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IPG Photonics (IPGP) shares dropped about 30% in afternoon trading on Tuesday after the company posted lower Q1 adjusted earnings.
The company reported Q1 adjusted earnings Tuesday of $0.29 per diluted share, down from $0.31 a year earlier.
An analyst polled by FactSet expected $0.31.
Revenue for the quarter ended March 31 was $265.5 million, compared with $227.8 million a year earlier.
An analyst polled by FactSet expected $265.5 million.
The company expects Q2 adjusted EPS of $0.25 to $0.55 and $260 million to $290 million in revenue. Analysts polled by FactSet expect $0.44 in adjusted EPS on revenue of $275.7 million.
Separately, IPG Photonics said it agreed on a global settlement with TRUMPF Laser- und Systemtechnik to resolve and close their patent dispute. No other details were disclosed.
Price: $86.18, Change: $-36.16, Percent Change: -29.56%