UPDATE 1-Gamesa H1 in line; cuts turbine sales forecasts

* Cuts turbine sales forecasts for 2010, 2011

* Sees 2.4-2.5 GW of turbines in 2010 vs prev f'cast 2.7-3.0

* Cuts 2010 EBIT margin to 4.5-5.5 pct vs prior 6-7 pct

* H1 net 22 million euros vs f'cast 20 million

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MADRID, July 29 (Reuters) - Spain's Gamesa (GAM.MC: Quote) said it plans to sell 2.4 to 2.5 gigawatts of turbines in 2010 compared with a previous forecast of 2.7 to 3.0 GW, due to a weak economic recovery in Europe and regulatory delays in the United States.

The wind turbine manufacturer was also cautious on sales for 2011, targeting 2.7 to 3.3 GW of turbines next year compared with the target of over 3.6 GW given in February.

Net profit fell 66 percent to 22 million euros ($28.8 million) in the first half, slightly above forecasts for 20 million, as competition from new players in a wind turbine sector already punished by the global slowdown depressed sales 43 percent.

Earnings before interest and taxes (EBIT) fell 50 percent to 49 million euros, compared with forecasts for 48 million.

Gamesa cut its EBIT margin forecast for 2010 to 4.5 to 5.5 percent from a previous 6 to 7 percent. (Reporting by Jonathan Gleave; Writing by Judy MacInnes; Editing by David Holmes) ($1=.7641 Euro)