- IPG Photonics Corporation (NASDAQ:IPGP) expects Q3 revenue to be ~$355M to $356M, below the company's guidance range of $360M to $390M due to foreign currency headwinds of approximately $5M.
- Diluted share to be $1.83 to $1.87 including a tax benefit of approximately $0.15 related to discrete items vs. guidance of $1.80 to $2.05 per share.
- "The global geopolitical and macroeconomic environment remained challenging as we progressed through the third quarter," said Dr. Valentin Gapontsev, IPG Photonics' Chief Executive Officer. "These tariff and trade-related headwinds were the primary driver of weaker than expected performance for our business in China and Europe. The book-to-bill ratio during the third quarter was very slightly below 1.0. As a result of these factors, we believe full year revenue growth may be below the 7% to 9% range we provided on July 31, 2018. We will update our full year outlook when we report third quarter 2018 results on October 30, 2018."
- The company will release its Q3 financial results before the market opens on Tuesday, October 30.
- IPGP +2.21% premarket.