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IPG Photonics Reports Record Revenue Achieved In Third Quarter 2013

IPG Photonics Corporation (NASDAQ: IPGP) today reported financial results for the third quarter ended September 30, 2013.

       

Three Months Ended September 30,

Nine Months Ended September 30,

(In millions, except per share data) 2013   2012 % Change 2013   2012 % Change
Revenue $ 172.2 $ 156.4 10 % $ 482.2 $ 417.5 15 %
Gross margin 53.9 % 55.0 % 53.6 % 55.0 %
Operating income $ 59.8 $ 60.0 % $ 169.3 $ 161.6 5 %
Operating margin 34.7 % 38.4 % 35.1 % 38.7 %
Net income attributable to IPG Photonics Corporation $ 42.3 $ 42.4 % $ 119.2 $ 110.1 8 %
Earnings per diluted share $ 0.81 $ 0.81 % $ 2.28 $ 2.16 6 %
 

Management Comments

“Record revenue in the third quarter of 2013 was driven by a 19% increase in sales for materials processing applications, which account for 95% of our business,” said Dr. Valentin Gapontsev, IPG Photonics' Chief Executive Officer. “We saw particularly strong demand for high-power lasers within materials processing. Gross margins of 53.9% were within our target range. EPS was flat with the year ago quarter and reflects the peak of our current investment cycle expanding manufacturing capacity, R&D and sales and marketing, which we believe will drive future revenue and earnings growth.

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