IPG Posts 27% Profit Gain
Oxford-based laser maker IPG Photonics Corp. reported third quarter revenue and profit gains of nearly 30 percent.
The company said revenue for the quarter hit $62 million compared to $47.9 million for the same quarter a year ago. Likewise, net income for the quarter was $10.9 million compared to $8.6 million a year ago.
The company's operating income rose by 33 percent from $12.8 million last year to $17.1 million, which was due in part to strict cost control. Operating expenses during the quarter were $12.3 million, or 20 percent of revenue. In the same period a year ago, operating expenses were $8.9 million, or 19 percent of revenue.
A wide range of uses for IPG's fiber lasers and strong sales in international markets were credited with the quarter's strong performance.
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