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IPGP - Why IPG Photonics Stock Rocketed Higher on Tuesday
IPG Photonics Corporation
Shares of IPG Photonics (NASDAQ: IPGP) charged sharply higher on Tuesday, surging as much as 17.4%. As of 10:34 a.m. ET, the stock was still up 17.2%.
The catalyst that sent the industrial laser maker higher was its quarterly earnings report, which was far better than expected.
For the first quarter, IPG Photonics generated revenue of $370 million, which climbed 7% year over year. This resulted in earnings per share (EPS) of $1.31, compared with EPS of $1.26 in the prior-year quarter.