IPG Photonics (IPGP) FY2013 results: revenue $648 million, up 15.2% on the year
IPG Photonics Corp. (IPGP) reported revenue of $648 million for fiscal 2013, the year ended 31 December 2013, up 15.2% on the year before. Net income was $156 million, up 7.4%, and diluted earnings per share $2.97. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2014.
Revenue
$648 million
+15.2% on the year
FY2009FY2013
Operating margin
33.7%
37.1% a year earlier
FY2009FY2013
Net income
$156 million
+7.4% on the year
FY2009FY2013
Diluted EPS
$2.97
+5.7% on the year
FY2009FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
648
563
474
+15.2%
Cost of revenue
308
258
217
+19.5%
Gross profit
340
305
257
+11.5%
Gross margin
52.5%
54.2%
54.2%
Research and development
41.7
31.4
25.4
+32.7%
Operating income
218
209
176
+4.4%
Operating margin
33.7%
37.1%
37.0%
Interest expense
0.0
n/a
0.7
Pre-tax income
218
209
175
+4.3%
Income tax
62.5
61.5
53.6
+1.7%
Effective tax rate
28.6%
29.4%
30.7%
Net income
156
145
118
+7.4%
Net margin
24.0%
25.8%
24.8%
Diluted EPS
$2.97
$2.81
$2.41
+5.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
119
175
87.4
-31.9%
Capital expenditure
70.9
68.2
53.0
+4.0%
Free cash flow
48.4
107
34.3
-54.8%
Free cash flow margin
7.5%
19.0%
7.2%
Cash from investing
-75.9
-55.3
-79.1
Cash from financing
14.1
82.1
31.9
-82.8%
Depreciation and amortisation
31.5
26.1
24.0
+20.6%
Share-based compensation
11.7
8.6
8.0
+36.8%
Dividends paid
n/a
33.4
n/a
Diluted shares, weighted
52m
52m
49m
+1.6%
Shares outstanding at period end
52m
51m
47m
+1.1%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
928
743
443
+24.9%
Non-controlling interest
n/a
n/a
0.3
Redeemable equity
n/a
0.0
46.1
Debt
16.0
18.0
24.4
-11.1%
Other liabilities
117
135
94.0
-12.9%
Total liabilities and equity
1,061
895
608
+18.5%
Fixed assets
252
211
155
+19.8%
Goodwill
0.5
2.9
0.0
-84.3%
Intangible assets
9.6
7.5
6.2
+27.4%
Investments
n/a
n/a
25.5
Cash and equivalents
449
384
180
+16.9%
Receivables
104
96.6
75.8
+7.4%
Inventory
173
140
117
+23.7%
Other assets
73.7
54.2
48.4
+35.9%
Total assets
1,061
895
608
+18.5%
10-K for the year ended 31 December 2013, filed 28 February 2014: the filing.