IPG Photonics beats economy downturn
IPG Photonics has posted record revenue and net income for the second quarter of this year, as sales of laser products soared around the world. Second-quarter earnings rose a healthy 23 percent, with revenue up 13%, year on year. "Sales for materials processing applications grew 16%, driven by demand for high-power, medium-power and pulsed lasers with continued strength in cutting, welding and marking applications," said Valentin Gapontsev, IPG Photonics chief exectuive. "High-power laser sales increased 13%, primarily for the automotive manufacturing industry and cutting OEMs, while pulsed laser sales were up 10%, benefiting from increased demand in the consumer electronics industry," he added. According to Gapontsev, sales grew across most geographic regions, with Europe reporting a 'solid quarter', record sales in Russia, and China, Japan and Turkey selling well in Asia. And the business expects sales to continue. "Our near-term outlook is strong," says Gapontsev. "Despite the macroeconomic environment in our various geographic markets, there are several factors counteracting these conditions to drive our growth, including the adoption of fibre lasers over other laser technologies, the use of lasers in an increasing number of applications, and strong demand trends in key industries, including automotive and consumer electronics." IPG Photonics expects revenue in the range of $145 million to $155 million for the third quarter of 2012.