IPG Photonics' profit rises on international sales
IPG Photonics Corp., an Oxford laser supplier, said today that its first-quarter profit rose on higher sales of lasers used for processing materials in microchips, medical devices, and other industries, as well as strong European and Asian sales.
Net income rose to $8.1 million, or 18 cents per share, from $6.6 million in the 2007 first quarter.
Sales rose to $52.9 million from $41.8 million.
Analyst polled by Thomson Financial expected profit of 16 cents per share on sales of $52.4 million.
(At right, an IPG Photonics laser gets down to business.)
Chief Executive Valentin Gapontsev said international sales helped overcome a weak US market.
"Strong shipments in the European Union and continued expansion into the high-growth markets of Russia, India, China, and South Korea more than offset the softness we experienced in the U.S., which accounts for only 18 percent of our sales," he said in a statement.
The company said lasers used for material processing showed the strongest growth.
The company also said today that it expects second-quarter earnings per share to grow at least 7 percent on strong international sales.
The company forecast profit between 15 and 19 cents per share, compared with a profit of 14 cents per share last year.
It also expects of sales of between $52 million and $56 million, compared with $44 million last year. (AP)
