IPG Photonics Corporation Q2 Profit Decreases, But Beats Estimates

(RTTNews) - IPG Photonics Corporation (IPGP) released earnings for second quarter that Decreased from the same period last year but beat the Street estimates.

The company's earnings totaled $6.605 million, or $0.16 per share. This compares with $20.154 million, or $0.45 per share, last year.

Excluding items, IPG Photonics Corporation reported adjusted earnings of $12.930 million or $0.30 per share for the period.

Analysts on average had expected the company to earn $0.08 per share. Analysts' estimates typically exclude special items.

The company's revenue for the period fell 2.7% to $250.721 million from $257.645 million last year.

IPG Photonics Corporation earnings at a glance (GAAP) :

-Earnings: $6.605 Mln. vs. $20.154 Mln. last year. -EPS: $0.16 vs. $0.45 last year. -Revenue: $250.721 Mln vs. $257.645 Mln last year.

This decline in revenue reflects divestitures.

Looking ahead, for the third quarter, IPG Photonics expects results in line with analysts’ expectations.

The company projects adjusted earnings per share of $0.05 to $0.35, in line with analysts’ forecast of $0.18 per share.

The firm anticipates revenue of $225 million to $255 million, in line with analysts’ projection of $238.22 million.

IPGP was up by 9.44% at $84.77 in the pre-market trade on the Nasdaq.