Thursday, Industrial laser beam source manufacturer ROFIN-SINAR Technologies Inc. (RSTI) reported a decrease in first-quarter earnings, which topped analysts' estimates. Quarterly sales declined 21%, due to the impact of the strengthening US dollar mainly against the Euro.
The Plymouth, Michigan-based company reported net income for the first quarter of $7.65 million or $0.26 per share, down from $16.9 million or $0.53 per share in the corresponding quarter of the previous year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.20 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter declined 21% to $106.9 million from $134.7 million reported in the same quarter of last year. Analysts had a consensus revenue estimate of $101.35 million.
The impact of the strengthening US dollar, mainly against the Euro, resulted in a decrease in net sales of $7.8 million in the first quarter.
Sales of laser products used for Macro applications decreased 32% to $41.4 million, accounting for 39% of total sales. Sales of lasers for Marking and Micro applications fell 14% to $54.6 million and represented 51% of total revenues. Components sales rose 9% to $11.0 million and represented 10% of total revenues.
On a geographical basis, net sales in North America decreased by 32% and totaled $18.6 million. In Europe, net sales decreased by 8% to $68.6 million and in Asia, net sales decreased by 40% to $19.8 million.
Gross profit for the quarter totaled $42.0 million, or 39% of net sales, compared to $58.7 million, or 44% of net sales in the same quarter last year.
RSTI closed Thursday's regular trading session at $17.00, up $0.42 or 2.53%. However, the stock lost $0.22 or 1.28 per share in the after-hour trade.
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