Oxford-based IPG Photonics Corp. reported a 2008 profit of $36.7 million on revenue of $229.1 million.
In the previous year, the fiber laser maker reported a profit of $29.9 million on revenue of $188.7 million.
For the fourth quarter, the company reported a $9.1 million profit on $58.2 million in revenue, 9 percent and 6 percent increases, respectively, over the same quarter the prior year.
The company said its growth is fueled by strong demand for its lasers used in materials processing, which accounts for 78 percent of the company’s revenue. The company’s high-powered lasers saw 32 percent sales growth between 2007 and 2008.
Pulsed lasers, which are used in the manufacturing of solar panels, slowed during the fourth quarter as demand softened, the company said.
