IPG Reports Record Revenue, Profits
Oxford fiber laser manufacturer IPG Photonics reported double-digit growth in its revenue and profits for the second quarter of this year, with record sales in Russia and added strength across Asia, the company reported today.
Revenue for the quarter increased 13 percent year over year, to $137.9 million, while profits surged 23 percent to $37.7 million. For the first six months of 2012, revenue is up 18 percent to $261.1 million, and profits 26 percent to $67.7 million. IPG also reported a 14-percent jump in earnings per share for the quarter, from 63 cents to 72 cents.
IPG has also nearly doubled its cash position since the start of the year, from $180.2 million to $345.6 million. During the second quarter, it generated $52 million in cash from operations, a quarterly record, said the company's CEO, Valentin Gapontsev. The gain in cash came despite the company's purchase of its outstanding minority interest in its Russian subsidiary, NTO IRE-Polus, for $55.4 million.
Gapontsev called the company's outlook "strong" for the rest of the year, withexpectations of $145 million to $155 million in revenue for the current quarter. He said the adoption of fiber lasers over other laser technologies, a broader use of lasers, and strong demand trends in key industries – notably automotive and consumer electronics – are key factors that will drive growth.
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