IPG Photonics IPGP reported better-than-expected second quarter results and issued upbeat Q3 projections.
IPG Photonics posted Q2 income at $30.7 million, or $0.62 per share, up from $10.3 million, or $0.22 per share, in the year-ago period. Its revenue surged to $121.9 million from $67.3 million. However, analysts were expecting earnings of $0.55 per share on revenue of $108.3 million.
IPG Photonics projects Q3 earnings of $0.56 to $0.68 per share on revenue of $120 to 130 million. Analysts were expecting earnings of $0.58 per share on revenue of $114.7 million.
IPG Photonics shares gained 6.98% to $65.00 in pre-market trading.
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