IPG profit up 55% in Q2, China sales lead
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Oxford-based IPG Photonics saw net income increase 55 percent in the second quarter of 2017.
Oxford fiber laser manufacturer IPG Photonics Corp. saw net income increase 55 percent to $104.1 million in the second quarter vs the second quarter 2016.
In an earnings statement Tuesday, IPG CEO Valentin Gapontsev said the company is seeing rapid growth in its core products, applications and geographies, with sales in China leading that growth. Sales to Chinese customers almost doubled and represented half of all second-quarter revenue, IPG said.
“As the market leader in fiber lasers, we are benefiting from accelerating adoption of fiber lasers over conventional lasers and non-laser cutting and welding equipment,” Gapontsev said, noting second-quarter revenue and net income were both at record levels.
IPG generated revenue of $369.4 million, 46-percent higher than the $252.8 million the company brought in during the second quarter of 2016. Earnings per share grew 53 percent to $1.91.
The strong results follow news in May and June the company will acquire two companies, including the $40-million acquisition of a Minnesota manufacturer and the purchase of one of its suppliers in Florida.
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