UPDATE 2-Heroux-Devtek Q2 profit falls; FY sales view bleak

* Q2 EPS C$0.11 vs. C$0.13 last year

* Q2 sales down 1 pct to C$76.6 mln

* Still pursuing acquisitions in aerospace sector

* Shares down 3 pct (Recasts; adds analyst and conference call comments)

By R. Manikandan

BANGALORE, Oct 30 (Reuters) - Aerospace and industrial manufacturer Heroux-Devtek Inc (HRX.TO) reported a 15 percent fall in its second-quarter profit, hurt by weakness at its commercial aerospace and industrial gas turbine businesses.

The company also said it does not expect any significant sales growth for the current financial year, given the economic uncertainty.

Heroux-Devtek, however, said it still intends to pursue acquisition opportunities in the aerospace sector, which could complement its core landing gear and aerostructure products business.

"We are actively looking for the right companies. If we do make an acquisition, we want to make a right one. Basically, we have certain flexibilities. Whatever we do, that will certainly protect our financial flexibility," the company said on a conference call with analysts.

As at Sept. 30, Heroux-Devtek had cash and cash equivalents of C$27.2 million ($25.54 million) and long-term debt of C$88.5 million, the company said in a statement.

Second-quarter sales at the company's aerospace segment, which caters to both military and commercial customers, grew 4.1 percent to C$70.9 million.

Military sales rose 27 percent. But commercial sales fell 19 percent, hurt by a slowdown in the commercial business jet and helicopter markets.

"They are seeing strong growth on the military segment and that is offsetting much of the weakness in their commercial side of the business," analyst Cameron Doerksen of Versant Partners said.

Sales from the company's industrial segment, which makes industrial gas turbine products and whose key customer is General Electric Co (GE.N), dropped 39 percent to C$5.7 million.

"The production cuts by GE in industrial gas turbines is hurting industrial sales segment," Doerksen added.

Heroux-Devtek posted a second-quarter net income of 11 Canadian cents a share on sales of C$76.6 million. Analysts' average estimate was for a profit of 11 Canadian cents, excluding special items, on revenue of C$76.85 million, according to Thomson Reuters I/B/E/S.

As at Sept. 30, the company's funded backlog stood at C$434 million, down from C$468 million three months earlier.

Shares of Heroux-Devtek were down 3 percent at C$5.03 Friday on the Toronto Stock Exchange.

($1=1.065 Canadian dollar) (Reporting by R. Manikandan in Bangalore; Editing by Anil D'Silva and Pradeep Kurup)