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.
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, 8:01 AM
Mon, Apr. 27, 5:30 PM
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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  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, 8:06 AM
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.
Oct. 28, 2014, 10:42 AM
- IPG Photonics (NASDAQ:IPGP) expects Q4 revenue of $190M-$205M and EPS of $0.86-$1.01, favorable at the midpoints to a consensus of $192.4M and $0.90.
- A $3.6M forex gain was recorded in Q3, helping EPS beat estimates in spite of a revenue miss. Also helping: Gross margin rose 40 bps Q/Q and 70 bps Y/Y to 54.6%. Not counting forex, opex rose 12% Y/Y to $35.1M (compares with 16% revenue growth).
- Demand for QCW lasers remained strong, rising 122% Y/Y. IPG attributes the growth to "successful penetration of OEMs for turbine blade drilling and, in particular, fine welding applications." High-power lasers +10%; medium-power +45%; low-power +14%; pulsed lasers +11%.
- 20%+ growth in Europe and China offset weak demand in the U.S. and Japan. Turkey and other parts of Asia also saw strong growth.
- Q3 results, PR
Oct. 28, 2014, 8:03 AM
Oct. 27, 2014, 5:30 PM
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Jul. 29, 2014, 8:05 AM
Jul. 28, 2014, 5:30 PM
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Apr. 29, 2014, 10:28 AM
- Though IPG Photonics (IPGP -6.4%) posted in-line Q1 EPS and beat on revenue, it's guiding for Q2 revenue of $173M-$188M and EPS of $0.77-$0.92, largely below a consensus of $188.2M and $0.90.
- The company blames softness in North American advanced and medical laser orders, and "continued competition" in the Chinese low-power pulsed laser market (it expects new products to improve its Chinese position). Those factors are offsetting strong demand for high-power cutting lasers and other products.
- Q1 gross margin was 52.3%, +310 bps Q/Q but -100 bps Y/Y. Opex rose 21% Y/Y to $31.5M, thanks in large part to a 45% increase in R&D spend to $12.8M. A $1.4M forex charge was recorded (compares with a $1.6M Q4 charge).
- Book-to-bill remained above 1. Japanese sales hit a record, and "strong growth" was also seen in Europe, China, and Turkey. But North American sales fell due to lower welding and paint-stripping laser demand.
- Q1 results, PR
Apr. 29, 2014, 8:04 AM
Apr. 28, 2014, 5:30 PM
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