Oxford laser manufacturer IPG Photonics has reported $49.7 million in profits for the company’s fourth quarter, up dramatically from the $4.3 million loss reported during the same quarter a year earlier, a 1,255.8% increase.
Revenue was slightly down for the entire year, with IPG reporting $160.3 million in profits for all of 2020, compared with $180.3 million for all of 2019, an 11% increase.
This tracks with broader company trends, with IPG reporting $337 million in fourth quarter revenue compared with $307 million in revenue during the same quarter a year prior, a 10% year-to-year increase.
“We are very pleased with our fourth quarter results as we delivered revenue that was 10% higher than the fourth quarter 2019 and was above the top end of our guidance range,” said Valentin Gapontsev, IPG Photonics’ chief executive officer, in a statement. “In addition, book-to-bill was above one in the fourth quarter as we saw the traction in order flow continue from the third quarter.”
IPG is projecting first quarter revenue for 2021 to come in between $310 and $340 million, according to an earnings report.
