IPG: 2Q Earnings Snapshot
OXFORD, Mass. (AP) _ IPG Photonics Corp. (IPGP) on Tuesday reported second-quarter net income of $72.3 million.
On a per-share basis, the Oxford, Massachusetts-based company said it had net income of $1.34. Earnings, adjusted for non-recurring costs, came to $1.42 per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.41 per share.
The high-powered laser maker posted revenue of $363.8 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $356.6 million.
For the current quarter ending in October, IPG said it expects revenue in the range of $325 million to $355 million. Analysts surveyed by Zacks had expected revenue of $365.1 million.
IPG shares have risen 23% since the beginning of the year. The stock has dropped 41% in the last 12 months.