Oxford-based IPG Photonics Corp. reported a 23-percent increase in revenue during the first quarter of the year and a 30-percent increase in profit.
The manufacturer of high-powered lasers and amplifiers cited strong performance around the world, resulting in revenue of $123.2 million and net income of $29.9 million, up from $100 million, and $23.1 million, respectively, in the first quarter of 2011.
IPG said materials processing sales accounted for about 84 percent of company revenues, resulting in a 19-percent increase year over year. Meanwhile, revenue for other applications, such as for telecom and medical uses, rose 48 percent.
Valentin Gapontsev, IPG's CEO, said order flow "continues to be robust." The company expects second-quarter revenue to fall between $128 million and $138 million.
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