Oxford laser manufacturer IPG Photonics reported on Tuesday revenue of $364.5 million in the company’s fourth quarter earnings report.
The figures show an increase when compared to the company’s prior year fourth quarter revenue of $336.6-million.
IPG fourth-quarter profits rose to $65.3 million from last year’s fourth quarter of $49.7 million.
After the earnings report was released on Tuesday, IPG’s stock price dropped 9.16% to $133.24 per share on the New York Stock Exchange.
Declining sales in IPG’s China market were successfully offset by emerging new demand for IPG’s welding and cutting products in Europe, North America, and Japan, according the release.
“Sales outside of China increased to 69% of our total revenue, a level we have not seen in many years, showing our progress in achieving a better balance in our business,” said IPG CEO Eugene Scherbakov in the earnings report’s announcement.
