IPG: Q1 Earnings Snapshot
OXFORD, Mass. (AP) _ IPG Photonics Corp. (IPGP) on Tuesday reported first-quarter net income of $68.1 million.
On a per-share basis, the Oxford, Massachusetts-based company said it had profit of $1.26. Earnings, adjusted for non-recurring gains, were $1.17 per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.07 per share.
The high-powered laser maker posted revenue of $345.6 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $326.4 million.
For the current quarter ending in July, IPG said it expects revenue in the range of $360 million to $390 million. Analysts surveyed by Zacks had expected revenue of $365.5 million.
IPG shares have decreased 5.5% since the beginning of the year. The stock has increased 77% in the last 12 months.