IPG Photonics Corp Q2 Profit Up, Above Estimates

(RTTNews) - IPG Photonics Corporation (IPGP), Tuesday reported an increase in net income for the second quarter, reflecting higher sales, driven by strong demand for IPG's high-power lasers for materials processing applications, particularly in Asia and the U.S.  Earnings as well as revenue exceeded the consensus estimates.

Net income attributable to IPG Photonics Corporation was $41.7 million or $0.80 per share, compared with $37.7 million or $0.72 per share during the corresponding quarter last year.

On average, ten analysts polled by Thomson Reuters expected the company to report earnings of $0.78 per share for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the three-month period increased 22 percent to $168.2 million from $137.9 million during the comparable quarter last year. The Street estimated the company to report revenues of $161.12 million for the quarter.

The company anticipates strong demand in most of its end markets. Accordingly, for the third quarter, the company expects revenue in the range of $165 million to $175 million and earnings in the range of $0.77 to $0.87 per share. Analysts expect the company to report earnings per share of $0.86 on revenues of $172.62 million for the upcoming quarter.