By Josh Beckerman
IPG Photonics shares were down 16% to $110.26 after the company said softer demand in industrial markets hurt second-quarter results.
The maker of fiber lasers and amplifiers said revenue declined 10% to $340 million. Earnings per share rose to $1.31 from $1.10, reflecting a smaller foreign exchange loss and higher interest income.
Changes in foreign exchange rates reduced revenue by about 2% and divestitures reduced revenue by about 1% compared with the same quarter last year.
IPG Photonics said “second quarter book-to-bill was below one as increased economic uncertainty negatively impacted customer orders in our key geographies.” It said “general industrial demand in Europe and North America has weakened while industrial demand and EV investment remain soft in China.”
IPG expects third-quarter revenue of $300 million to $330 million.
Write to Josh Beckerman at [email protected]
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