UPDATE 1-LMI Aerospace Q2 profit lags Street

* Q2 EPS $0.28 vs est $0.34 * Sees Q3 rev $76-$80 mln

* Cuts 2009 rev view to $241-$255 mln

* Shares fall 3 pct

Aug 7 (Reuters) - LMI Aerospace Inc (LMIA.O), which makes parts for the aerospace and defense industries, posted a lower-than-expected quarterly profit as sales for military and regional aircraft fell, and it cut its full-year revenue forecast.

For the second quarter, net income was $3.2 million, or 28 cents a share, compared with $5.0 million, or 45 cents a share, a year ago. Sales fell 3 percent to $62.8 million.

Analysts on average were expecting earnings of 34 cents a share, before special items, on revenue of $66.2 million, according to Reuters Estimates.

"Weakness in cargo and passenger traffic, as well as reduced enplanements of business jets, will abate in the next twelve months, setting the stage for new order placement and increased engineering and manufacturing activity," Chief Executive Ronald Saks said in a statement.

The company lowered its 2009 revenue outlook to $241 million to $255 million, from its prior view of $260 million to $274 million.

It sees third-quarter revenue of $76 million to $80 million, above analysts' expectation of $66.5 million for the period.

Shares of the company were down 3 percent at $9.33 in morning trade Friday on Nasdaq. (Reporting by Divya Sharma in Bangalore; Editing by Ratul Ray Chaudhuri)