"We delivered record quarterly revenue and net income driven by the rapid adoption of IPGs high power products," said Dr. Valentin Gapontsev, IPG Photonics' Chief Executive Officer. Second quarter revenue of $413.6 million increased 12% year over year. Depreciation of the Euro and Renminbi relative to the exchange rates assumed in our second quarter guidance
reduced revenue by $8.4 million. Materials processing sales increased 11% year over year and accounted for approximately 95% of total sales driven by strength in cutting and 3D printing applications. Sales to other markets increased 33% year overyear. High power CW laser sales increased 20% year over year, representing 64% of total revenue, with even stronger growth
in sales of ultra-high power CW lasers with power levels of six kilowatts and above. By region, sales increased 10% in China, 18% in Europe, 23% in North America, and declined 2% in Japan on a year over year basis.
Earnings per diluted share ("EPS") of $2.21 increased 16% year over year. Foreign exchange losses reduced EPS by $0.03. The effective tax rate in the quarter was 26%, which benefited from the lower effective tax rate for income earned in the United States due to enactment of the Tax Cuts and Jobs Act and an increase in excess tax benefits related to equity compensation, which were partially offset by provisions for uncertain tax positions and other matters.During the second quarter, IPG generated $109 million in cash from operations and capital expenditures totaled $57 million. IPG ended the quarter with $1.13 billion in cash and cash equivalents and short-term investments, representing an increase of
$9.6 million from December 31, 2017.
http://investor.ipgphotonics.com/~/media/Files/I/Ipg-Photonics-IR/press-release/ipgp-2q-2018-pr.pdf
