IPG Photonics Shares Jump 18% (IPGP)

Shares of IPG Photonics Corporation IPGP are trading up 18% at $19.72 per share during the Tuesday afternoon trading session. The day's trading range for shares of IPG Photonics Corporation has been between $17.55 and $19.98 per share. Analysts covering the company's stock give it a consensus price target of $21.13 per share. Volume of 592,000 shares is more than 4 times the daily average volume of 117,000 shares. IPG Photonics Corporation (IPGP) announced on Tuesday morning that it easily beat consensus Wall Street estimates. IPG Photonics Corporation announced 2nd quarter earnings per share of 22 cents, on revenue of $67.3 million. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 13 cents per share, on revenue of $59.63 million. The company forecast 3rd quarter earnings of 19 cents to 25 cents per share, on revenue of $69 million to $75 million. Chief executive officer Dr. Valentin Gapontsev said, "Despite some underlying uncertainties in the global macro-economic environment during the second quarter many of our end markets are benefitting from a secular recovery,” said Gapontsev. “Materials processing had an outstanding quarter with sales increasing 91% year-over-year and 34% on a sequential basis. Demand for high-power cutting lasers and pulsed lasers for engraving and marking drove this strong performance as did sales to China, which more than tripled from the same period last year. Medical application sales continued to be strong, increasing 32% year-over-year and 29% sequentially, following solid first-quarter 2010 results. Advanced applications sales were 5% lower year-over-year and up 15% sequentially, and telecommunications sales decreased 24% year-over-year and improved 15% sequentially as customers began re-ordering." Read more from Benzinga's Company news.