IPG Photonics (IPGP) FY2019 results: revenue $1.3 billion, down 10.0% on the year
IPG Photonics Corp. (IPGP) reported revenue of $1.3 billion for fiscal 2019, the year ended 31 December 2019, down 10.0% on the year before. Net income was $180 million, down 55.4%, and diluted earnings per share $3.35. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2020.
Revenue
$1.3 billion
-10.0% on the year
FY2012FY2019
Operating margin
17.8%
35.9% a year earlier
FY2012FY2019
Net income
$180 million
-55.4% on the year
FY2012FY2019
Diluted EPS
$3.35
-54.6% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
1,315
1,460
1,409
-10.0%
Cost of revenue
708
660
612
+7.4%
Gross profit
606
800
797
-24.2%
Gross margin
46.1%
54.8%
56.6%
Research and development
130
123
101
+5.9%
Operating income
234
523
551
-55.3%
Operating margin
17.8%
35.9%
39.1%
Pre-tax income
248
534
552
-53.5%
Income tax
68.1
130
204
-47.7%
Effective tax rate
27.4%
24.4%
37.0%
Net income
180
404
348
-55.4%
Net margin
13.7%
27.7%
24.7%
Diluted EPS
$3.35
$7.38
$6.36
-54.6%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
324
393
405
-17.7%
Capital expenditure
134
160
127
-16.7%
Free cash flow
190
233
279
-18.4%
Free cash flow margin
14.5%
16.0%
19.8%
Cash from investing
-140
-563
-171
Cash from financing
-37.1
-167
-3.4
Depreciation and amortisation
96.3
80.3
64.6
+19.9%
Share-based compensation
33.4
28.0
23.0
+19.0%
Buybacks
40.7
176
40.0
-76.9%
Diluted shares, weighted
54m
55m
55m
-1.6%
Shares outstanding at period end
53m
53m
54m
+0.1%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
2,402
2,206
2,022
+8.9%
Non-controlling interest
0.7
0.7
0.0
+4.4%
Debt
41.7
45.4
49.0
-8.1%
Operating lease liabilities
20.4
n/a
n/a
Other liabilities
266
323
296
-17.6%
Total liabilities and equity
2,730
2,574
2,367
+6.1%
Fixed assets
601
543
460
+10.6%
Goodwill
82.1
101
55.8
-18.5%
Intangible assets
74.3
87.1
51.2
-14.8%
Investments
503
500
206
+0.4%
Cash and equivalents
680
544
910
+24.9%
Receivables
238
256
237
-6.7%
Inventory
381
404
308
-5.6%
Other assets
171
140
139
+22.7%
Total assets
2,730
2,574
2,367
+6.1%
10-K for the year ended 31 December 2019, filed 24 February 2020: the filing.