IPG Photonics climbs on upbeat Q1 results

IPG Photonics

03/05/2022 19:33

** Laser maker's shares  IPGP.O  up 6% at $105.11, after
rising as much as 18.2% earlier in the session
    ** Company posts Q1 adj profit of $1.31/shr and revenue of
$369.98 mln, vs Refinitiv est of $0.98/shr and $334.79 mln
 urn:newsml:reuters.com:*:nGNX2JJkMY   
    ** IPG says materials processing sales accounted for 92% of
revenue
    ** "Given increased geopolitical risks, we are reducing our
reliance on manufacturing in Russia and have stopped new
investments in the region while increasing manufacturing
capacity in North America and Western Europe" - CEO Eugene
Scherbakov
    ** Company beats revenue and adj EPS expectations for third
straight quarter
    ** For Q2, IPG expects revenue of $355 mln-$385 mln and
profit between $0.95/shr and $1.25/shr, midpoints of which fall
below Street estimates
    ** More than 1.5 mln shares change hands, more than 3x
30-DMA volume
    ** As of last close, company's shares down 42.4% YTD

 (Reporting by Devik Jain in Bengaluru)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062))