IPG Photonics Corporation Q1 Income Declines, but beats estimates

(RTTNews) - IPG Photonics Corporation (IPGP) released a profit for first quarter that decreased from last year but beat the Street estimates.

The company's bottom line totaled $60.14 million, or $1.26 per share. This compares with $69.57 million, or $1.31 per share, in last year's first quarter.

Analysts on average had expected the company to earn $1.14 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 6.2% to $347.17 million from $369.98 million last year.

IPG Photonics Corporation earnings at a glance (GAAP) :

-Earnings (Q1): $60.14 Mln. vs. $69.57 Mln. last year. -EPS (Q1): $1.26 vs. $1.31 last year. -Analyst Estimates: $1.14 -Revenue (Q1): $347.17 Mln vs. $369.98 Mln last year.