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May 3, 2017

IPG profit hits $157M in first quarter

Photo/Matt Pilon The Oxford headquarters of IPG Photonics.

Oxford laser product manufacturer IPG Photonics saw revenue grow by 38 percent in the first quarter and operating income jump by 45 percent, according to a Tuesday earnings report.

Gross profit hit $157 million.

IPG received a record number of orders in the quarter, said CEO Valentin Gapontsev, with revenue rising to $286 million.

Revenue and earnings per share of $1.38 were both at the high end of what the company expected for the three months ending March 31, Gapontsev said.

A backlog of orders foreshadows what should also be a strong second quarter, he said, but doesn't doesn't necessarily indicate a strong performance beyond that.

"While order flow remains strong, our visibility into the back half of the year, particularly the fourth quarter, remains somewhat limited," Gapontsev said.

IPG shares rose sharply on the news Tuesday and were trading above $130 on Wednesday. The $136 close Tuesday marks an all-time high for the company, which became public in 2006.

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