IPG Photonics Corp. (IPGP) Tuesday reported higher profit for the second quarter, backed by increased revenues and lower expenses.
Net income attributable to the company rose to $37.7 million from $30.7 million. Earnings per share climbed to $0.72 from $0.63. On average, 12 analysts polled by Thomson Reuters expected earnings of $0.66 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue climbed to $137.9 million from $121.9 million. Analysts expected revenues of $134.77 million.
Operating expenses fell to $18.47 million from $20.58 million.
IPG expects earnings per share in the range of $0.74 to $0.84 for the third quarter and revenue of $145 million to $155 million. Analysts expect earnings of $0.72 per share on revenues of $143.90 million.
Dr. Valentin Gapontsev, CEO of the company, said, "Despite the macroeconomic environment in our various geographic markets, there are several factors counteracting these conditions to drive our growth, including the adoption of fiber lasers over other laser technologies, the use of lasers in an increasing number of applications, and strong demand trends in key industries, including automotive and consumer electronics."
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