IPG Sales Increase 95% in Q1
OXFORD, Mass., May 3, 2011 — IPG Photonics, a producer of fiber lasers and amplifiers, announced a 95 percent increase in sales in the first quarter of 2011, as compared to a year ago.
The increase puts IPG’s sales at $100 million with a net income of $23.1 million. First-quarter sales in 2010 were at $51.2 million with a net income of $3.4 million. According to the company, the high-power and pulsed laser sales for materials processing applications were the primary drivers of the growth.
“We reported year-over-year sales increases in all geographies and product lines. We also achieved gross margins of 54 percent and grew earnings per diluted share to $0.47 from $0.07 in the first quarter of 2010,” said Valentin Gapontsev, IPG’s CEO.
IPG Photonics expects revenues in the range of $102 million to $110 million for the second quarter of 2011.
For more information, visit: www.ipgphotonics.com