IPG Clings To Profit On Asian Demand
Oxford-based laser maker IPG Photonics Corp. reported a 79 percent profit plunge for the third quarter as revenue slid by 26 percent.
The company said it ended the quarter with a $2.3 million profit on $45.8 million in revenue. A year ago, the company reported a $10.9 million profit on $62 million in revenue.
Operating income also decreased by 79 percent from $17.1 million last year to $3.6 million.
The "demand environment" for the company's lasers "continues to be very difficult," the company said. Success in Asia, where demand is increasing, has bolstered the company as sales in Europe have dwindled.
The company ended the quarter with $76.3 million in cash and equivalents, an increase of $25 million from the end of 2008, and a reduction in capital expenditures of $9.6 million year-to-date.
WBJ Web Partners
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