November 7, 2008--IPG Photonics Corporation (Oxford, MA), manufacturer of high-power fiber lasers and amplifiers, reported that revenues for the third quarter of 2008 increased by 29% to $62.0 million. While revenue growth was driven by sales of fiber lasers for materials processing applications, which increased by 47% from the third quarter of 2007, management added some caution going into Q4 2008.
"The industrial marketplace continues to embrace our fiber lasers as a more reliable, robust, efficient and flexible manufacturing solution that also provides the financial advantages of lower costs and higher throughput compared with conventional processes," said Valentin Gapontsev, IPG Photonics' CEO. "Our materials processing market, where fiber lasers have clearly demonstrated their operational superiority, continues to be our strongest revenue driver," continued Gapontsev. "Our revenues in this market experienced a 47% year-over-year increase for the quarter. Geographically, all of our major markets achieved at least double-digit gains, with sales to Japan increasing by 110%. Sales of our medium powered lasers more than doubled and pulsed laser sales continued to be strong with a 42% increase over the prior year, driven by demand for photovoltaic manufacturing and marking applications."
"As we enter what promises to be one of the most challenging economic times in recent memory, we believe that IPG and its products are well positioned," said Gapontsev. "We expect high power laser sales to remain strong in the fourth quarter. However, we expect that this strength will be offset by lower sales of our pulsed laser products in certain Asian markets. Also, the effect of a weakening Euro has lowered our estimates by approximately $3.0 million."
For more information, visit www.ipgphotonics.com.
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