IPG Photonics Guides Q3 Well Below View As Q2 Results Miss 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, well below estimates.
For the third quarter, the company expects earnings in a range of $0.00 to $0.30 per share on revenues between $210 million and $240 million.
On average, seven analysts polled by Thomson Reuters expect the company to report earnings of $0.78 per share on revenues of $282.34 million for the quarter. Analysts' estimates typically exclude special items.
For the second quarter, the company reported net income attributable to the company of $20.15 million or $0.45 per share, sharply lower than $62.32 million or $1.31 per share in the prior-year quarter. Net sales for the quarter declined 24 percent to $257.65 million from $339.97 million in the same quarter last year.
The Street expected the company to report earnings of $0.51 per share on revenues of $258.95 million for the quarter.
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