IPG Photonics Reports Third Quarter 2010 EPS of $.28

IPG Photonics Corporation IPGP today reported financial results for the third quarter of fiscal 2010 ended September 30, 2010. “IPG continued its strong growth momentum in the third quarter with record revenues,” said Dr. Valentin Gapontsev, IPG Photonics' Chief Executive Officer. “For the third quarter of 2010, IPG reported revenues which grew by 74% year-over-year and 19% sequentially. We achieved earnings per share of $0.28 compared with $0.05 in the third quarter of 2009 and $0.22 in the second quarter of 2010. We also demonstrated the strength of our business model, as gross margins increased to 50.0% compared with 36.5% in the third quarter of 2009 and 45.3% in the second quarter of 2010. Our operating results for the third quarter included a loss of $2.1 million, or approximately $0.03 per diluted share, relating to foreign exchange losses.”