GARBSEN, GERMANY – LPKF Laser & Electronics today announced third-quarter revenue of EUR 34.4 million ($42.87 million), up 16.7% from a year ago.

Incoming orders and orders on hand were up 17% and 96%, respectively, year-over-year.

LPKF downgraded its forecast last month, just weeks after reaffirming its previous full-year guidance, citing recent declined in incoming orders and the postponement of a major project in its laser direct structuring (LDS) business. LPKF had experienced average annual growth of 23% over the past five years.

Based on the new forecast, LPKF now anticipates revenue in the range of EUR 120 million to EUR 125 million ($150 million to $155 million), down from its previous guidance of EUR 132 million – EUR 140 million.

While Chief Executive Officer Dr. Ingo Bretthauer is not satisfied with business performance in the current year, he sees no reason for serious concern: “Our growth drivers in the markets are intact, company financing is solid and profitability remains above-average, despite the revenue downturn,” said Bretthauer. “We are developing exciting new products and methods and want to return to our path of growth next year.”

The company expects renewed growth in 2015, forecasting sales of EUR 128 million to EUR 136 million and EBIT margin of 12% to 15%. Farther out, LPKF continues to expect annual average revenue growth of at least 10%.