IPG Photonics Guides Q3 EPS In Line With View; Q2 EPS Misses Estimates
(RTTNews) - While reporting financial results for the second quarter on Tuesday, IPG Photonics Corp. (IPGP) provided earnings and revenue guidance for the third quarter.
For the third quarter, the company expects earnings in a range of $1.00 to $1.30 per share on revenues between $350 million and $380 million.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.18 per share on revenues of $381.81 million for the quarter. Analysts' estimates typically exclude special items.
After completing previously authorized share repurchase programs during the quarter, the Board of Directors has authorized a new program to purchase up to $300 million of IPG common stock.
For the second quarter, the company reported net income attributable to the company of $56.97 million or $1.10 per share, down from $69.80 million or $1.29 per share in the prior-year quarter. Total revenue for the quarter grew 1 percent to $377.02 million from $371.66 million in the same quarter last year.
The Street is looking for earnings of $1.14 per share on revenues of $375.33 million for the quarter.
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