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The Boston Globe

Business

Mass. Movers

First-quarter profit up 17 percent at IPG

Valentin Gapontsev is IPG’s chief executive.

Boston Globe/File

Valentin Gapontsev is IPG’s chief executive.

IPG Photonics, the Oxford company that makes lasers used to process industrial materials, said net income rose 17 percent in the first quarter. The results fell short of Wall Street estimates. Profit grew to $35.1 million, or 67 cents per share, from $29.9 million, or 61 cents per share. “In materials processing, we reported a record quarter for high power laser sales, which increased 19 percent year-over-year,” said Valentin Gapontsev, IPG’s chief executive.

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