With that, I'll turn the call over to Tim Mammen.
Thank you, Valentin, and good morning, everyone. I'll start with a review of our end markets, products and geographic regions. After that, I'll provide highlights from our income statement and balance sheet and close with our guidance.
First quarter materials processing sales increased 19% year-over-year to $103.2 million. This market accounted for 84% of total sales during the quarter. The industries we serve within the materials processing end markets include automotive, shipbuilding, electronics, consumer, general manufacturing, aerospace and heavy industry.
Materials processing also includes a broad array of applications including marking and engraving, welding, cutting, drilling, cladding, prototyping, scribing, wafer processing, surface cleaning and hardening. The opportunity for fiber laser adoption is expanding as manufacturers increasingly use our technology in a broader range of industrial materials processing applications.The remaining 16% of sales were from telecom, advanced and medical applications. We see growth opportunities for IPG in these end markets but for (indiscernible) today and going forward we will only break out materials processing in detail since it represents the vast majority of our business. Sales for these other applications were up 48% year-over-year to $20 million. The growth was driven by the sale of multiple high-power, high-brightness lasers for advanced applications to be used in research. Sales of high-power lasers, which account for just (inaudible) of total revenue increased 42% year-over-year to $63 million. (inaudible) in welding applications have been driving much of the growth of our high-power laser sales. The benefits for customers using our lasers for cutting and welding include increased accuracy, speed and quality compared with traditional sources. Read the rest of this transcript for free on seekingalpha.com
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