Published on 30 Apr 2024 on Zacks via Yahoo Finance
IPG Photonics' (IPGP) Q1 Earnings Beat, Revenues Decrease Y/Y
IPG Photonics IPGP reported first-quarter 2024 earnings of 52 cents per share, beating the Zacks Consensus Estimate by 8.33%. The company reported earnings of $1.26 per share in the year-ago quarter.Revenues of $252 million decreased 27.4% on a year-over-year basis but beat the consensus mark by 0.67%. Unfavorable forex hurt revenue growth by 2%.Emerging growth product sales accounted for 45% of revenues and suffered from lower demand in emobility and solar cell manufacturing applications. Lower sales in handheld welding applications and inventory adjustment by a large medical customer also hurt sales.
Quarterly Details
Materials processing (90% of total revenues) decreased 28% year over year. The downside can be attributed to lower revenues in most applications. Revenues from other applications decreased 25% year over year.