UPDATE 1-LMI Aerospace Q3 trails Street, cuts FY sales outlook

* Q3 EPS $0.23 vs est $0.31

* Revenue $52.3 mln vs est $58.6 mln

* Cuts FY rev view to $224 mln, below est

Nov 8 (Reuters) - LMI Aerospace Inc (LMIA.O) posted quarterly results that lagged market estimates, partly hurt by a temporary decline in orders for Boeing's (BA.N) 737 products, and cut its full-year sales outlook for a fourth time this year.

LMI, which makes parts for the aerospace and defense industries, sees 2010 sales of $224 million, down from its prior view of $233-$242 million.

Analysts were expecting 2010 revenue of $236.3 million, according to Thomson Reuters I/B/E/S.

For July-September, the company reported net income of $2.6 million, or 23 cents a share, down from $2.8 million, or 25 cents a share, a year ago.

Revenue at the company, which operates two segments -- aerostructures and engineering services, fell 11 percent to $52.3 million. Aerostructures segment revenue fell 11 percent to $34.4 million

Analysts were expecting the company to earn 31 cents a share, before special items, on revenue of $58.6 million.

St. Louis-based LMI's shares, which closed at $16.30 Friday on Nasdaq, have lost 16 percent of their value since they touched a year-high of $19.50 in May. (Reporting by Fareha Khan in Bangalore; Editing by Anne Pallivathuckal)