IPG Photonics reports record year with $1.4B in sales
Photo/Matt Pilon
The Oxford headquarters of IPG Photonics.
Despite a $47 million tax bill from bringing home foreign earnings, Oxford’s IPG Photonics grew its 2017 net income by 33 percent to $347.6 million.
That increase in profit was largely due to revenues of $1.4 billion, a 40 percent increase from 2016.
For the fourth quarter, revenue increased by 29 percent to $361 million, while net income actually fell by $22 million. That decline was largely attributed in the company’s earnings report on Friday to a one-time transition tax on foreign earnings.
Earnings per diluted share rose by 31 percent to $6.36 for the year, but decreased by 31 percent to 96 cents in the fourth quarter due to the tax charge.
The company said its materials processing sales increased by 32 percent for the year and accounted for about 94 percent of total revenue.
High-powered laser sales also rose by 40 percent for the year, and pulsed laser sales increased by 20 percent.
Sales of other laser products rose by 24 percent in 2017, the company said.
CEO Valentin Gapontsev said 2017 was one of the company’s strongest years ever, including a record fourth quarter driven by the company's high-powered fiber lasers.
Earnings per diluted share rose by 31 percent to $6.36 for the year, but decreased by 31 percent to 96 cents in the fourth quarter due to the tax charge.
"Our outstanding performance is a direct result of our scale advantages and unique business model combining a vertically-integrated manufacturing operation with broad-based technology and process abilities that enable us to rapidly increase production, reduce costs and deliver innovation."
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