IPG Photonics Corporation (Nasdaq: IPGP) today reported
financial results for the fourth quarter ended December 31,
2023.
|
Three Months EndedDecember 31, |
|
|
|
|
|
Twelve Months EndedDecember 31, |
|
|
(In millions, except
per share data and percentages) |
|
2023 |
|
|
|
2022 |
|
|
|
Change |
|
|
|
2023 |
|
|
|
2022 |
|
|
Change |
Revenue |
$ |
298.9 |
|
|
$ |
333.5 |
|
|
|
(10 |
)% |
|
$ |
1,287.4 |
|
|
$ |
1,429.5 |
|
|
|
(10 |
)% |
Gross margin |
|
38.2 |
% |
|
|
18.2 |
% |
|
|
|
|
|
|
42.1 |
% |
|
|
38.9 |
% |
|
|
Operating income (loss) |
$ |
28.8 |
|
|
$ |
(88.5 |
) |
|
|
NM |
|
$ |
232.0 |
|
|
$ |
169.5 |
|
|
|
37 |
% |
Operating margin |
|
9.6 |
% |
|
|
(26.5 |
)% |
|
|
NM |
|
|
18.0 |
% |
|
|
11.9 |
% |
|
|
Net income (loss) attributable to
IPG Photonics Corporation |
$ |
41.4 |
|
|
$ |
(92.9 |
) |
|
|
|
$ |
218.9 |
|
|
$ |
109.9 |
|
|
|
99 |
% |
Earnings (loss) per diluted
share |
$ |
0.89 |
|
|
$ |
(1.91 |
) |
|
|
NM |
|
$ |
4.63 |
|
|
$ |
2.16 |
|
|
|
114 |
% |
NM - not meaningful.
Management Comments
"Fourth quarter revenue came in at the top of
our expectations with higher sales in welding, cleaning, 3D
printing and medical applications. We also saw increased demand in
e-mobility applications outside of China. This growth was offset by
continued soft industrial demand across many major geographies and
lower sales in e-mobility applications in China," said Dr. Eugene
Scherbakov, IPG Photonics' Chief Executive Officer. "In 2023, we
focused on diversifying and growing our revenue outside of flat
sheet cutting and away from China. Many of the emerging growth
products delivered strong results and displaced other laser and
non-laser technologies. IPG continued to generate strong cash flow
from operations and returned capital to our stockholders."
Financial Highlights
Fourth quarter revenue of $299 million decreased
10% year over year. Changes in foreign currency translation reduced
revenue growth by approximately $5 million or 2%. Materials
processing sales accounted for 87% of total sales and decreased 12%
year over year with higher sales in welding, cleaning and 3D
printing offset by lower revenue in cutting. Sales in other
applications increased 4% year over year. Emerging growth products
sales accounted for 46% of total sales and benefited from growth in
handheld welder, medical and higher beam delivery revenue.
Revenue in high power continuous wave (CW)
lasers declined 19% year over year due to lower demand, high
customer inventories and increased competition in cutting
applications in China. Sales of pulsed lasers declined 40% compared
with the prior year due to lower demand in solar cell manufacturing
and foil cutting applications. By region, sales decreased 3% in
North America, 25% in China and 5% in Japan. Sales increased 1% in
Europe.
Gross margin of 38.2% increased year over year
on significantly lower inventory provision, but was negatively
impacted by reduced absorption of manufacturing expenses due to an
intended decrease in inventory. Earnings per diluted share (EPS)
was $0.89, an increase compared to the reported loss per diluted
share in the prior year, but was down compared to prior year
adjusted diluted EPS of $1.08.(1) Foreign currency exchange
transaction loss decreased operating income by $0.4 million and
earnings per share by $0.01 in the quarter. The effective tax rate
in the quarter was 2% and benefited from certain discrete items.
During the fourth quarter, IPG generated $106 million in cash from
operations, and spent $25 million on capital expenditures and $64
million on share repurchases.
(1)Refer to supplemental schedule of non-GAAP
financial measures for reconciliation details for the three months
ended December 31, 2022.
Business Outlook and Financial Guidance
Total backlog was $691 million and consisted of
$401 million of orders with firm shipment dates and $290 million of
frame agreements. Total backlog decreased by 15%, driven by a 20%
decrease in orders with firm shipment dates and 6% decrease in
frame agreements. Fourth quarter book-to-bill was below 1.
"As we enter 2024, our visibility is still
limited and macroeconomic conditions and global industrial demand
remain challenging. These uncertainties are further compounded by
large OEM customers delaying orders and managing inventories and
e-mobility investments remaining soft. Some of our more mature
markets are also seeing increased competition. However, we are
working relentlessly on developing new markets and applications for
our lasers as well as developing new products. We are targeting a
number of large addressable markets where fiber lasers can replace
existing technologies by taking advantage of several known trends,
including automation and customer focus on increasing efficiency
and reducing environmental impacts. We expect growth in the
emerging products to continue and further diversify our revenue,"
continued Dr. Scherbakov. "While the beginning of the year is going
to be challenging, we are expecting demand to improve as the year
progresses. Given the headwinds, we are also focused on operational
improvements, such as lowering product costs, managing expenses and
reducing inventories in 2024."
For the first quarter of 2024, IPG expects
revenue of $235 million to $265 million. The Company expects the
first quarter tax rate to be approximately 25%. IPG anticipates
delivering earnings per diluted share in the range of $0.30 to
$0.60.
As discussed in more detail in the "Safe Harbor"
passage of this news release, actual results may differ from this
guidance due to various factors including, but not limited to,
trade policy changes and trade restrictions, product demand, order
cancellations and delays, competition, tariffs, currency
fluctuations and general economic conditions. This guidance is
based upon current market conditions and expectations, and is
subject to the risks outlined in the Company's reports filed with
the SEC, and assumes exchange rates relative to the U.S. dollar of
Euro 0.91, Russian ruble 90, Japanese yen 141 and Chinese yuan
7.08, respectively.
Authorization of New Stock Buyback Program
The Board of Directors authorized a new program
to purchase up to $300 million of IPG common stock. Share
repurchases may be made periodically in open-market or other
transactions, and are subject to market conditions, legal
requirements and other factors. The share repurchase program
authorization does not obligate the Company to repurchase any
dollar amount or number of its shares, and repurchases may be
commenced or suspended from time to time without prior notice. Over
the last three years, IPG has repurchased in excess of $850 million
of its common stock.
Supplemental Financial Information
Additional supplemental financial information is
provided in the unaudited Fourth Quarter 2023 Financial Data
Workbook and Earnings Call Presentation available on the investor
relations section of the Company's website at
investor.ipgphotonics.com.
Conference Call Reminder
The Company will hold a conference call today,
February 13, 2024 at 10:00 am ET. To access the call, please
dial 877-407-6184 in the US or 201-389-0877 internationally. A live
webcast of the call will also be available and archived on the
investor relations section of the Company's website at
investor.ipgphotonics.com.
Contact
Eugene FedotoffSenior Director, Investor Relations IPG Photonics
Corporation 508-597-4713efedotoff@ipgphotonics.com
About IPG Photonics Corporation
IPG Photonics Corporation is the leader in
high-power fiber lasers and amplifiers used primarily in materials
processing and other diverse applications. The Company’s mission is
to develop innovative laser solutions making the world a better
place. IPG accomplishes this mission by delivering superior
performance, reliability and usability at a lower total cost of
ownership compared with other types of lasers and non-laser tools,
allowing end users to increase productivity and decrease costs. IPG
is headquartered in Marlborough, Massachusetts and has more than 30
facilities worldwide. For more information, visit
www.ipgphotonics.com.
Safe Harbor Statement
Information and statements provided by IPG and
its employees, including statements in this press release, that
relate to future plans, events or performance are forward-looking
statements. These statements involve risks and uncertainties. Any
statements in this press release that are not statements of
historical fact are forward-looking statements, including
developing new products and new markets and applications for our
fiber lasers, targeting a number of large addressable markets,
fiber lasers replacing existing laser and non-laser technologies,
growth in the emerging products to continue and further diversify
our revenue, expecting demand to improve as the year progresses, as
well as revenue, tax rate and earnings guidance, and the impact of
the U.S. dollar on our guidance for first quarter of 2024. Factors
that could cause actual results to differ materially include risks
and uncertainties, including risks associated with the strength or
weakness of the business conditions in industries and geographic
markets that IPG serves, particularly the effect of downturns in
the markets IPG serves; uncertainties and adverse changes in the
general economic conditions of markets; inability to manage risks
associated with international customers and operations; changes in
trade controls and trade policies; IPG's ability to penetrate new
applications for fiber lasers and increase market share; the rate
of acceptance and penetration of IPG's products; foreign currency
fluctuations; high levels of fixed costs from IPG's vertical
integration; the appropriateness of IPG's manufacturing capacity
for the level of demand; competitive factors, including declining
average selling prices; the effect of acquisitions and investments;
inventory related charges; asset impairment charges; intellectual
property infringement claims and litigation; interruption in supply
of key components; manufacturing risks; government regulations and
trade sanctions; and other risks identified in IPG's SEC filings.
Readers are encouraged to refer to the risk factors described in
IPG's Annual Report on Form 10-K (filed with the SEC on February
27, 2023) and IPG's other reports filed with the SEC, as
applicable. Actual results, events and performance may differ
materially. Readers are cautioned not to rely on the
forward-looking statements, which speak only as of the date hereof.
IPG undertakes no obligation to update the forward-looking
statements that may be made to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated
events.
Use of Non-GAAP Adjusted Financial
Information
The Company’s financial results in this press
release are provided in accordance with accounting principles
generally accepted in the United States of America (GAAP). The
Company has also included certain supplemental non-GAAP financial
information regarding adjusted gross profit, adjusted net income
and adjusted earnings per share (each, a non-GAAP financial
measure). The non-GAAP financial measures provided are a supplement
to, and not a substitute for, the Company’s financial results
presented in accordance with U.S. GAAP. These non-GAAP financial
measures are provided to enhance the investor's understanding and
aid in their analysis of the Company's ongoing operations.
Specifically, the Company believes the non-recurring impact of
certain long-lived asset impairment, restructuring charges,
inventory related charges, gain or loss on sale of assets and
foreign currency gains or losses, are not indicative of its core
operating results and may obscure trends useful in evaluating the
Company's continuing operating activities. The presentation of
non-GAAP financial measures is not meant to be considered in
isolation or as a substitute for results prepared and presented in
accordance with U.S. GAAP. Also, these non-GAAP financial measures,
as determined and presented by the Company, may not be comparable
to related or similarly titled measures reported by other
companies. Reconciliations of non-GAAP measures to their most
comparable GAAP measures are included in the financial statements
portion of this press release.
IPG PHOTONICS CORPORATIONCONDENSED
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
(In thousands, except per share data) |
Net sales |
$ |
298,893 |
|
|
$ |
333,539 |
|
|
$ |
1,287,439 |
|
|
$ |
1,429,547 |
|
Cost of sales |
|
184,726 |
|
|
|
272,715 |
|
|
|
745,741 |
|
|
|
874,134 |
|
Gross profit |
|
114,167 |
|
|
|
60,824 |
|
|
|
541,698 |
|
|
|
555,413 |
|
Operating expenses: |
|
|
|
|
|
|
|
Sales and marketing |
|
22,161 |
|
|
|
17,876 |
|
|
|
85,679 |
|
|
|
76,643 |
|
Research and development |
|
27,714 |
|
|
|
26,620 |
|
|
|
98,704 |
|
|
|
116,114 |
|
General and administrative |
|
35,003 |
|
|
|
33,365 |
|
|
|
125,749 |
|
|
|
131,253 |
|
Gain on divestiture and sale of asset |
|
— |
|
|
|
(10,098 |
) |
|
|
— |
|
|
|
(31,846 |
) |
Impairment of long-lived assets |
|
— |
|
|
|
79,030 |
|
|
|
1,237 |
|
|
|
79,949 |
|
Restructuring charges (recoveries), net |
|
69 |
|
|
|
9,697 |
|
|
|
(288 |
) |
|
|
9,697 |
|
Loss (gain) on foreign exchange |
|
442 |
|
|
|
(7,186 |
) |
|
|
(1,356 |
) |
|
|
4,103 |
|
Total operating expenses |
|
85,389 |
|
|
|
149,304 |
|
|
|
309,725 |
|
|
|
385,913 |
|
Operating income (loss) |
|
28,778 |
|
|
|
(88,480 |
) |
|
|
231,973 |
|
|
|
169,500 |
|
Other income, net: |
|
|
|
|
|
|
|
Interest income, net |
|
13,369 |
|
|
|
7,888 |
|
|
|
41,735 |
|
|
|
12,620 |
|
Other income, net |
|
6 |
|
|
|
548 |
|
|
|
1,167 |
|
|
|
1,231 |
|
Total other income |
|
13,375 |
|
|
|
8,436 |
|
|
|
42,902 |
|
|
|
13,851 |
|
Income (loss) before provision of
income taxes |
|
42,153 |
|
|
|
(80,044 |
) |
|
|
274,875 |
|
|
|
183,351 |
|
Provision for income taxes |
|
725 |
|
|
|
12,851 |
|
|
|
55,997 |
|
|
|
72,589 |
|
Net income (loss) |
|
41,428 |
|
|
|
(92,895 |
) |
|
|
218,878 |
|
|
|
110,762 |
|
Less: net income attributable to
non-controlling interests |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
853 |
|
Net income (loss) attributable to
IPG Photonics Corporation |
$ |
41,428 |
|
|
$ |
(92,895 |
) |
|
$ |
218,878 |
|
|
$ |
109,909 |
|
Net income (loss) attributable to
IPG Photonics Corporation per share: |
|
|
|
|
|
|
|
Basic |
$ |
0.89 |
|
|
$ |
(1.91 |
) |
|
$ |
4.64 |
|
|
$ |
2.17 |
|
Diluted |
$ |
0.89 |
|
|
$ |
(1.91 |
) |
|
$ |
4.63 |
|
|
$ |
2.16 |
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
Basic |
|
46,533 |
|
|
|
48,720 |
|
|
|
47,154 |
|
|
|
50,761 |
|
Diluted |
|
46,656 |
|
|
|
48,720 |
|
|
|
47,320 |
|
|
|
50,925 |
|
IPG PHOTONICS CORPORATIONCONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
|
|
December 31, |
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
(In thousands, except share andper
share data) |
ASSETS |
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
514,674 |
|
|
$ |
698,209 |
|
Short-term investments |
|
662,807 |
|
|
|
479,374 |
|
Accounts receivable, net |
|
219,053 |
|
|
|
211,347 |
|
Inventories |
|
453,874 |
|
|
|
509,363 |
|
Prepaid income taxes |
|
26,038 |
|
|
|
40,934 |
|
Prepaid expenses and other current assets |
|
38,208 |
|
|
|
47,047 |
|
Total current assets |
|
1,914,654 |
|
|
|
1,986,274 |
|
Deferred income taxes, net |
|
88,788 |
|
|
|
75,152 |
|
Goodwill |
|
38,540 |
|
|
|
38,325 |
|
Intangible assets, net |
|
26,234 |
|
|
|
34,120 |
|
Property, plant and equipment,
net |
|
602,257 |
|
|
|
580,561 |
|
Other assets |
|
28,425 |
|
|
|
28,848 |
|
Total assets |
$ |
2,698,898 |
|
|
$ |
2,743,280 |
|
LIABILITIES AND EQUITY |
Current liabilities: |
|
|
|
Current portion of long-term debt |
$ |
— |
|
|
$ |
16,031 |
|
Accounts payable |
|
28,618 |
|
|
|
46,233 |
|
Accrued expenses and other current liabilities |
|
181,350 |
|
|
|
202,764 |
|
Income taxes payable |
|
4,893 |
|
|
|
9,618 |
|
Total current liabilities |
|
214,861 |
|
|
|
274,646 |
|
Other long-term liabilities and
deferred income taxes |
|
68,652 |
|
|
|
83,274 |
|
Total liabilities |
|
283,513 |
|
|
|
357,920 |
|
Commitments and
contingencies |
|
|
|
IPG Photonics Corporation
equity: |
|
|
|
Common stock, $0.0001 par value, 175,000,000 shares authorized;
56,317,438 and 46,320,671 shares issued and outstanding,
respectively, at December 31, 2023; 56,017,672 and 48,138,257
shares issued and outstanding, respectively, at December 31,
2022. |
|
6 |
|
|
|
6 |
|
Treasury stock, at cost, 9,996,767 and 7,879,415 shares held at
December 31, 2023 and December 31, 2022,
respectively. |
|
(1,161,505 |
) |
|
|
(938,009 |
) |
Additional paid-in capital |
|
994,020 |
|
|
|
951,371 |
|
Retained earnings |
|
2,795,394 |
|
|
|
2,576,516 |
|
Accumulated other comprehensive loss |
|
(212,530 |
) |
|
|
(204,524 |
) |
Total equity |
|
2,415,385 |
|
|
|
2,385,360 |
|
Total liabilities and
equity |
$ |
2,698,898 |
|
|
$ |
2,743,280 |
|
IPG PHOTONICS CORPORATIONCONDENSED
CONSOLIDATED STATEMENTS OF CASH
FLOWS(UNAUDITED) |
|
|
Twelve Months Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
(In thousands) |
Cash flows from operating
activities: |
|
|
|
Net income |
$ |
218,878 |
|
|
$ |
110,762 |
|
Adjustments to reconcile net income to net cash provided by (used
in) operating activities: |
|
|
|
Depreciation and amortization |
|
69,621 |
|
|
|
90,564 |
|
Impairment of long-lived assets and restructuring charges
(recoveries), net |
|
(486 |
) |
|
|
79,949 |
|
Provisions for inventory, warranty & bad debt |
|
61,058 |
|
|
|
153,652 |
|
Gain on divestiture and sale of asset |
|
— |
|
|
|
(31,846 |
) |
Other |
|
1,471 |
|
|
|
11,789 |
|
Changes in assets and liabilities that (used) provided cash, net of
acquisitions: |
|
|
|
Accounts receivable and accounts payable |
|
(26,714 |
) |
|
|
21,926 |
|
Inventories |
|
1,823 |
|
|
|
(189,013 |
) |
Other |
|
(29,665 |
) |
|
|
(35,134 |
) |
Net cash provided by operating activities |
|
295,986 |
|
|
|
212,649 |
|
Cash flows from investing
activities: |
|
|
|
Purchases of and deposits on property, plant and equipment |
|
(110,483 |
) |
|
|
(110,141 |
) |
Proceeds from sales of property, plant and equipment |
|
31,241 |
|
|
|
26,862 |
|
Purchases of short-term investments |
|
(1,232,863 |
) |
|
|
(1,117,022 |
) |
Proceeds from short-term investments |
|
1,073,993 |
|
|
|
1,446,355 |
|
Acquisitions of businesses, net of cash acquired |
|
— |
|
|
|
(2,000 |
) |
Proceeds from divestiture, net of cash sold |
|
— |
|
|
|
52,941 |
|
Other |
|
558 |
|
|
|
(43 |
) |
Net cash (used in) provided by investing activities |
|
(237,554 |
) |
|
|
296,952 |
|
Cash flows from financing
activities: |
|
|
|
Principal payments on long-term borrowings |
|
(16,031 |
) |
|
|
(18,126 |
) |
Proceeds from issuance of common stock under employee stock option
and purchase plans less payments for taxes related to net share
settlement of equity awards |
|
3,147 |
|
|
|
5,583 |
|
Purchase of treasury stock, at cost |
|
(223,496 |
) |
|
|
(499,506 |
) |
Purchase of non-controlling interests |
|
— |
|
|
|
(2,500 |
) |
Net cash used in financing activities |
|
(236,380 |
) |
|
|
(514,549 |
) |
Effect of changes in exchange
rates on cash and cash equivalents |
|
(5,587 |
) |
|
|
(5,948 |
) |
Net decrease in cash and cash
equivalents |
|
(183,535 |
) |
|
|
(10,896 |
) |
Cash and cash equivalents —
Beginning of period |
|
698,209 |
|
|
|
709,105 |
|
Cash and cash equivalents — End
of period |
$ |
514,674 |
|
|
$ |
698,209 |
|
Supplemental disclosures of cash
flow information: |
|
|
|
Cash paid for interest |
$ |
1,284 |
|
|
$ |
3,214 |
|
Cash paid for income taxes |
$ |
62,916 |
|
|
$ |
113,200 |
|
IPG PHOTONICS CORPORATIONSUPPLEMENTAL
SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS
(UNAUDITED) |
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
(In thousands) |
Amortization of intangible
assets: |
|
|
|
|
|
|
|
Cost of sales |
$ |
550 |
|
|
$ |
608 |
|
|
$ |
2,242 |
|
|
$ |
3,632 |
|
Sales and marketing |
|
1,283 |
|
|
|
1,469 |
|
|
|
5,653 |
|
|
|
6,822 |
|
Total amortization of intangible
assets |
$ |
1,833 |
|
|
$ |
2,077 |
|
|
$ |
7,895 |
|
|
$ |
10,454 |
|
IPG PHOTONICS CORPORATIONSUPPLEMENTAL
SCHEDULE OF STOCK-BASED COMPENSATION (UNAUDITED) |
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
(In thousands) |
Cost of sales |
$ |
1,265 |
|
|
$ |
2,507 |
|
|
$ |
7,929 |
|
|
$ |
11,741 |
|
Sales and marketing |
|
1,376 |
|
|
|
1,180 |
|
|
|
5,421 |
|
|
|
4,889 |
|
Research and development |
|
3,225 |
|
|
|
1,696 |
|
|
|
9,396 |
|
|
|
7,585 |
|
General and
administrative |
|
6,276 |
|
|
|
3,750 |
|
|
|
16,858 |
|
|
|
14,120 |
|
Total stock-based
compensation |
|
12,142 |
|
|
|
9,133 |
|
|
|
39,604 |
|
|
|
38,335 |
|
Tax effect of stock-based
compensation |
|
(2,644 |
) |
|
|
(1,982 |
) |
|
|
(8,660 |
) |
|
|
(8,261 |
) |
Net stock-based compensation |
$ |
9,498 |
|
|
$ |
7,151 |
|
|
$ |
30,944 |
|
|
$ |
30,074 |
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
(In thousands) |
Excess tax (detriment) benefit on
stock-based compensation |
$ |
(94 |
) |
|
$ |
(478 |
) |
|
$ |
(1,835 |
) |
|
$ |
(2,732 |
) |
IPG PHOTONICS CORPORATIONSUPPLEMENTAL
SCHEDULE OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) |
|
|
Three Months Ended December 31, |
|
|
2022 |
|
(In thousands, except
percentages) |
|
|
Gross Margin |
Gross profit |
$ |
60,824 |
|
|
|
18.2 |
% |
Add: Inventory provision and related charges |
|
74,055 |
|
|
|
Adjusted gross
profit |
$ |
134,879 |
|
|
|
40.4 |
% |
|
Three Months Ended December 31, |
|
|
2022 |
|
(In thousands, except per share data) |
Before Tax |
|
Tax Impact |
|
After Tax |
|
Per Diluted Share |
Net (loss) income
attributable to IPG Photonics Corporation and diluted
EPS |
|
|
|
|
$ |
(92,895 |
) |
|
$ |
(1.91 |
) |
Adjustments to reconcile to
adjusted net income: |
|
|
|
|
|
|
|
Inventory provision and related charges |
$ |
74,055 |
|
|
$ |
(14,811 |
) |
|
|
59,244 |
|
|
|
1.21 |
|
Long-lived asset impairment |
|
79,030 |
|
|
|
(15,806 |
) |
|
|
63,224 |
|
|
|
1.30 |
|
Other restructuring charges |
|
9,697 |
|
|
|
(2,031 |
) |
|
|
7,666 |
|
|
|
0.16 |
|
Gain on divestiture and sale of asset |
|
(10,098 |
) |
|
|
2,322 |
|
|
|
(7,776 |
) |
|
|
(0.16 |
) |
Gain on foreign exchange |
|
(7,186 |
) |
|
|
953 |
|
|
|
(6,233 |
) |
|
|
(0.12 |
) |
Discrete tax impacts |
|
|
|
29,490 |
|
|
|
29,490 |
|
|
|
0.60 |
|
Total adjustments |
$ |
145,498 |
|
|
$ |
117 |
|
|
$ |
145,615 |
|
|
$ |
2.99 |
|
Adjusted net income
and adjusted diluted EPS |
|
|
|
|
$ |
52,720 |
|
|
$ |
1.08 |
|
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