IPG Photonics Issues Q1 Outlook

(RTTNews) - IPG Photonics Corporation (IPGP) said, for the first quarter, it expects revenue of $235 million to $265 million. The company expects earnings per share in the range of $0.30 to $0.60. The company noted that it is focused on operational improvements, such as lowering product costs, managing expenses and reducing inventories in 2024.

Fourth quarter net income to IPG was $41.4 million compared to a loss of $92.9 million, previous year. Profit per share was $0.89, compared to the reported loss per share of $1.91, in the prior year, but was down compared to prior year adjusted profit per share of $1.08. On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $0.95, for the quarter. Analysts' estimates typically exclude special items.

Fourth quarter revenue was $299 million, decreased 10% year over year. Analysts on average had estimated $286.12 million in revenue.

"Fourth quarter revenue came in at the top of our expectations with higher sales in welding, cleaning, 3D printing and medical applications. We also saw increased demand in e-mobility applications outside of China. This growth was offset by continued soft industrial demand across many major geographies and lower sales in e-mobility applications in China," said Eugene Scherbakov, IPG CEO.

The Board authorized a new program to purchase up to $300 million of IPG common stock.

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