Why IPG Photonics Stock Tanked Today
Shares of IPG Photonics (NASDAQ: IPGP) have tanked today, down by 10% as of 12:50 p.m. EDT, after the company reported first-quarter earnings. The results topped Wall Street's forecasts, but the company also announced a new CEO transition.
Revenue in the first quarter came in at $345.6 million, easily beating the consensus estimate of $328.9 million in sales. That resulted in earnings per share of $1.26, also ahead of the $1.09 per share in profits that analysts were modeling for. The fiber optics and laser technology company said materials processing sales increased 45% due to strong demand from welding, cutting, and solar cell manufacturing applications, among others.
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Source Fool.com
