IPG Photonics Shares Up 6.4% On Strong Results (IPGP)

Shares of IPG Photonics Corporation IPGP are trading up 6.4% at $23.95 per share during the Monday afternoon trading session. The day's trading range for shares of IPG Photonics Corporation has been between $23.56 and $24.93 per share. Analysts covering the company's stock give it a consensus price target of $24.12 per share. Volume of 596,000 shares is already more than double the daily average volume of 234,000 shares. IPG Photonics Corporation (IPGP) announced on Monday morning that it beat consensus Wall Street expectations. IPG Photonics Corporation announced 3rd quarter earnings per share of 28 cents, on revenue of $79.8 million. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 23 cents per share, on revenue of $73.46 million. Chief Executive Officer Dr. Valentin Gapontsev said, “We anticipate that the sales momentum we have experienced during the first nine months of 2010 will continue through the end of the year. As we enter the last quarter of the year, we will continue to focus on maintaining the high quality of our products while we increase the penetration of our fiber lasers in existing and new applications, expanding our OEM and customer base, and further extend our leadership position in the markets we serve. As sales of our lasers continue to increase, we expect to benefit from the leverage in our business model.” The company forecast 4th quarter earnings of 30 cents to 35 cents per share, on revenue in the range of $80 million to $86 million. Read more from Benzinga's Company news.