IPG Photonics posts 2Q profit; shares jump
OXFORD -- IPG Photonics Corp. booked a second quarter profit of more than $10 million, shifting to a profit from a loss a yearearlierr as demand recovered.
The company makes lasers for a variety of applications, from telecommunications to medical devices. Its results and forecast topped expectations, pushing shares up $2.88, or 17 percent, to $19.58 in afternoon trading. For the three months ended in June, IPG earned $10.3 million, or 22 cents per share. A year ago, it reported a loss of $1.2 million, or 3 cents per share. Revenue climbed 67 percent to $67.3 million. Analysts surveyed by Thomson Reuters expected 13 cents per share and revenue of $59.6 million, on average.
For the quarter ending in September, the company forecast earnings of 19 cents to 25 cents per share and revenue of $69 million to $75 million.
Analysts expected 16 cents per share on revenue of $62.2 million.