RTTNews | Aug 3, 2021 08:53AM EDT

08:52 Tuesday, August 3, 2021 (RTTNews.com) - IPG Photonics Corp. (IPGP) reported Tuesday that net income attributable to IPG soared to $69.8 million or $1.29 per share from $38.2 million or $0.71 per share in the prior-year quarter.

Revenues for the quarter increased 25 percent to $371.7 million from $296.4 million in the same quarter last year, driven by improved demand in Europe and the U.S.

On average, ten analysts polled by Thomson Reuters expect the company to report earnings of $1.40 per share on revenues of $376.94 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to the third quarter, the company expects earnings in a range of $1.10 to $1.40 per share on revenues between $350 million and $380 million. The Street is looking for earnings of $1.45 per share on revenues of $383.12 million for the quarter.

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