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IPG Photonics Q1 profit climbs 41.3% YOY

IPG Photonics Corp. said its first-quarter normalized net income came to 96 cents per share, compared with the S&P Capital IQ consensus estimate of 99 cents per share.

EPS rose 39.9% year over year from 69 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $51.2 million, an increase of 41.3% from $36.2 million in the year-earlier period.

The normalized profit margin climbed to 25.7% from 21.2% in the year-earlier period.

Total revenue grew 16.6% on an annual basis to $199.0 million from $170.6 million, and total operating expenses increased 10.1% on an annual basis to $125.7 million from $114.2 million.

Reported net income grew 41.7% year over year to $57.5 million, or $1.08 per share, from $40.6 million, or 77 cents per share.