Oxford laser manufacturer IPG Photonics has reported a 38% decrease in its profits in the company’s third quarter, compared to the same time period in 2019, according to an earnings report released Friday.
IPG’s profit totaled $35.6 million in the third quarter, compared to $57.2 million during the same quarter last year.
Third-quarter revenue of $318 million decreased 3% year-over-year, the company said. But IPG performed better than expected in the quarter thanks to sales growth in China and slight improvement in Europe, CEO Valentin Gapontsev said in a statement
This is in keeping with the company’s second quarter results, when IPG reported 47% in decreased profits, reporting $38.2 million compared to $72.3 million in the second quarter of 2019.
These trends are in keeping with what has been a tough year for the company — IPG reported financial challenges due to the coronavirus pandemic before most other Central Massachusetts corporations, including a 7% revenue decline as early as February.
CORRECTION: A previous version of this story incorrectly said IPG had a 38% loss in revenue. The correct information is the company had a 38% loss in profits, and a 3% drop in revenue.
