- IPG Photonics (NASDAQ:IPGP) shares are down 10% after reporting upside Q1 results this morning with inline guidance and an announced CEO transition.
- In Q1, sales were up 39% on the year to $345.6M. EPS was $1.17, topping estimates by $0.08.
- Gross margin increased from 41.5% in last year's quarter to 47.5%. Operating margin improved from 18% to 25.7%.
- "We were pleased to see continued strong demand in China and North America as well as a further improvement in Europe. These drove both year-over-year and sequential increases in sales, despite typical seasonality, helping us achieve our best first quarter results since 2018, which was a record year, and a solid start to 2021," says former CEO and new board chairman Valentin Gapontsev.
- For Q2, the company forecasts revenue of $360-390M (consensus: $364.21M) and EPS of $1.20-1.50 (consensus: $1.37).
- Stepping into Gapontsev's role as CEO is COO Eugene . Scherbakov.
- Press release.