IPG Photonics announces $100M stock buyback
Photo/Matt Pilon
The Oxford headquarters of IPG Photonics.
Oxford’s IPG Photonics has reported a $100 million share repurchase program amid growth in revenue for its second quarter.
The share repurchase program was voted through by the company's board to mitigate the dilutive impact of employee stock purchase plans and various employee compensations, according to a release from the company. The program limits aggregate share repurchases to no more than $100 million over a period ending June 30, 2018 and will be conducted periodically on the open market.
The announcement came as the company reported second quarter revenue of $252.8, a year-over-year increase of 8 percent, which contributed to a 9 percent bump to year-over-year earnings per diluted share to $1.25.
The company cited materials processing sales increasing 6 percent year-over-year and 7 percent growth in high-powered laser sales as part of the reason for the bump. The company has also already begun to see a boost in telecommunications sales as a result of the recent acquisition of Menara Networks, according to the release.
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