UPDATE 1-Raven Industries Q1 profit falls

* Q1 EPS $0.51 vs. yr-ago $0.60

* Q1 rev $65.2 mln vs. yr-ago $75.2 mln

* Shares fall as much as 5 pct May 19 (Reuters) - Industrial manufacturer Raven Industries Inc's (RAVN.O) quarterly profit fell 15 percent, hurt by lower revenue at its applied technology and engineered films divisions.

For the first quarter ended April 30, the company earned $9.2 million, or 51 cents a share, compared with $10.9 million, or 60 cents a share, a year earlier.

Sales fell 13 percent to $65.2 million.

Sales in the engineered films division fell 39 percent to $13.4 million, while that at the applied technology division was down 16 percent at $29.4 million.

"The energy and commercial construction markets remained soft, reducing the demand for Engineered Films' products," Chief Executive Ronald Moquist said in a statement.

Raven Industries said it does not expect the current economic conditions to improve until the middle of next year.

Shares of the company fell to a low of $24.54 but pared some losses to trade down 92 cents at $24.81 Tuesday morning on Nasdaq.

For alerts, double-click [ID:nWNAB1394] (Reporting by Amulya Nagaraj in Bangalore; Editing by Deepak Kannan)