IPG Photonics (IPGP) FY2017 results: revenue $1.4 billion, up 40.0% on the year
IPG Photonics Corp. (IPGP) reported revenue of $1.4 billion for fiscal 2017, the year ended 31 December 2017, up 40.0% on the year before. Net income was $348 million, up 33.3%, and diluted earnings per share $6.36. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$1.4 billion
+40.0% on the year
FY2010FY2017
Operating margin
39.1%
36.2% a year earlier
FY2010FY2017
Net income
$348 million
+33.3% on the year
FY2010FY2017
Diluted EPS
$6.36
+31.1% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
1,409
1,006
901
+40.0%
Cost of revenue
612
454
409
+34.8%
Gross profit
797
552
492
+44.3%
Gross margin
56.6%
54.9%
54.6%
Research and development
101
78.6
63.3
+28.4%
Operating income
551
364
342
+51.3%
Operating margin
39.1%
36.2%
38.0%
Interest expense
n/a
n/a
0.3
Pre-tax income
552
367
342
+50.6%
Income tax
204
106
99.6
+93.0%
Effective tax rate
37.0%
28.9%
29.2%
Net income
348
261
242
+33.3%
Net margin
24.7%
25.9%
26.9%
Diluted EPS
$6.36
$4.85
$4.53
+31.1%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
405
298
263
+36.2%
Capital expenditure
127
127
70.1
-0.4%
Free cash flow
279
171
193
+63.4%
Free cash flow margin
19.8%
17.0%
21.5%
Cash from investing
-171
-274
-182
Cash from financing
-3.4
27.4
-1.5
Depreciation and amortisation
64.6
51.5
42.4
+25.4%
Share-based compensation
23.0
21.7
19.0
+5.9%
Buybacks
40.0
8.9
0.0
+347.0%
Diluted shares, weighted
55m
54m
53m
+1.7%
Shares outstanding at period end
54m
53m
53m
+0.7%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
2,022
1,558
1,260
+29.8%
Non-controlling interest
0.0
0.2
1.1
Debt
49.0
40.8
19.7
+20.0%
Other liabilities
296
191
173
+54.6%
Total liabilities and equity
2,367
1,790
1,453
+32.2%
Fixed assets
460
379
289
+21.3%
Goodwill
55.8
19.8
0.5
+181.6%
Intangible assets
51.2
28.8
11.9
+77.9%
Investments
206
207
107
-0.3%
Cash and equivalents
910
624
583
+45.9%
Receivables
237
156
150
+52.2%
Inventory
308
239
204
+28.7%
Other assets
139
136
109
+1.7%
Total assets
2,367
1,790
1,453
+32.2%
10-K for the year ended 31 December 2017, filed 27 February 2019: the filing.