IPG Boosts Q3 Earnings, Sells Stake In Russian Firm
Oxford-based laser maker IPG Photonics Corp. boosted its third-quarter profit to $13.2 million from $2.3 million a year ago as revenue increased 74 percent.
Revenue was $79.8 million during the quarter compared to $45.8 million a year ago. Revenue was also 19 percent greater than the second quarter.
The company said it saw an 88-percent increase in sales of pulsed lasers, which was driven by demand from the marking and engraving market. An 83-percent increase in sales of high-powered lasers used in cutting and welding and a 144-percent month-to-month increase in telecommunications sales also drove quarterly growth.
IPG also announced that it had sold 12.5 percent of its ownership stake in Russia-based NTO IRE-Polus to the Russian Corporation of Nonotechnologies for $25 million. Under terms of the agreement RCN will have an option to purchase another 12.5 percent of NTO IRE-Polus for another $25 million over the next five years.
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