IPG Photonics (IPGP) FY2018 results: revenue $1.5 billion, up 3.6% on the year
IPG Photonics Corp. (IPGP) reported revenue of $1.5 billion for fiscal 2018, the year ended 31 December 2018, up 3.6% on the year before. Net income was $404 million, up 16.2%, and diluted earnings per share $7.38. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$1.5 billion
+3.6% on the year
FY2011FY2018
Operating margin
35.9%
39.1% a year earlier
FY2011FY2018
Net income
$404 million
+16.2% on the year
FY2011FY2018
Diluted EPS
$7.38
+16.0% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
1,460
1,409
1,006
+3.6%
Cost of revenue
660
612
454
+7.8%
Gross profit
800
797
552
+0.4%
Gross margin
54.8%
56.6%
54.9%
Research and development
123
101
78.6
+21.7%
Operating income
523
551
364
-5.0%
Operating margin
35.9%
39.1%
36.2%
Pre-tax income
534
552
367
-3.2%
Income tax
130
204
106
-36.3%
Effective tax rate
24.4%
37.0%
28.9%
Net income
404
348
261
+16.2%
Net margin
27.7%
24.7%
25.9%
Diluted EPS
$7.38
$6.36
$4.85
+16.0%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
393
405
298
-3.0%
Capital expenditure
160
127
127
+26.7%
Free cash flow
233
279
171
-16.5%
Free cash flow margin
16.0%
19.8%
17.0%
Cash from investing
-563
-171
-274
Cash from financing
-167
-3.4
27.4
Depreciation and amortisation
80.3
64.6
51.5
+24.3%
Share-based compensation
28.0
23.0
21.7
+21.7%
Buybacks
176
40.0
8.9
+340.3%
Diluted shares, weighted
55m
55m
54m
+0.0%
Shares outstanding at period end
53m
54m
53m
-1.3%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
2,206
2,022
1,558
+9.1%
Non-controlling interest
0.7
0.0
0.2
Debt
45.4
49.0
40.8
-7.4%
Other liabilities
323
296
191
+9.1%
Total liabilities and equity
2,574
2,367
1,790
+8.8%
Fixed assets
543
460
379
+18.0%
Goodwill
101
55.8
19.8
+80.4%
Intangible assets
87.1
51.2
28.8
+70.1%
Investments
500
206
207
+142.6%
Cash and equivalents
544
910
624
-40.2%
Receivables
256
237
156
+7.7%
Inventory
404
308
239
+31.2%
Other assets
140
139
136
+0.6%
Total assets
2,574
2,367
1,790
+8.8%
10-K for the year ended 31 December 2018, filed 27 February 2019: the filing.