IPG Photonics pulls outlook on impact from Russia sanctions; shares tumble

IPG Photonics

03/03/2022 15:40

** Shares of fiber laser maker  IPGP.O  drop to the bottom
of the S&P 500 index  .SPX  with a 8.8% decline to $114.50
    ** IPG withdraws its annual guidance issued just two weeks
ago, as it expects higher shipping costs and significant
increase in time to make components and lasers at the company's
Russian facilities
    ** Co says its Russian facilities, which supplied about $100
million of finished product for the Chinese market in 2021,
continues to make optical components and finished products
    ** IPG says within a few months it could start to reduce the
reliance on components sourced from Russia and substantially
reduce the risk related to sourcing these components from Russia
in six to nine months
    ** Stock fell 6% on Feb. 15 after co reported a
disappointing outlook  urn:newsml:reuters.com:*:nL4N2UQ3OW
    ** IPGP down 32% so far this year

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))