Overseas Sales Grow IPG Earnings
OXFORD, Mass., Oct. 28, 2014 — Fiber laser firm IPG Photonics Corp. reported increased earnings in the third quarter, with revenue increases across all its product lines in Europe and China.
Net income was $55.2 million, up 30 percent from $42.3 million in the third quarter of 2013. The company reported a 16 percent increase in revenue, to $199.7 million.
Sales for materials processing applications grew by 17 percent, primarily due to increased demand for metal cutting, marking and engraving, and additive manufacturing.
High-power laser sales increased by 10 percent, driven by demand for cutting applications. Medium-power laser sales were up 45 percent and low-power sales grew 14 percent. Pulsed laser sales were up 11 percent thanks in part to a new model recently launched in China. Quasi-CW laser sales increased by 122 percent, driven by turbine blade drilling and fine-welding applications.
The company said it expects fourth-quarter revenue in the range of $190 million to $205 million.
For more information, visit www.ipgphotonics.com.
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