MKSI - IPG Photonics stock crashes 17% after Q2 misses downside forecast
IPG Photonics (iPGP) shares fall 17% after the company missed analyst estimates for the second-quarter report and third-quarter guidance. Sales were up 25% year-over-year to $371.7M in the second quarter, over $9M shy of consensus. Earnings of $1.29 per share missed estimates by $0.11. "We were pleased with our revenue growth this quarter, driven by improved underlying demand in cutting applications in Europe and U.S. and robust growth in welding applications across most geographies, which was partially offset by moderated demand for cutting in China and an impact from supply chain constraints," says CEO Eugene Scherbakov. For the third quarter, IPG Photonics (NASDAQ:IPGP) forecasts revenue of $350M to $380M versus the $385.6M consensus. Earnings per diluted share is guided at $1.10 to $1.40, below the $1.49 estimate. The third quarter has tougher year-over-year comparisons since the business had started to recover from the early pandemic impact by Q3 2020. The results
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IPG Photonics stock crashes 17% after Q2 misses, downside forecast