Oxford-based laser maker IPG Photonics Corp. said strong sales in Europe and Asia propelled the company to first quarter income growth of 23 percent compared to last year.
IPG reported net income of $8.1 million for the first quarter and revenue of $52.9 million, a 27 percent increase over the $41.8 million it reported for the same quarter a year ago. The company said acceptance of fiber lasers is growing, and increased sales of its fiber lasers used in materials processing and strong sales to customers in Europe and Asia drove the sales success.
The company also reported an operating income increase of 13 percent to $12.5 million and $38.7 million cash on hand compared to $38 million the previous year.
The company said it expects second quarter revenue between $52 million and $56 million.
