IPG Photonics revenue hurt by foreign currency exchange
Photo/Matt Pilon
The Oxford headquarters of IPG Photonics.
IPG Photonics Corp. of Oxford posted strong third quarter revenue but foreign currency exchange losses reduced growth, the company announced Tuesday.
The laser manufacturing company grew revenue by 22 percent, but according to CEO Valentin Gapontsev, growth could have been stronger if not for “foreign currency headwinds” that reduced revenue growth by about 12 percentage points. Net income for the company grew 14 percent, equating to earnings of $1.18 per share. While this was up 12 percent from the third quarter of 2014, it was less than forecasted.
The company is working on new products that will address applications “beyond our core markets,” Gapontsev said in a statement, and expects revenue in the range of $215 to $230 million although the fourth quarter is usually seasonally weaker.
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