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IPG Photonics Announces Second Quarter 2017 Financial Results

OXFORD, Mass., Aug. 01, 2017 (GLOBE NEWSWIRE) -- IPG Photonics Corporation (IPGP) today reported financial results for the second quarter ended June 30, 2017.

Three Months Ended June 30, Six Months Ended June 30,
(In millions, except per share data) 2017 2016 % Change 2017 2016 % Change
Revenue $ 369.4 $ 252.8 46 % $ 655.2 $ 460.0 42 %
Gross margin 55.9 % 54.5 % 55.5 % 54.8 %
Operating income $ 141.1 $ 95.0 49 % $ 242.6 $ 165.0 47 %
Operating margin 38.2 % 37.6 % 37.0 % 35.9 %
Net income attributable to IPG Photonics Corporation $ 104.1 $ 67.1 55 % $ 179.1 $ 116.4 54 %
Earnings per diluted share $ 1.91 $ 1.25 53 % $ 3.29 $ 2.17 52 %

Management Comments

“IPG delivered record quarterly results, driven by rapid growth in our core products, applications, and geographies,” said Dr. Valentin Gapontsev, IPG Photonics' Chief Executive Officer. “As the market leader in fiber lasers, we are benefiting from accelerating adoption of fiber lasers over conventional lasers and non-laser cutting and welding equipment. Second quarter revenue and net income were both at record levels, highlighting the strength of our business model.”

Second quarter revenue of $369.4 million increased 46% year over year, and earnings per diluted share ("EPS") of $1.91 increased 53% year over year. Materials processing sales increased 48% year-over-year in the second quarter and accounted for approximately 96% of total sales driven by strength in cutting and...


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