08:53 AM EDT, 07/30/2024 (MT Newswires) -- IPG Photonics ( IPGP ) reported Q2 net income Tuesday of $0.45 per diluted share, down from $1.31 a year earlier.

Analysts polled by Capital IQ expected $0.51.

Net sales for the quarter ended June 30 were $257.6 million, down from $340 million a year earlier.

Analysts surveyed by Capital IQ expected $258.5 million.

For Q3, the company said it expects diluted EPS in the range of $0 to $0.30 on revenue of $210 million to $240 million. Analysts polled by Capital IQ expect $0.78 earnings and $283.4 million revenue.

IPG's shares fell 8.7% in recent Tuesday premarket activity.

Price: 80.00, Change: -7.61, Percent Change: -8.69