Expansion into New Markets Yields Strong Year for IPG Photonics
OXFORD, Mass. — IPG Photonics Corp. says 2014 went just as it planned, with new sales efforts yielding a 19 percent rise in revenues and a 29 percent increase in earnings.
The industrial lasers firm, which took home a Prism Award last week, reported net income of $200.4 million, compared to $155.8 million in 2013. Revenues were $796.8 million, compared to $648.0 million in 2013.
“We continued to expand our breadth of applications, made great strides in penetrating cutting OEMs, and improved our competitive position in the automotive market,” said CEO Dr. Valentin Gapontsev. “In addition, the growth we anticipated in metal-based 3-D printing at the beginning of the year materialized. The growth in net income reflects the leverage we expected to achieve in our operating model.”
Fourth-quarter revenues were a record $207.4 million, up 25 percent for the same period in 2013, driven by sales in materials processing, as well as increases from other non-materials processing applications.
High-power laser revenue increased 32 percent, thanks in part to sales in the North American automotive industry and the worldwide metal-cutting market. Medium-power laser sales grew 58 percent related to sales for fine-processing applications.
Pulsed laser sales grew 16 percent, while quasi-CW lasers sales increased 23 percent in the fourth quarter.
The company expects revenue in the range of $195 million to $205 million for the first quarter of 2015.
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