IPG Photonics Q3 Profit Increases

IPG Photonics Corp. (IPGP) Tuesday reported an increase in third-quarter earnings, despite an 8 percent decline in revenues, compared to the prior year.

For the third quarter, the company profit of $76.26 million compared to $75.40 million a year ago. On a per-share basis, earnings increased 5 percent to $1.47 from $1.40 in the prior year.

On average, 8 analysts polled by Thomson Reuters expected the company to earn $1.15 per share. Analysts estimates usually exclude special items.

Net sales for the quarter declined to $349.01 million from $379.15 million a year ago. Analysts were looking for $372.81 million.

Looking ahead to the fourth quarter, IPG expects earnings per share in the range of $0.70-$1.00 and revenues in the range of $300-$330 million. Analysts expect $1.15 per share, on revenue of $375.39 million.

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