IPG Earnings See Big Growth
Oxford-based IPG Photonics Corp., which manufactures fiber lasers and amplifiers, said revenues and profits were up sharply in the fourth quarter of 2011 and for the entire year.
The company brought in $123.5 million in revenue in the quarter, up 22 percent from the fourth quarter of 2010. And profits for the quarter were $31.1 million, up 15 percent.
For the year, IPG brought in $474.5 million in revenue, a 59-percent increase from 2010. The company more than doubled its profit in 2011. Earnings were $117.8 million compared to $54 million a year ago.
Valentin Gapontsev, IPG's founder and CEO, said revenue growth was mainly driven by the sale of high-power lasers for materials processing such as cutting and welding applications.
The company had $205.7 million in cash and short-term investments at year-end, up $9.1 million from the previous quarter.
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