IPG Photonics Corp.
Fiber laser maker IPG Photonics Corp. of Oxford, Mass., reported another double-digit profit and revenue growth, this one for the third quarter of 2012, which ended Sept. 30. Profit increased to $42.4 million, up 29 percent from 2011’s $32.9 million. Revenue increased 21 percent year over year, from $129 million to $156 million. Once again, the increase was attributed to growth in high-power and pulsed laser sales for materials processing applications. Cutting and welding applications in automotive and general manufacturing in the US and Europe, as well as marking and engraving in consumer electronics, were the main drivers for the record performance. The company’s products also have applications in the medical field.