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Today, 9:50 AM
- Though IPG Photonics (IPGP -7.1%) beat Q4 EPS estimates and posted in-line revenue, the company is guiding for Q1 revenue of $200M-$215M and EPS of $0.88-$1.03, below a consensus of $225.8M and $1.09.
- The industrial laser maker is still "targeting double-digit growth" for 2016. The 2016 revenue growth consensus is at 12.6%.
- Top-line performance: IPG's core materials processing product sales rose 9% Y/Y in Q4, with strong welding/cutting application growth offsetting lower sales for marking/engraving applications. Sales for other applications fell 11%, with advanced applications weakness offsetting medical/telecom strength.
China and Japan delivered double-digit growth, and Northern and Western Europe "more moderate growth." Sales fell in Russia and Turkey. CEO Valentin Gapontsev: "We expect continued strong growth for some of our recently introduced products including the QCW lasers, high power pulsed lasers as well as the tri-focal brazing laser. The growth will be enhanced by our rich product pipeline. New product introductions for 2016 include new industrial laser systems, laser projection systems, ultra-fast pulsed, UV and mid-IR lasers."
- Financials: Gross margin fell 10 bps Q/Q and 30 bps Y/Y to 54.6%. Op. margin was flat Q/Q and down 30 bps Y/Y to 37.1%. GAAP operating expenses rose 13% Y/Y to $39M (compares with 8% revenue growth). IPG ended Q4 with $689.1M in cash and $20M in debt.
- IPG's Q4 results, earnings release
Tue, Feb. 2, 1:17 PM
- Longbow Research's Joe Wittine has downgraded Rofin-Sinar (RSTI -3.6%) to Neutral. He cites a distracting proxy fight activist SilverArrow Capital has nominated three board candidates for election at Rofin's 2016 annual meeting - as well as macro uncertainty and a "competitive race" to be second in the high-power fiber laser market behind IPG Photonics (IPGP -0.8%).
- Rofin is selling of four days after rallying (along with IPG and others) after industrial laser peer reported major OLED-related laser bookings; the Nasdaq is down 1.8%. The company's FQ1 results arrive on Thursday; IPG reports on Feb. 12.
Fri, Jan. 29, 12:39 PM
- Coherent (COHR +20.5%) missed FQ1 sales estimates (while beating on EPS) and guided on its earnings call (transcript) for FQ2 revenue of $195M-$200M, below a $208.7M consensus.
- However, the industrial laser maker also reported FQ1 bookings totaled $273M, up 32.9% Q/Q and 68% Y/Y, and good for a 1.43 book-to-bill. Moreover, a fresh bookings record is forecast for FQ2, and orders are expected to remain strong in the second half of FY16.
- CEO John Ambroseo attributed the numbers to strong OLED manufacturing-related orders for Coherent's Linebeam systems. "The first wave of orders for large format Linebeam systems to be used in OLED production accounted for the bookings increase. The second wave has already arrived in the current quarter with an order well in excess of $150 million. There are a significant number of orders pending for the balance of the second quarter and for the remainder of fiscal 2016 ... We can tell you that deliveries begin in the June quarter and run through calendar 2017."
- The disclosure comes shortly after LG Display announced new investments to ramp OLED TV panel production, and amid reports Apple plans to use OLEDs in future iPhones (one report indicated a 2018 ETA).
- OLED materials/IP provider Universal Display (OLED +8.6%) is up strongly. Coherent peers Rofin-Sinar (RSTI +4.3%), IPG Photonics (IPGP +2.6%), and Newport (NEWP +3.5%) are also doing well. The Nasdaq is up 1.5%.
- Coherent's FQ1 results, earnings release
Oct. 27, 2015, 12:07 PM
- With shares down 27% from their April peak going into earnings (thanks in large part to China-related fears), IPG Photonics (NASDAQ:IPGP) is rallying after posting mixed Q3 results (revenue beat, EPS missed) and issuing light guidance. The industrial laser maker expects Q4 revenue of $215M-$230M and EPS of $1.00-$1.15 vs. a consensus of $234.6M and $1.15.
- Business performance: Materials processing laser sales rose 16% Y/Y in Q3, a slowdown from Q2's 22%. However, sales to other markets rose 168% with the help of strong telecom and advanced applications demand, a big improvement from Q2's 54%. "Strong growth" was seen in North America, Europe, and China; sales fell in Japan and Korea..
- Financials: Gross margin was flat Q/Q and up 10 bps Y/Y to 54.7%. However, op. margin fell 210 bps Y/Y to 36.8% (hurt EPS) thanks to a $5.1M forex loss (compares with a $3.6M year-ago gain). Not counting forex gains/losses, GAAP operating expenses rose 10% Y/Y to $38.6M. IPG ended Q3 with $651M in cash, and $20M in debt.
- Q3 results, PR
Jul. 28, 2015, 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
Apr. 30, 2015, 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.
Apr. 28, 2015, 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
Mar. 30, 2015, 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, 500.com, Chinese online real estate
Mar. 23, 2015, 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%.
Feb. 27, 2015, 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
Feb. 20, 2015, 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
Feb. 20, 2015, 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.
Feb. 9, 2015, 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.
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%.
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."
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
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