IPG stock spikes after third-quarter rebound of 112% profit increase
Photo | Grant Welker
The Oxford headquarters of IPG Photonics
Oxford laser manufacturer IPG Photonics reported a 112% increase in profits in the company’s third quarter, according to an earnings report released Tuesday.
During the same quarter a year prior, profits were down 38%.
IPG’s profits for the quarter totaled $75.4 million, compared to $35.6 million in the third quarter 2020. The company's revenues were $379.2 million in the third quarter, vs. $318.4 million in the third quarter 2020, an increase of 19%
Year-to-date, the company reported profits totaling $213.3 million, a 94% increase from the same point last year, when IPG had brought in $110.2 million in profits.
“We are very pleased with our results and execution this quarter as an increasing geographic and product diversification helped us deliver one of the highest quarterly revenues in the company's history," said IPG CEO Eugene Scherbakov, in a press release announcing the earnings.
In morning trading Tuesday on the NASDAQ, IPG's stock price was up 7.5% to $175.50 per share, while the NASDAQ Composite was up 0.2%. Since the start of the year, IPG's stock price has fallen 20%, from $218.21 on Jan. 4.
Revenue was driven, Scherbakov said, by demand in welding applications, higher revenue in cutting in North America and Europe, and emerging products and applications like foil cutting, cleaning, 3D printing, drilling, medical and solar cell applications.
The positive quarter comes a week after the company announced the death of its founder, chairman, and previous CEO, Valentin Gapontsev.
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