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IPG Photonics Q1 profit climbs 44.5% YOY

IPG Photonics Corp. said its first-quarter normalized net income amounted to $1.17 per share, compared with the S&P Capital IQ consensus estimate of $1.20 per share.

EPS climbed 42.5% year over year from 82 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $63.4 million, an increase of 44.5% from $43.9 million in the year-earlier period.

The normalized profit margin rose to 22.2% from 21.2% in the year-earlier period.

Total revenue increased 37.9% on an annual basis to $285.8 million from $207.2 million, and total operating expenses grew 35.9% year over year to $179.8 million from $132.3 million.

Reported net income rose 52.1% on an annual basis to $75.0 million, or $1.38 per share, from $49.3 million, or 92 cents per share.