IPG Photonics (IPGP) FY2014 results: revenue $770 million, up 18.8% on the year
IPG Photonics Corp. (IPGP) reported revenue of $770 million for fiscal 2014, the year ended 31 December 2014, up 18.8% on the year before. Net income was $200 million, up 28.7%, and diluted earnings per share $3.79. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2015.
Revenue
$770 million
+18.8% on the year
FY2009FY2014
Operating margin
36.9%
33.7% a year earlier
FY2009FY2014
Net income
$200 million
+28.7% on the year
FY2009FY2014
Diluted EPS
$3.79
+27.6% on the year
FY2009FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
770
648
563
+18.8%
Cost of revenue
353
308
258
+14.7%
Gross profit
417
340
305
+22.5%
Gross margin
54.1%
52.5%
54.2%
Research and development
53.4
41.7
31.4
+28.2%
Operating income
284
218
209
+30.1%
Operating margin
36.9%
33.7%
37.1%
Interest expense
0.1
0.0
n/a
+7,600.0%
Pre-tax income
284
218
209
+30.3%
Income tax
84.0
62.5
61.5
+34.4%
Effective tax rate
29.5%
28.6%
29.4%
Net income
200
156
145
+28.7%
Net margin
26.0%
24.0%
25.8%
Diluted EPS
$3.79
$2.97
$2.81
+27.6%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
180
119
175
+50.9%
Capital expenditure
88.6
70.9
68.2
+24.9%
Free cash flow
91.5
48.4
107
+88.9%
Free cash flow margin
11.9%
7.5%
19.0%
Cash from investing
-90.1
-75.9
-55.3
Cash from financing
11.5
14.1
82.1
-18.5%
Depreciation and amortisation
35.6
31.5
26.1
+13.0%
Share-based compensation
15.2
11.7
8.6
+29.5%
Buybacks
0.0
n/a
n/a
Dividends paid
n/a
n/a
33.4
Diluted shares, weighted
53m
52m
52m
+0.9%
Shares outstanding at period end
52m
52m
51m
+0.8%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,047
928
743
+12.8%
Non-controlling interest
0.0
n/a
n/a
Redeemable equity
n/a
n/a
0.0
Debt
35.6
16.0
18.0
+123.2%
Other liabilities
129
117
135
+9.7%
Total liabilities and equity
1,211
1,061
895
+14.1%
Fixed assets
275
252
211
+9.1%
Goodwill
0.5
0.5
2.9
0.0%
Intangible assets
9.2
9.6
7.5
-3.5%
Investments
0.0
n/a
n/a
Cash and equivalents
522
449
384
+16.3%
Receivables
143
104
96.6
+37.9%
Inventory
171
173
140
-1.0%
Other assets
89.9
73.7
54.2
+22.0%
Total assets
1,211
1,061
895
+14.1%
10-K for the year ended 31 December 2014, filed 2 March 2015: the filing.