UPDATE 2-Finmeccanica first-quarter profit falls 14 pct

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ROME, April 28 (Reuters) - Italian defence and aerospace group Finmeccanica (SIFI.MI: Quote, Profile, Research) on Tuesday said first-quarter profit fell 14 percent from year earlier results which benefited from one-off gains, and the company confirmed its 2009 targets.

The Rome-based firm reported net profit of 108 million euros, down from 126 million euros in the year-earlier period. Profit was up 50 percent excluding extraordinary items.

Revenues rose 34 pct to 3.91 billion euros, but were down 9 percent excluding the contribution from DRS Technologies, the U.S. defence technology firm it acquired last year.

New orders were up 19 percent including DRS but were down 15 percent otherwise, due to lower demand in the civil helicopters and aeronautics sectors and unexpected delays in some projects.

The company confirmed its forecasts for revenues of between 17.1-17.7 billion euros in 2009 and 17.4-18.6 billion in 2010, saying it expected to see some improvement in 2010.

Shares of Finmeccanica are down 3.4 percent year to date. They fell this month when Washington recommended scrapping a high-profile U.S. presidential helicopter contract over cost concerns but Finmeccanica is seeking to revive it [ID:nLS598872]

(Reporting by Deepa Babington; editing by Elaine Hardcastle)