IPG Posts Record Revenue For 3rd Quarter
IPG Photonics of Oxford said it brought in record revenue for the third quarter, driven by a 19-percent increase in sales for materials processing applications, the core of the fiber laser manufacturer’s business.
IPG said year-over-year revenue jumped 10 percent to $172.2 million. For the first nine months of 2013, revenue rose 15 percent over last year to $482.2 million.
“We saw particularly strong demand for high-power lasers within materials processing,” said the company’s CEO, Valentin Gapontsev.
Despite the top-line gains, net income was flat, falling slightly for the quarter to $42.3 million, down from $42.4 million. That translates into 81 cents per share, flat with the third quarter of 2012. However, from January through September, IPG’s net income totaled $119.2 million, up from $110.1 million. That translated into a 12-cent gain in earnings per share, from $2.16 to $2.28.
Gapontsev said the company expects fourth-quarter revenue to be seasonally weaker in certain areas, but added: “We continue to believe that IPG still has a significant opportunity of profitable growth ahead for existing and new applications and product line expansion.”
IPG said it expects fourth-quarter revenue to fall between $155 million and $170 million, with earnings per share in the range of 68 cents to 82 cents based on nearly 52.4 million shares. In the fourth quarter of 2012, the company brought in $145 million in revenue.
(Image credit: freedigitalphotos.net)
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