MARLBOROUGH, Mass. (AP) — MARLBOROUGH, Mass. (AP) — IPG Photonics Corp. (IPGP) on Tuesday reported first-quarter net income of $1.6 million.
The Marlborough, Massachusetts-based company said it had net income of 4 cents per share. Earnings, adjusted for one-time gains and costs, were 29 cents per share.
The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 32 cents per share.
The high-powered laser maker posted revenue of $265.5 million in the period, which topped Street forecasts. Five analysts surveyed by Zacks expected $255.7 million.
For the current quarter ending in June, IPG expects its per-share earnings to range from 25 cents to 55 cents.
The company said it expects revenue in the range of $260 million to $290 million for the fiscal second quarter.
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