---
schema_version: "secwatch.filing_event.v1"
accession: "0001111928-24-000061"
form_type: "8-K"
ticker: "IPGP"
cik: "0001111928"
company_name: "IPG PHOTONICS CORP"
filed_at: "2024-04-30T23:59:59+00:00"
generated_at: "2026-06-03T04:01:24.786448+00:00"
event_type: "leadership"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001111928-24-000061
- form_type: 8-K
- ticker: IPGP
- cik: 0001111928
- company_name: IPG PHOTONICS CORP
- filed_at: 2024-04-30T23:59:59+00:00
- event_type: leadership
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1111928/000111192824000061/0001111928-24-000061-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1111928/000111192824000061/ipgp-20240430.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001111928-24-000061
- JSON: https://secwatch.observer/filing/0001111928-24-000061.json
- Plain text: https://secwatch.observer/filing/0001111928-24-000061.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1111928/000111192824000061/0001111928-24-000061-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.