IPG Photonics Q1 revenue down 27% to $252M, appoints Mark Gitin as CEO

IPG PHOTONICS CORP

Q1 revenue $252M (-27% YoY); diluted EPS $0.52 (-59% YoY); gross margin 38.7% (-360 bps).
Q2 guidance: revenue $240M-$270M, EPS $0.30-$0.60; book-to-book >1 for first time since Q1 2023.
Mark Gitin (MKS Instruments exec) named CEO and Board member effective June 5, replacing Eugene Scherbakov.
Scherbakov stays on Board as advisor; Board grows to 11 members after orderly succession process.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

IPG PHOTONICS CORP reported the first quarter ended March 31, 2024 results: revenue $252.0, net income $24.1, EPS $0.52. Guidance reaffirmed.

Period: the first quarter ended March 31, 2024
Revenue: $252.0
Net income: $24.1
EPS: $0.52
Guidance: reaffirmed
Result: reported results

Exact text from the filing

financial results for the first quarter ended March 31, 2024. Three Months Ended March 31, (In millions, except per share data and percentages) 2024 2023 Change Revenue $ 252.0 $ 347.2 (27) % Gross margin 38.7 % 42.3 % Operating income $ 19.1 $ 75.4 (75) % Operating margin 7.6 % 21.7 % Net income attributable to IPG Photonics Corporation $ 24.1 $ 60.1

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IPG PHOTONICS CORP filing history →

Source: SEC EDGAR

accession 0001111928-24-000061

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