IPGP - IPG Photonics GAAP EPS of $1.31 beats by $0.07 revenue of $340M misses by $6.15M
2023-08-01 08:04:38 ET
- IPG Photonics press release ( NASDAQ: IPGP ): Q2 GAAP EPS of $1.31 beats by $0.07 .
- Revenue of $340M (-9.8% Y/Y) misses by $6.15M .
- Changes in foreign exchange rates reduced revenue by approximately $9 million or 2% and divestitures reduced revenue by approximately 1% compared to the same period last year. Materials processing sales accounted for 92% of total revenue and decreased 8% year over year with growth in welding, cleaning, 3D printing and solar cell manufacturing applications offset by lower revenue in cutting and marking applications.
- For the third quarter of 2023, IPG expects revenue of $300 million to $330 million. The Company expects the third quarter tax rate to be approximately 25%. IPG anticipates delivering earnings per diluted share in the range of $0.85 to $1.15.
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IPG Photonics GAAP EPS of $1.31 beats by $0.07, revenue of $340M misses by $6.15M