IPG Photonics, the Oxford-based fiber laser manufacturer, continued its meteoric rise in revenues and earnings during the third quarter, with profits more than doubling compared to last year.
The company reported a $32.9 million profit on $129.1 million in revenue. That’s an increase of 62 percent in revenues compared to the $79.8 million in sales a year ago. Profits more than doubled from $13.2 million last year.
Through the first nine months of the year, company revenues have increased 77 percent from $198 million to $351 million. Meanwhile, earnings more than tripled from $26.9 million to $86.7 million.
The company said sales of high-powered lasers grew 131 percent, fueled by automotive manufacturers that are using the lasers for cutting and welding in Germany and the United States.
Sales of medium-powered lasers, used in microelectronic and battery welding operations, were up 95 percent.
The company’s strongest sales have been in China, Germany and Russia.
IPG expects to invest more than $50 million by the end of this year in expanded manufacturing, application laboratories and sales facilities.
