IPG Keeps Growing In Q3
With three quarters under its belt in 2012, IPG Photonics is on track to surpass its 2011 revenue total.
Oxford-based laser maker IPG Photonics beat its own revenue expectations for the third quarter, bringing in a record $156.4 million.
That number was 21 percent higher than revenue from the same quarter in 2011. Meanwhile, profits grew by an even greater margin, from $32.9 to $42.4 million, or 29 percent.
Earnings per diluted share were up 23 percent to 81 cents.
The company’s CFO, Timothy Mammen, said three months ago that he expected sales of $145 million to $155 million and earnings per share of 74 cents to 84 cents during the third quarter.
CEO Valentin Gapontsev said the automotive and general manufacturing sectors drove sales of high-power lasers while electronics makers helped drive up pulsed laser sales 51 percent.
“Strength in the U.S. and Europe for cutting and welding applications in automotive and general manufacturing, as well as marking and engraving in consumer electronics, were the primary drivers of our record revenue performance,” Gapontsev said in a statement.
The company has $372.6 million in cash and is well on track to surpass its 2011 financial performance. IPG said today it expects revenue of $140 million to $150 million in the fourth quarter and EPS of 65 cents to 75 cents. With three quarters complete, IPG has brought in $417.5 million revenue so far. In 2011, it brought in $474.5 million for the year.
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