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- IPG Photonics Corp IPGP reported first-quarter FY21 revenue growth of 39% year-on-year to $345.6 million, beating analyst consensus of $328.94 million.
- Materials processing sales rose 45% from higher sales in welding, cutting, solar cell manufacturing, sintering, and ablation applications. Sales into other applications declined 9% as strength in advanced applications and telecom was offset by lower medical revenue.
- Sales of high-power continuous wave (CW) lasers rose 43% from the growth of ultra-high power fiber lasers and strong demand for pulsed and adjustable mode beam (AMB) lasers.
- Sales rose 104% in China, 14% in Europe, 9% in North America while declining 21% in Japan.
- The gross margin expanded 620 basis points to 47.5%, and the operating margin expanded 770 basis points to 25.7%.
- Net income rose 87% to $68.1 million. EPS of $1.26 beat the analyst consensus of $1.09.
- Continued strong demand in China and North America and a further improvement in Europe drove the results, Chair Dr. Valentin Gapontsev said.
- Initial orders for handheld welder were strong, and the company was increasing production of this innovative device to meet growing customer demand.
- IPG generated $88 million in operating cash flow, and it held $896.7 million in cash and equivalents.
- Guidance: Q2 revenue outlook lies between $360 million to $390 million, versus the analyst consensus of $364.21 million. EPS guidance lies between $1.20 and $1.50, versus the analyst consensus of $1.36.
- Price action: IPGP shares closed lower by 2.55% at $211.57 on Monday.
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