UPDATE: IPG Photonics Reports Stronger-Than-Expected Q2 Results, Issues Upbeat Q3 Projections

IPG Photonics IPGP reported better-than-expected second quarter results and issued upbeat Q3 projections. IPG Photonics posted Q2 income at $30.7 million, or $0.62 per share, up from $10.3 million, or $0.22 per share, in the year-ago period. Its revenue surged to $121.9 million from $67.3 million. However, analysts were expecting earnings of $0.55 per share on revenue of $108.3 million. IPG Photonics projects Q3 earnings of $0.56 to $0.68 per share on revenue of $120 to 130 million. Analysts were expecting earnings of $0.58 per share on revenue of $114.7 million. IPG Photonics shares gained 6.98% to $65.00 in pre-market trading.