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IPG Photonics Q3 profit climbs 69.6% YOY

IPG Photonics Corp. said its normalized net income for the third quarter was $1.83 per share, compared with the S&P Capital IQ consensus estimate of $1.84 per share.

EPS increased 66.7% year over year from $1.10.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $100.3 million, an increase of 69.6% from $59.2 million in the year-earlier period.

The normalized profit margin increased to 25.6% from 22.2% in the year-earlier period.

Total revenue rose 47.6% year over year to $392.6 million from $266.0 million, and total operating expenses rose 35.2% from the prior-year period to $228.5 million from $169.0 million.

Reported net income rose 66.4% year over year to $115.4 million, or $2.11 per share, from $69.4 million, or $1.29 per share.