Oxford-based IPG Photonics Corp. reported first quarter revenue of $41.8 million, a 28 percent increase over the same quarter a year ago.
The company, which makes fiber lasers, reported operating income of $11.1 million, and net income of $6.6 million, increases of 48 percent and 113 percent respectively.
The company’s expenses grew from $3.3 million during the first quarter of 2006 to $8.3 million during the most recent quarter.
The company credits increased sales of its fiber lasers in the materials processing market, especially automotive cutting and welding.
For the second quarter, the company expects revenue between $42 million and $45 million.
