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IPG Photonics Reports 9% Revenue Growth for Third Quarter 2016

OXFORD, Mass.--(BUSINESS WIRE)--

IPG Photonics Corporation (IPGP) today reported financial results for the third quarter ended September 30, 2016.

Three Months Ended
September 30,

Nine Months Ended
September 30,

(In millions, except per share data) 2016 2015 % Change 2016 2015 % Change
Revenue $ 266.0 $ 243.5 9 % $ 726.1 $ 677.6 7 %
Gross margin 54.4 % 54.7 % 54.7 % 54.6 %
Operating income $ 94.1 $ 89.6 5 % $ 259.1 $ 259.0 %
Operating margin 35.4 % 36.8 % 35.7 % 38.2 %
Net income attributable to IPG Photonics Corporation $ 69.2 $ 62.8 10 % $ 185.6 $ 181.5 2 %
Earnings per diluted share $ 1.29 $ 1.18 9 % $ 3.45 $ 3.40 1 %

Management Comments

"IPG achieved another quarter of record sales for the third quarter of 2016," said Dr. Valentin Gapontsev, IPG Photonics' Chief Executive Officer. “Sales of $266 million were above the high end of our guidance range, reflecting a rebound in our core materials processing applications driven by increased demand in Asia, North America and certain parts of Europe. In addition to our record sales, we are also encouraged by robust bookings that remained strong throughout the quarter and were not impacted by the typical seasonality. As a result, our book-to-bill was above one for the third quarter."

Materials processing sales increased 10% year-over-year, primarily driven by demand for IPG's core cutting and welding...


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