OXFORD, Mass. (AP) -- IPG Photonics Corp., which makes lasers used to process industrial materials, said Wednesday that net income rose 17 percent in the first quarter.
The results fell short of Wall Street estimates, and its shares lost $5.40, or 8.5 percent, to close at $58.17.
Profit grew to $35.1 million, or 67 cents per share, from $29.9 million, or 61 cents per share. Revenue rose 15 percent, to $141.9 million.
Analysts expected the company to earn 70 cents per share and $150.2 million in revenue, according to FactSet.
For the second quarter IPG expects net income of 72 to 82 cents per share on $155 million to $165 million in revenue.
Analysts estimate 79 cents per share on $162.9 million in revenue.