IPG Photonics Q2 revenue falls 10% YoY, EPS rises to $1.31; Q3 outlook below expectations

IPG PHOTONICS CORP

2023-Q2 EPS reported $2.57 revenue$687,145,000

Q2 revenue $340M, down 10% YoY; EPS $1.31 diluted, up 19% YoY.
Materials processing sales down 8% YoY; growth in welding/cleaning offset by cutting/marking declines.
Q3 revenue guidance $300-330M, EPS $0.85-1.15; book-to-bill below one.
China sales fell 28% YoY; Europe +4%, Japan +14%; EV investment in China expected rebound in 2024.
Board adds Kolleen Kennedy, former Varian executive, bringing medical device expertise.

item 2.02 item 5.02 item 7.01 item 8.01 item 9.01

Executive movements

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Appointed

Kolleen Kennedy

director

IPGP · IPG PHOTONICS CORP

Effective: 2023-08-01
Filed: August 1, 2023, 7:59 PM ET

appointed Kolleen Kennedy as a director to fill the vacancy resulting from that increase, effective August 1, 2023.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

IPG PHOTONICS CORP reported second quarter ended June 30, 2023 results: revenue $340.0, net income $62.3, EPS $1.31. Guidance lowered.

Period: second quarter ended June 30, 2023
Revenue: $340.0
Net income: $62.3
EPS: $1.31
Guidance: lowered
Result: reported results

Exact text from the filing

ended June 30, 2023. Three Months Ended June 30, Six Months Ended June 30, (In millions, except per share data and percentages) 2023 2022 Change 2023 2022 Change Revenue $ 340.0 $ 377.0 (10) % $ 687.1 $ 747.0 (8) % Gross margin 43.4 % 45.7 % 42.9 % 46.1 % Operating income $ 72.1 $ 71.7 1 % $ 147.5 $ 164.8 (10) % Operating margin 21.2 % 19.0 % 21.5 % 22.1

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Executive change SEC 8-K Item 5.02 confidence 1.0

Kolleen Kennedy was appointed as director at IPG PHOTONICS CORP.

Action: appointed
Role: director

Exact text from the filing

appointed Kolleen Kennedy as a director to fill the vacancy resulting from that increase, effective August 1, 2023.

View on SEC.gov

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IPG PHOTONICS CORP filing history →

Source: SEC EDGAR

accession 0001111928-23-000132

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