IPG Revenue Soars 19% For 2012

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By Rick Saia

IPG Photonics of Oxford continued to rake in revenue in 2012, reporting a 19-percent top-line gain for the year, and 17 percent for the fourth quarter.

Net income also soared by double digits as the manufacturer of high-power fiber lasers posted a 23-percent gain in profits for the year, to $145 million, and a 12-percent jump in the fourth quarter, to $34.9 million.

Earnings per share for the year rose 17 percent to $2.81. Revenue for the year was $562.5 million, up from $474.5 million in 2011.

Valentin Gapontsev, the company's CEO, said the results represented a "solid year." He said sales for the company's high-power lasers for materials processing helped drive the fourth-quarter gains. He also cited a 10-percent gain in laser sales for cutting and welding, primarily used by companies in the automotive industry, heavy industry and manufacturing.

Gapontsev and IPG see more gains ahead, with a strong order flow in January. The company said it expects revenue for the first quarter of 2013 to fall between $145 million and $155 million.

IPG said it also spent $68 million on capital expenditures last year to support manufacturing and new technology. In addition, it expanded its headquarters in Oxford.

The company also increased its cash position during the year by more than double, from $180.2 million at the end of 2011 to $384.1 million a year later.

(Image credit: Freedigitalphotos.net)