UPDATE 1-Roper Industries Q1 profit falls

* Q1 adj EPS $0.59 vs $0.67 last year

* Q1 rev falls 7 pct to $505.4 mln

* Sees Q2 EPS $0.61-$0.65 vs est $0.69 * Sees FY EPS $2.60-$2.80 vs est $2.71

April 23 (Reuters) - Diversified manufacturer Roper Industries Inc (ROP.N) posted a 17 percent fall in quarterly profit, hurt by a decline in orders, and the company forecast second-quarter earnings below market estimates.

For the first quarter, net income was $51.6 million, or 56 cents a share, compared with $62.5 million, or 67 cents a share, a year earlier.

Excluding restructuring charges, the company earned 59 cents a share. Revenue for the quarter fell 7 percent to $505.4 million. Orders dropped 15 percent.

"Orders and quote activity in March and early April give us confidence that we will see second quarter orders improve meaningfully over the first quarter," Chief Executive Brian Jellison said in a statement.

Roper forecast earnings per share of 61 cents to 65 cents for the second quarter and $2.60 to $2.80 for the full year.

Analysts were expecting earnings per share of 69 cents for the second quarter and $2.71 for the full year.