OXFORD, Mass. (AP) -- IPG Photonics, which makes lasers used to process industrial materials, on Friday posted higher profit and sales in the fourth quarter. But Wall Street analysts expected stronger growth, and IPG's stock dropped 11 percent in morning trading.
Profit rose 12 percent to $34.9 million, or 67 cents per share, in the three months through Dec. 31, compared with $31.1 million, or 64 cents per share, the year before. Analysts surveyed by FactSet expected 72 cents per share.
Revenue rose 17 percent to $145 million from $123.5 million, as the company sold more lasers to auto makers and other manufacturers. Its biggest sales increases came in North America and Asia.
Still, analysts expected faster revenue growth, to $146.1 million.
For the current quarter, the Oxford, Mass., company predicted earnings of 65 cents to 75 cents per share on revenue of $145 million to $155 million. That's in line with analysts' estimate of earnings of 72 cents per share on revenue of $145.8 million
Shares of IPG Photonics Corp. declined $7.51 to $61.97. The stock has been marching steadily higher in recent months, hitting a 52-week high of $70.11 on Thursday. That's up 87 percent from a 12-month low of $37.58 from June.