IPG Photonics of Oxford continued its financial roll as it posted a 22-percent increase in second-quarter revenue, fueled by continued strong demand for its high-power, fiber lasers for materials processing applications, the company said.
IPG, whose stock trades on the NASDAQ exchange, reported $168.2 million in revenue for the quarter, which ended June 30. That’s up from $137.9 million in the same quarter last year. For the first six months of 2013, revenue was up 19 percent, from $261.1 million to $310 million.
The company’s net income also grew in double-digit percentages, up 11 percent for the quarter from $37.7 million to $41.7 million.
IPG cited particularly strong demand for its products in Asia and the United States.
“The strong revenue growth … further demonstrates the increasing adoption rate of fiber laser technologies for various applications,” CEO Valentin Gapontsev said.
Gapontsev said the company continues to see solid demand, and expects third-quarter revenue to fall in the range of $165 million to $175 million.
(Image credit: freedigitalphotos.net)
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