As a new CEO came in, IPG's profits rose 83% in the second quarter
Photo | Grant Welker
The Oxford headquarters of IPG Photonics
Oxford laser manufacturer IPG Photonics reported a second quarter profit of $69.8 million in a report released on Tuesday.
The new number is a $31.6-million increase when compared to the prior-year second quarter, in which the company earned $38.2 million in profits. The jump represents an 83% increase.
The latest financial report comes in the midst of a recent leadership change in June during which Eugene Scherbakov took over as CEO. Scherbakov replaced Valentin Gapontsev, who founded the company and transitioned into executive chairman of the company’s board.
"Increased economic activity across our core markets and focus on execution and growth opportunities by the team drove our performance in the second quarter," said Gapontsev in a press release.
Following the news of the increased earnings, IPG's stock was trading up 0.24% on the New York Stock Exchange late Wednesday morning, at $36.10 per share. That beats out the rest of the NYSE, whose composite was down 0.31% on Wednesday morning.
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