IPG Photonics Corporation (IPGP) announced a profit for first quarter that decreased from last year but beat the Street estimates.
The company's bottom line came in at $24.1 million, or $0.52 per share. This compares with $60.1 million, or $1.26 per share, in last year's first quarter.
Analysts on average had expected the company to earn $0.49 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter fell 27.4% to $252.0 million from $347.2 million last year.
IPG Photonics Corporation earnings at a glance (GAAP) :
-Earnings (Q1): $24.1 Mln. vs. $60.1 Mln. last year.
-EPS (Q1): $0.52 vs. $1.26 last year.
-Revenue (Q1): $252.0 Mln vs. $347.2 Mln last year.
-Guidance:
Next quarter EPS guidance: $0.30 to $0.60
Next quarter revenue guidance: $240mln - $270mln
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