IPG Photonics Reports 22% Revenue Growth For Second Quarter 2013

IPG Photonics Corporation (NASDAQ: IPGP) today reported financial results for the second quarter ended June 30, 2013.
  Three Months Ended June 30,     Six Months Ended June 30,  
(In millions, except per share data) 2013   2012 % Change 2013   2012 % Change
Revenue $ 168.2 $ 137.9 22 % $ 310.0 $ 261.1 19 %
Gross margin 53.5 % 54.3 % 53.4 % 55.0 %
Operating income $ 59.9 $ 56.4 6 % $ 109.5 $ 101.6 8 %
Operating margin 35.6 % 40.9 % 35.3 % 38.9 %
Net income attributable to IPG Photonics Corporation $ 41.7 $ 37.7 11 % $ 76.8 $ 67.7 14 %
Earnings per diluted share $ 0.80 $ 0.72 11 % $ 1.47 $ 1.34 10 %
 

Management Comments

“Strong demand for IPG's high-power lasers for materials processing applications, particularly in Asia and the U.S., drove a 22% year-over-year sales increase during the second quarter,” said Dr. Valentin Gapontsev, IPG Photonics' Chief Executive Officer. “Gross margins of 53.5% were within our target range and net income increased 11%. The strong revenue growth during the quarter further demonstrates the increasing adoption rate of fiber laser technologies for various applications. Excluding foreign exchange rate gains, operating income grew by 12.6%. While this was lower than the growth in revenue, it reflects our investment in operating expenses to support IPG's future growth.”

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