OXFORD, Mass. (AP) _ IPG Photonics Corp. (IPGP) on Tuesday reported first-quarter net income of $36.4 million.

On a per-share basis, the Oxford, Massachusetts-based company said it had net income of 68 cents. Earnings, adjusted for non-recurring gains, were 40 cents per share.

The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 16 cents per share.

The high-powered laser maker posted revenue of $249.2 million in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $233.8 million.

For the current quarter ending in July, IPG said it expects revenue in the range of $260 million to $290 million.

IPG shares have declined 18% since the beginning of the year. The stock has declined 30% in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on IPGP at https://www.zacks.com/ap/IPGP

Automated Insights, source Associated Press News