Another record quarter for IPG Photonics

IMAGE CREDIT/FREEDIGITALPHOTOS.NET

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By Rick Saia

As it had forecast earlier this month, IPG Photonics of Oxford turned in a better-than-expected financial performance in the fourth quarter of 2014, reporting revenue of $207.4 million and net income of $56.4 million, both up substantially over the fourth quarter of 2013.

The manufacturer of fiber lasers said the three months ending the year marked a record quarter, with revenue and net income increases of 25 percent and 54 percent, respectively. (Net income amounted to $1.07 per share.) The company cited sales growth in several markets, especially automotive, where IPG improved its competitive position, CEO Valentin Gapontsev said in a statement. In addition, growth in metal-based 3D printing met expectations for the year, he said.

For the year, IPG’s revenue jumped 19 percent to $770 million and its net income 29 percent to $200 million.

The company’s backlog ended the year up by double digits too. More than half of IPG’s $321 million backlog has firm shipment dates, the company said.

IPG forecasts revenue of between $195 million and $205 million in the first quarter, with earnings per share in the range of 92 cents to $1.02.

"We enter 2015 with a strong backlog and remain focused on gaining further share in our established materials processing applications, completing development of and introducing new products (that) will expand our … market,” Gapontsev said.

IPG is one of the top manufacturers in Central Massachusetts and employs about 1,100.