UPDATE 1-Idex Q1 lags Street, lowers full year view

* Q1 EPS $0.28 vs $0.48 last year

* Q1 adj EPS $0.33 vs est $0.34

* Q1 sales $326.6 mln vs est $343.6 mln

* Sees Q2 EPS $0.34-$0.38, lags Street

* Sees FY EPS $1.35-$1.55, lags Street

April 20 (Reuters) - Idex Corp (IEX.N), a maker of flavor dispensing and paint blending systems, posted a lower-than-expected quarterly profit as orders fell and sales declined across its segments, and the company lowered its full-year outlook.

The company also forecast second-quarter earnings below market estimates. For the first quarter, net income was $22.6 million, down from $39.6 million a year earlier. Net sales fell 12 percent to $326.6 million.

New orders in the quarter were down 16 percent, the Northbrook, Illinois-based company said in a statement.

For the full year, the company now expects earnings between $1.35 and $1.55 a share, down from its previous forecast of $1.50 to $1.80.