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IPG Photonics Q2 profit climbs 26.9% YOY

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IPG Photonics Q2 profit climbs 26.9% YOY

IPG Photonics Corp. said its second-quarter normalized net income came to $1.02 per share, compared with the S&P Capital IQ consensus estimate of $1.11 per share.

EPS climbed 25.4% year over year from 82 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $54.7 million, an increase of 26.9% from $43.1 million in the prior-year period.

The normalized profit margin increased to 23.3% from 22.4% in the year-earlier period.

Total revenue grew 22.3% on an annual basis to $235.1 million from $192.2 million, and total operating expenses grew 18.0% year over year to $144.5 million from $122.5 million.

Reported net income rose 26.6% on an annual basis to $61.5 million, or $1.15 per share, from $48.5 million, or 92 cents per share.