- IPG Photonics (NASDAQ:IPGP) is up 2.7% premarket following Q1 earnings where profits grew 40% on revenues that increased by a quarter.
- Materials processing sales (the bulk of sales at 94%) grew 28%. Sales to other markets were down 5%; high-power CW laser sales grew 37% (making up 64% of total sales).
- Gross margin rose to 56.5% from 55%, and operating margin was up to 39.2% from 35.5%.
- Sales grew 29% in China and Europe, 39% in Japan, and 3% in the United States.
- Cash from operations was $99.7M; it ended the quarter with $1.18B in cash, equivalents and short-term investments (up $59.8M from Dec. 31).
- Bookings hit a record in Q1, providing for a book-to-bill ratio above 1; for Q2, it's guiding to revenue of $400M-$430M (8-15% growth) and EPS of $2.05-$2.35 (7-23% growth).
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Conference call to come at 10 a.m. ET.
- Press release