UPDATE: IPG Photonics Posts Higher Q4 Earnings

reported a rise in its earnings for the fourth quarter. The Oxford, Massachusetts-based company posted quarterly earnings of $56.4 million, or $1.07 per share, compared to $36.6 million, or $0.70 per share, in the year-ago period. The latest quarter earnings included a $0.03 per share benefit related to foreign exchange transaction gains. Its revenue climbed 25% to $207.4 million. However, analysts were expecting earnings of $1.04 per share on revenue of $204.46 million. High-power laser revenue rose 32% in the quarter, while medium-power laser sales climbed 58%. QCW lasers sales jumped 23%. The company ended the quarter with $522.2 million in cash and cash equivalents. "We continued to expand our breadth of applications, made great strides in penetrating cutting OEMs, and improved our competitive position in the automotive market," said Dr. Valentin Gapontsev, IPG Photonics' Chief Executive Officer. "In addition, the growth we anticipated in metal-based 3D printing at the beginning of the year materialized. The growth in net income reflects the leverage we expected to achieve in our operating model." For the current quarter, IPG projects earnings of $0.92 to $1.02 per share on revenue of $195 million to $205 million. IPG shares climbed 4.07% to $91.89 in pre-market trading.