IPG Photonics (IPGP) FY2020 results: revenue $1.2 billion, down 8.7% on the year
IPG Photonics Corp. (IPGP) reported revenue of $1.2 billion for fiscal 2020, the year ended 31 December 2020, down 8.7% on the year before. Net income was $160 million, down 11.5%, and diluted earnings per share $2.97. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2021.
Revenue
$1.2 billion
-8.7% on the year
FY2013FY2020
Operating margin
16.5%
17.8% a year earlier
FY2013FY2020
Net income
$160 million
-11.5% on the year
FY2013FY2020
Diluted EPS
$2.97
-11.3% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,201
1,315
1,460
-8.7%
Cost of revenue
662
708
660
-6.6%
Gross profit
539
606
800
-11.1%
Gross margin
44.9%
46.1%
54.8%
Research and development
127
130
123
-2.4%
Operating income
199
234
523
-15.0%
Operating margin
16.5%
17.8%
35.9%
Pre-tax income
206
248
534
-17.2%
Income tax
45.4
68.1
130
-33.4%
Effective tax rate
22.0%
27.4%
24.4%
Net income
160
180
404
-11.5%
Net margin
13.3%
13.7%
27.7%
Diluted EPS
$2.97
$3.35
$7.38
-11.3%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
285
324
393
-11.8%
Capital expenditure
87.7
134
160
-34.3%
Free cash flow
198
190
233
+4.0%
Free cash flow margin
16.5%
14.5%
16.0%
Cash from investing
-99.6
-140
-563
Cash from financing
-10.1
-37.1
-167
Depreciation and amortisation
94.6
96.3
80.3
-1.8%
Share-based compensation
35.5
33.4
28.0
+6.3%
Buybacks
37.9
40.7
176
-7.0%
Diluted shares, weighted
54m
54m
55m
-0.1%
Shares outstanding at period end
53m
53m
53m
+0.8%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
2,593
2,402
2,206
+8.0%
Non-controlling interest
1.3
0.7
0.7
+80.2%
Debt
38.0
41.7
45.4
-9.0%
Operating lease liabilities
18.4
20.4
n/a
-9.6%
Other liabilities
285
266
323
+7.3%
Total liabilities and equity
2,936
2,730
2,574
+7.5%
Fixed assets
598
601
543
-0.6%
Goodwill
41.4
82.1
101
-49.6%
Intangible assets
62.1
74.3
87.1
-16.4%
Investments
515
503
500
+2.4%
Cash and equivalents
876
680
544
+28.8%
Receivables
264
238
256
+10.8%
Inventory
365
381
404
-4.1%
Other assets
214
171
140
+25.1%
Total assets
2,936
2,730
2,574
+7.5%
10-K for the year ended 31 December 2020, filed 22 February 2021: the filing.