IPG Photonics Corp. said its third-quarter normalized net income amounted to $1.05 per share, compared with the S&P Capital IQ consensus estimate of $1.23 per share.
EPS rose 14.1% year over year from 92 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $56.1 million, a gain of 15.4% from $48.6 million in the prior-year period.
The normalized profit margin declined to 23.0% from 24.3% in the year-earlier period.
Total revenue grew 22.0% year over year to $243.5 million from $199.7 million, and total operating expenses increased 18.4% from the prior-year period to $148.9 million from $125.7 million.
Reported net income increased 13.7% on an annual basis to $63.0 million, or $1.18 per share, from $55.4 million, or $1.05 per share.