IPG Photonics reports record Q1 sales, profit
Photo | Matt Pilon
The Oxford headquarters of IPG Photonics.
Fresh off of a record financial year in 2017, Oxford laser manufacturer IPG Photonics reported Tuesday a record first quarter of 2018 with nearly $360 million in revenue and profit of $106 million.
Both marks are first-quarter records for the company, CEO Valentin Gapontsev said in a statement.
Revenue increased by 26 percent over the first quarter 2017, largely driven by the company’s material processing sales, which increased by 28 percent and accounted for 94 percent of the company’s total sales.
Sales in the U.S. increased by just 3 percent, but rose by 29 percent in China and Europe and by 39 percent in Japan.
Shareholders will see a 40-percent bump in their earnings per diluted share over last year’s first quarter to $1.93 per share.
Last year, the company reported a record $1.4 billion in sales and profit of nearly $350 million.
According to land records, the company in February spent over $1.1 million to acquire about 20 acres of land off of Federal Hill Road and Millbury Boulevard in Oxford.
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