OXFORD, Mass. (AP) _ IPG Photonics Corp. (IPGP) on Tuesday reported second-quarter net income of $121.6 million.
The Oxford, Massachusetts-based company said it had net income of $2.21 per share. Earnings, adjusted for non-recurring costs, were $2.24 per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $2.22 per share.
The high-powered laser maker posted revenue of $413.6 million in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $417.7 million.
For the current quarter ending in October, IPG said it expects revenue in the range of $360 million to $390 million. Analysts surveyed by Zacks had expected revenue of $431.1 million.
IPG shares have increased roughly 5 percent since the beginning of the year. The stock has increased 46 percent in the last 12 months.