UPDATE 1-Graco posts lower Q2 profit

* Q2 EPS $0.19 vs $0.69 a year ago * Q2 revenue $147.7 mln vs $239.2 mln yr-ago

July 22 (Reuters) - Graco Inc (GGG.N), a maker of fluid handling systems and components, posted a 73 percent drop in quarterly profit, hurt by falling sales and orders across all segments and regions.

For the second quarter, net income was $11.6 million, or 19 cents a share, compared with $42.5 million, or 69 cents a share, a year ago.

Net sales fell 38 percent to $147.7 million. Sales at the company's industrial segment fell 45 percent to $73.3 million during the quarter.

Analysts on average were expecting earnings of 18 cents a share, before special items, on revenue of $157.6 million, according to Reuters Estimates.

Shares of the Minneapolis-based company closed up 33 cents at $24.47 Wednesday on the New York Stock Exchange. (Reporting by Eric Yep in Bangalore; Editing by Anne Pallivathuckal)