Profits Triple For IPG
Revenues for Oxford-based precision laser company IPG Photonics grew 81 percent year-over-year to $121 million in the second quarter, as profits tripled to more than $30 million.
Revenues for the company jumped from $67 million last year. Through the first half of the year, revenues are up 87 percent from $221 million.
Meanwhile, profits for the company increased from $10.3 million last year to $30.7 million this year. Earnings per share increased from $0.22 to $0.63.
The company's marking, welding and cutting divisions were the strongest. Sales in China were up 129 percent year-over-year, while sales were up 87 percent in Europe and 60 percent in the United States.
The company expects an equally robust third quarter, with revenues in the range of $120 million to $130 million.
To read more about what IPG Photonics does and the company's recent growth, click here.
WBJ Web Partners
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