Oxford Laser Firm Rides China Growth To $10M Profit
After losing $1.2 million a year ago, laser maker IPG Photonics Corp. of Oxford said it made a $10.3 million profit during the second quarter on $67.3 million in revenue.
Revenue for the same period a year ago was $40.4 million.
The company said the quarter's results represent momentum that has been building throughout 2010. Favorable foreign currency exchange rates also put $2.3 million into the company's bottom line.
Medical applications for IPG's lasers, as well as growth in the materials processing market and demand from customers in China contributed to the quarter's results, "despite some underlying uncertainties" in the global economy, the company said.
The company said it expects third quarter revenue between $69 million and $75 million.
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