logging, agriculture and gardening (NYSE: BLT) earlier forecast that it would reach $1 billion in annual sales this year.

But on Tuesday, the company said economic uncertainty in Europe and drought conditions in North America have led to revised projections of between $900 million and $940 million in sales this year.

The lowered forecast comes despite a second quarter in which sales grew 19 percent to reach $239.1 million. The growth, though, came mostly from the string of acquisitions made by the company over the past two years. Excluding those new businesses, sales fell 8 percent.

Net income fell slightly, from $13.8 million, or 28 cents per share, a year ago to $13.1 million, or 26 cents per share.

Blount CEO Josh Collins said the company incurred excess costs from finishing the consolidation of a distribution and log splitter assembly facility in Kansas City. But the costs were fewer in the second quarter than in the first, and "are largely behind us."

"Our top priorities are managing through the current, soft market environment and continued integration of the businesses we acquired in the last two years," Collins said in a news release.