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IPG Photonics Corporation (IPGP)

  • Tue, Jul. 28, 9:19 AM
    • Along with beating Q2 estimates, IPG Photonics (NASDAQ:IPGP) is guiding for Q3 revenue of $235M-$250M and EPS of $1.15-$1.30, almost entirely above a consensus of $230.9M and $1.15.
    • Laser sales: Revenue from the company's core materials processing industrial laser market rose 21% Y/Y in Q2, and sales from "other applications" (telecom, medical, advanced applications) rose 54%. High-power fiber laser sales rose 27%, and "healthy growth" was seen for medium-power, low-power, and QCW lasers. Geographically, Asia was the strongest market.
    • Financials: Gross margin rose 50 bps Q/Q and Y/Y to 54.7%. Operating expenses rose 16% Y/Y to $41.3M (includes a $3.2M forex loss). IPG ended Q2 with $571.5M in cash, and $22.3M in debt.
    • Shares have jumped to $87.50 premarket.
    • Q2 results, PR
    | Tue, Jul. 28, 9:19 AM | 4 Comments
  • Tue, Jul. 28, 8:01 AM
    • IPG Photonics (NASDAQ:IPGP): Q2 EPS of $1.15 beats by $0.04.
    • Revenue of $235.1M (+22.3% Y/Y) beats by $13.06M.
    • Press Release
    | Tue, Jul. 28, 8:01 AM | Comment!
  • Mon, Jul. 27, 5:30 PM
  • Thu, Apr. 30, 4:00 PM
    • Though industrial laser maker Coherent (COHR -5.7%) beat FQ2 estimates, it guided on its CC (transcript) for FQ3 revenue of $190M-$210M, mostly below a $209.6M consensus. The company also guided for FY15 (ends Sep. '15) revenue of $820M-$830M, below an $840.9M consensus.
    • Peers IPG Photonics (IPGP -4.1%), Newport (NEWP -5.2%), and Rofin-Sinar (RSTI -2.8%) have joined Coherent in underperforming amid a 1.8% drop for the Nasdaq. Laser component makers II-VI (IIVI -6.2%) and GSI Group (GSIG -4.8%) have also sold off.
    • Coherent partly blamed its guidance on a strong dollar. However, the company also noted "capex investments have been muted despite continued growth in bit and device output due, in part to yield and process enhancements" - capex budget cuts from chip giants Intel and TSMC were highlighted - and that a $10M deal for a consumer electronics packaging laser project fell through when the customer "decided to stick with their current process and reuse existing equipment."
    • FQ2 book-to-bill was still a solid 1.08, and Coheren't backlog of orders expected to ship within 12 months was up 4% Y/Y to $315.3M. Materials processing and instrumentation/OEM component orders were strong, while microelectronics (chip) industry orders were soft.
    • IPG is down 6% since posting mixed Q1 results and solid Q2 guidance on Tuesday morning. II-VII is down 5% since providing an FQ3 beat at the same time.
    | Thu, Apr. 30, 4:00 PM | 1 Comment
  • Tue, Apr. 28, 1:09 PM
    • Though missing Q1 revenue estimates (thanks in large part to a strong dollar), IPG Photonics (IPGP +1.2%) is guiding for Q2 revenue of $215M-$225M and EPS of $1.05-$1.15, favorable to a consensus of $218.4M and $1.07 at the midpoints.
    • The Q1 EPS beat was driven by an $8.8M gain on forex transactions. Meanwhile, Y/Y revenue growth would've been 20% (rather than the reported 17%) at last year's average exchange rates. Order flow and book-to-bill are said to "remain at strong levels" in IPG's 3 main geographies. "Strong growth" was seen in the U.S., Europe, and China, and lower sales in Japan and Russia.
    • Materials processing laser sales rose 18% Y/Y, and high-power fiber laser sales 14%. Gross margin was 54.2% vs. 54.9% in Q4 and 52.3% a year ago. Not counting forex transaction gains, GAAP operating expenses rose just 5% Y/Y to $43.6M.
    • Q1 results, PR
    | Tue, Apr. 28, 1:09 PM | Comment!
  • Tue, Apr. 28, 8:01 AM
    • IPG Photonics (NASDAQ:IPGP): Q1 EPS of $1.08 beats by $0.10.
    • Revenue of $198.96M (+16.6% Y/Y) misses by $1.91M.
    • Press Release
    | Tue, Apr. 28, 8:01 AM | Comment!
  • Mon, Apr. 27, 5:30 PM
  • Mon, Mar. 30, 3:13 PM
    • Today's notable tech gainers include industrial laser maker IPG Photonics (IPGP +4.3%), cloud classroom software provider 2U (TWOU +5.8%), California solar installer Solar3D (SLTD +10.3%), Korean analog/mixed-signal chipmaker MagnaChip (MX +6.8%), privileged account security software vendor CyberArk (CYBR +5.3%), haptic tech provider Immersion (IMMR +4.6%), and solar power optimizer maker/recent IPO SolarEdge (SEDG +4.8%). The Nasdaq is up 1.1%.
    • There are relatively few major decliners. The group includes Chinese online video platform Youku (YOKU -4.5%), Chinese solar cell/module maker Yingli (YGE -5.6%), authentication hardware/software provider Vasco (VDSI -3%), and IP licensing firm Marathon Patent Group (MARA -8.8%).
    • Solar3D is now up 97% from a March 18 close of $2.57. SolarEdge is up 23% from last week's $18 IPO price. Immersion might be getting a lift from a Barclays report stating Analog Devices will be supplying converter ICs to help enable haptics support on future iPhones/iPads.
    • Youku has fallen to fresh 52-week lows, and is now down 18% since posting Q4 results and disclosing an SEC inquiry on March 19. Marathon is down 11% since reporting last Thursday.
    • Previously covered: BlackBerry, Altera, Ambarella, OTI, Angie's List, You On Demand,, Chinese online real estate
    | Mon, Mar. 30, 3:13 PM | Comment!
  • Mon, Mar. 23, 10:45 AM
    • Following a big 2015 rally that led shares to top $100 last week, Stifel has downgraded IPG Photonics (NASDAQ:IPGP) to Hold.
    • With the help of a positive Q4 pre-announcement and strong Q1 guidance, the industrial laser maker's shares remain up 28% YTD. They trade for 22x 2015E EPS; the 2015 revenue growth consensus is at 14%.
    | Mon, Mar. 23, 10:45 AM | 2 Comments
  • Fri, Feb. 27, 2:59 PM
    • Today's notable tech gainers include IP licensing firm VirnetX (VHC +8.1%), ultracapacitor maker Maxwell (MXWL +4.7%), local services marketplace Angie's List (ANGI +5.9%), voice processor developer Audience (ADNC +5.4%), Ethernet/Wi-Fi hardware maker Extreme Networks (EXTR +3.5%), Chinese polysilicon vendor Daqo (DQ +8.3%), Chinese mobile game published Sky-mobi (MOBI +9.8%), professional video hardware/software maker Avid (AVID +5.2%), and optical component vendors NeoPhotonics (NPTN +11%) and Oclaro (OCLR +5.2%).
    • Notable decliners include cloud HR/financials software leader Workday (WDAY -3.5%), cloud IT service desk software leader ServiceNow (NOW -3.7%), industrial laser maker IPG Photonics (IPGP -3.1%), FPGA/mobile sensor hub maker QuickLogic (QUIK -4.5%), and NAND controller/4G transceiver vendor Silicon Motion (SIMO -4%). The Nasdaq is down 0.5%.
    • Initially up post-earnings, Workday is now down 9% since beating FQ4 revenue estimates and offering in-line FY16 revenue guidance on Wednesday afternoon. Heavily-shorted VirnetX is up 33% since announcing on Feb. 18 the USPTO had denied five Apple patent review petitions. Maxwell (also heavily shorted) is up 17% since an insider buy was disclosed a week ago. Sky-mobi is up 20% since Rosenblatt Securities provided bullish coverage yesterday.
    • Previously covered: Chinese Web/mobile stocks, SanDisk, Autobytel, DigitalGlobe, GoPro, Immersion, MoSys, Resonant, Infoblox, Aruba, UniPixel, Autodesk, Universal Display, TubeMogul, Nimble Storage
    | Fri, Feb. 27, 2:59 PM | Comment!
  • Fri, Feb. 20, 9:22 AM
    • Though officially beating Q4 estimates, IPG Photonics' (NASDAQ:IPGP) results were roughly in-line with the outlook provided in its Feb. 9 guidance hike. However, the company has also guided for Q1 revenue of $195M-$205M and EPS of $0.92-$1.02, mostly above a consensus of $195.8M and $0.93.
    • Also: Backlog was up 21% Y/Y to $321M as of the end of 2014. Q4 book-to-bill was above 1.
    • The Q4 performance was driven in large part by 58% and 32% Y/Y respective increases in medium-power and high-power industrial laser sales; the former benefited from demand for fine-processing applications, and the latter from North American auto and global metal-cutting demand.
    • IPG adds "the growth we anticipated in metal-based 3D printing at the beginning of [2014] materialized." Though far from a 3D printing pure-play, the 3D printing market has been viewed as a long-term growth opportunity for IPG.
    • Q4 gross margin was 54.9%, up from 54.6% in Q3 and 49.2% a year ago. Thanks in part to a $2.6M forex gain, GAAP operating expenses rose only 5% Y/Y to $34.3M (compares with 25% revenue growth).
    • IPGP +4.1% premarket to $91.89, making new highs along the way.
    • Q4 results, PR
    | Fri, Feb. 20, 9:22 AM | Comment!
  • Fri, Feb. 20, 8:06 AM
    • IPG Photonics (NASDAQ:IPGP): Q4 EPS of $1.07 beats by $0.03.
    • Revenue of $207.40M (+25.0% Y/Y) beats by $2.94M.
    • Shares +4.19% PM.
    • Press Release
    | Fri, Feb. 20, 8:06 AM | Comment!
  • Thu, Feb. 19, 5:30 PM
  • Mon, Feb. 9, 9:09 AM
    • IPG Photonics (NASDAQ:IPGP) expects to report Q4 revenue of $207M and EPS of $1.06-$1.07, above prior guidance of $190M-$205M and $0.86-$1.01, as well as a consensus of $197.8M and $0.95. EPS received a $0.03 forex boost.
    • CEO Valentin Gapontsev: "Geographically, we performed well in Asia, North America and Western Europe. In terms of products, growth was primarily driven by high power and medium power lasers and to a lesser extent QCW and pulsed lasers." Medium-power and QCW lasers were strong points in Q3.
    • The pre-announcement comes ahead of this week's Photonics West industry conference. Full Q4 results are due on the morning of Feb. 20.
    | Mon, Feb. 9, 9:09 AM | 5 Comments
  • Dec. 2, 2014, 6:20 PM
    • IPG Photonics (NASDAQ:IPGP) and TreeHouse Foods (NYSE:THS) will join the S&P MidCap 400 following the Dec. 9 close. The companies are replacing soon-to-be-acquired Compuware and Conversant.
    • OFG Bancorp (NYSE:OFG) will be taking TreeHouse's place in the S&P SmallCap 600.
    • IPGP +2.9% AH. THS +1.3%. OFG +3%.
    | Dec. 2, 2014, 6:20 PM | Comment!
  • Nov. 20, 2014, 2:42 PM
    • Jefferies' Jason North has slashed his 3D Systems (DDD -1.8%) target by $4 to $42, albeit while reiterating Buy. Citing execution concerns caused by the company's recent woes, he now assigns 3D a 2016E EV/sales multiple (3.5x) that's 20% below that of peers vs. a prior 10%.
    • Meanwhile, North suggests 3D printer/platform launches from the likes of H-P, Autodesk (ADSK -0.9%), and IPG Photonics (IPGP +1.7%) pose challenges for established vendors, albeit not immediately. "After speaking to most of them, we think they could grow to become major 3D printing players but see little overall impact for the next two years."
    • North observes Autodesk wants its open-source Spark 3D printing software platform to become an industry standard. However, he sees it mostly being used in low-end devices initially. The CAD software giant's FQ3 report arrives after the bell.
    • IPG, currently a top supplier of lasers for metal 3D printers, is working on a powder-feed printer for creating large parts. North doesn't expect a launch before 2017.
    • 3D printing stocks sold off last month after H-P unveiled its Multi Jet Fusion 3D printing tech; broad availability isn't expected until 2016. At the time, UBS argued 3D Systems is more at risk than Stratasys (SSYS -1.3%), given H-P's process is "somewhat like 3D Systems' Z Corp binder jetting MJM process more than Stratasys’ Polyjet."
    | Nov. 20, 2014, 2:42 PM | 6 Comments
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Company Description
IPG Photonics Corp develops and manufactures broad line of high-performance fiber lasers, fiber amplifiers and diode lasers that are used for diverse applications in materials processing.