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Ipg Photonics Corp (IPGP) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

IPGP Quarterly Reports

Ipg Photonics Corp

CIK: 1111928 Ticker: IPGP

Exhibit 99.1
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IPG PHOTONICS ANNOUNCES FIRST QUARTER 2020 FINANCIAL RESULTS
Earnings Per Diluted Share of $0.68 Increased by $0.28 Due to Foreign Exchange Gains
Company Increases Share Repurchase Program by $200 Million
OXFORD, Mass. – May 5, 2020
- IPG Photonics Corporation (NASDAQ: IPGP) today reported financial results for the first quarter ended March 31, 2020.
Three Months Ended March 31,
(In millions, except per share data and percentages)20202019Change
Revenue$249.2  $315.0  (21)%
Gross margin41.3 %47.3 %
Operating income$44.8  $68.3  (34)%
Operating margin18.0 %21.7 %
Net income attributable to IPG Photonics Corporation$36.4  $55.2  (34)%
Earnings per diluted share$0.68  $1.02  (33)%

Management Comments
"We delivered first quarter revenue at the high end of our guidance range on a rebound in China-based demand during March and strength in new products," said Dr. Valentin Gapontsev, IPG Photonics' Chief Executive Officer. "Our strategy in dealing with the effects of the COVID-19 pandemic is to ensure the well-being of our employees, to serve our customers from our global facilities and to focus on the long-term opportunities enabled by our laser technology and the financial strength of the Company."
Financial Highlights
First quarter revenue of $249 million decreased 21% year over year. Currency depreciation relative to the exchange rates assumed in our first quarter guidance reduced revenue by $2 million. Materials processing sales decreased 28% year over year due to lower sales in cutting, welding and marking applications, while sales into other applications increased 123% year over year on strength in advanced applications and devices used in medical procedures. Materials processing sales accounted for 87% of total revenue.
Sales of high power continuous wave ("CW") lasers, representing 48% of total revenue, decreased 33% year over year due to the effects of COVID-19 on the global demand environment and lower average selling prices. Sales of fiber lasers at 6 kilowatts of power or greater were approximately 50% of all high power CW laser sales. By region, sales decreased 40% in China, 15% in Europe, 12% in Japan and increased 4% in North America on a year over year basis.
Earnings per diluted share ("EPS") of $0.68 decreased 33% year over year. Foreign exchange gains increased EPS by $0.28. The effective tax rate in the quarter was 23%, which benefited from certain discrete tax items. During the first quarter, IPG generated $57 million in cash from operations. Capital expenditures were $18 million and stock repurchases totaled $13 million.
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The following information was filed by Ipg Photonics Corp (IPGP) on Tuesday, May 5, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Ipg Photonics Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Equity
Condensed Consolidated Statements Of Income
Accrued Expenses And Other Liabilities
Accrued Expenses And Other Liabilities (Details)
Accrued Expenses And Other Liabilities (Tables)
Basis Of Presentation And Significant Accounting Policies
Basis Of Presentation And Significant Accounting Policies (Details)
Basis Of Presentation And Significant Accounting Policies (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Derivative Gains (Losses) In The Consolidated Statements Of Income Related To Interest Rate Swap Contracts) (Details)
Derivative Financial Instruments (Fair Value) (Details)
Derivative Financial Instruments (Tables)
Fair Value Measurements
Fair Value Measurements (Assets And Liabilities Measured At Fair Value) (Details)
Fair Value Measurements (Fair Value Of Auction Rate Securities And Contingent Purchase Consideration) (Details)
Fair Value Measurements (Narrative) (Details)
Fair Value Measurements (Schedule Of Effective Maturity Dates Of Held To Maturity Investments) (Details)
Fair Value Measurements (Tables)
Financing Arrangements
Financing Arrangements (Borrowings Under Existing Financing Arrangements) (Details)
Financing Arrangements (Future Principal Payments) (Details)
Financing Arrangements (Narrative) (Details)
Financing Arrangements (Tables)
Goodwill And Intangibles
Goodwill And Intangibles (Estimated Future Amortization Expense For Intangibles) (Details)
Goodwill And Intangibles (Intangible Assets) (Details)
Goodwill And Intangibles (Narrative) (Details)
Goodwill And Intangibles (Schedule Of Changes) (Details)
Goodwill And Intangibles (Tables)
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Schedule Of Unrecognized Tax Benefits) (Details)
Income Taxes (Tables)
Inventories
Inventories (Components Of Inventories) (Details)
Inventories (Narrative) (Details)
Inventories (Tables)
Net Income Attributable To Ipg Photonics Corporation Per Share
Net Income Attributable To Ipg Photonics Corporation Per Share (Computation Of Diluted Net Income) (Details)
Net Income Attributable To Ipg Photonics Corporation Per Share (Narrative) (Details)
Net Income Attributable To Ipg Photonics Corporation Per Share (Tables)
Product Warranties
Product Warranties (Narrative) (Details)
Product Warranties (Summary Of Product Warranty Activity) (Details)
Product Warranties (Tables)
Recent Accounting Pronouncements
Recent Accounting Pronouncements (Details)
Recent Accounting Pronouncements (Policies)
Recent Accounting Pronouncements (Tables)
Restricted Cash
Restricted Cash (Details)
Restricted Cash (Tables)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Changes In Contract Assets And Contract Liabilities) (Details)
Revenue From Contracts With Customers (Disaggregation Of Revenue, By Application) (Details)
Revenue From Contracts With Customers (Disaggregation Of Revenue, By Geography) (Details)
Revenue From Contracts With Customers (Disaggregation Of Revenue, By Product) (Details)
Revenue From Contracts With Customers (Disaggregation Of Revenue, By Timing) (Details)
Revenue From Contracts With Customers (Narrative) (Details)
Revenue From Contracts With Customers (Schedule Of Remaining Performance Obligations) (Details)
Revenue From Contracts With Customers (Tables)
Subsequent Events
Subsequent Events (Details)

Material Contracts, Statements, Certifications & more

Ipg Photonics Corp provided additional information to their SEC Filing as exhibits

Ticker: IPGP
CIK: 1111928
Form Type: 10-Q Quarterly Report
Accession Number: 0001111928-20-000074
Submitted to the SEC: Tue May 05 2020 4:07:33 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Semiconductors And Related Devices

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