IPG Photonics Announces First Quarter 2023 Financial Results
May 02, 2023Growth in Welding Revenue with Record Results in E-Mobility and LightWELD
Diversification Efforts Offsetting Softer Demand in Cutting and Marking Applications
MARLBOROUGH, Mass., May 02, 2023 (GLOBE NEWSWIRE) -- IPG Photonics Corporation (NASDAQ: IPGP) today reported financial results for the first quarter ended March 31, 2023.
| Tres meses terminados el 31 de marzo, | ||||||||||
| (En millones, excepto datos por acción y porcentajes) | 2023 | 2022 | Cambia | |||||||
| Ingresos | $ | 347.2 | $ | 370.0 | (6)% | |||||
| Margen bruto | 42.3 | % | 46.4 | % | ||||||
| Ingresos de explotación | $ | 75.4 | $ | 93.1 | (19)% | |||||
| Margen de explotación | 21.7 | % | 25.2 | % | ||||||
| Beneficio neto atribuible a IPG Photonics Corporation | $ | 60.1 | $ | 69.6 | (14)% | |||||
| Beneficios por acción diluida | $ | 1.26 | $ | 1.31 | (4)% | |||||
Comentarios de la dirección
"We were pleased with our continued strong results in welding, which were driven by record sales into EV battery applications and all-time high sales for LightWELD, our handheld welder," said Dr. Eugene Scherbakov, IPG Photonics' Chief Executive Officer. "Despite muted general industrial activity, we saw increased demand in e-mobility and solar cell manufacturing across most geographies as well as higher sales in cleaning applications that are driven by investments in sustainable energy and eco-friendly solutions. Our diversification efforts and increased revenue in emerging growth products are successfully offsetting soft demand in general industrial applications such as cutting and marking."
Aspectos financieros destacados
First quarter revenue of $347 million decreased 6% year over year. The strong U.S. dollar reduced revenue by approximately $15 million or 4% and divestitures reduced revenue by approximately 1% compared to the same period last year. Materials processing sales accounted for 90% of total revenue and decreased 8% year over year with higher sales in welding, cleaning and solar cell applications offset by lower revenue in cutting and marking applications. Sales into other applications increased 10% year over year, driven by strength in advanced applications and medical, partially offset by the telecom divestiture. Emerging growth products sales continued to grow and accounted for 45% of total revenue.
Revenue in high power continuous wave (CW) lasers declined 8% year over year as the strong growth in welding, driven by higher demand from e-mobility applications, was offset by lower demand in high power cutting applications. Sales of pulsed lasers declined 16% compared with the prior year due to lower demand in cutting and marking applications, partially offset by growth in cleaning and solar cell manufacturing applications. By region, sales decreased 1% in North America, 7% in Europe, and 22% in China, but were up 68% in Japan on a year-over-year basis.
Earnings per diluted share (EPS) of $1.26 decreased 4% year over year. Foreign exchange transaction gains increased operating income by $3 million and earnings per diluted share by $0.06. The effective tax rate in the quarter was 28%. During the first quarter, IPG generated $37 million in cash from operations. Capital expenditures were $33 million and stock repurchases were $113 million in the quarter.
Perspectivas de negocio y previsiones financieras
“First quarter book-to-bill was approximately one. Bookings improved sequentially from the fourth quarter lows, but we continue to see soft industrial demand across many regions. Nevertheless, orders from e-mobility and solar cell manufacturing remain strong across several geographies as a result of significant new investments going into these markets. We are focusing our resources on developing new product offerings, such as cleaning solutions, to broaden our exposure in the emerging growth opportunities and to drive adoption of laser technologies across different applications. We expect that this would further diversify our revenue, helping offset volatility in general industrial markets," concluded Dr. Scherbakov.
For the second quarter of 2023, IPG expects revenue of $325 million to $355 million. The Company expects the second quarter tax rate to be approximately 26%. IPG anticipates delivering earnings per diluted share in the range of $1.05 to $1.35.
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 with Russia, the COVID-19 pandemic, 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 0.92, Russian ruble 77, Japanese yen 133 and Chinese yuan 6.87, respectively.
Autorización de un nuevo programa de recompra de acciones
After completing in the quarter the $300 million share repurchase program announced in August 2022, the Board of Directors authorized a new program to purchase up to $200 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. Since the beginning of 2022, IPG has repurchased over $600 million of its common stock.
Información financiera complementaria
Additional supplemental financial information is provided in the unaudited First Quarter 2023 Financial Data Workbook and Earnings Call Presentation available on the investor relations section of the Company's website at investor.ipgphotonics.com.
Recordatorio de conferencia telefónica
The Company will hold a conference call today, May 2, 2023 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 Fedotoff
Director of Investor Relations
IPG Photonics Corporation
508-597-4713
efedotoff@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.
Declaración de puerto seguro
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, but not limited to diversification efforts and increased revenue in the emerging growth products to offset soft demand in general industrial applications, focusing of our resources on developing new product offerings to broaden our exposure in the emerging growth opportunities and to drive adoption of laser technologies across different applications, and further diversifying our revenue and helping offset volatility in general industrial markets, revenue, tax rate and earnings guidance, and the impact of the U.S. dollar on our guidance for second quarter of 2023. 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 write-downs; 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 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.
| IPG PHOTONICS CORPORATION CUENTAS DE RESULTADOS CONDENSADAS CONSOLIDADAS (NO AUDITADAS) |
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| Tres meses terminados el 31 de marzo, | ||||||||
| 2023 | 2022 | |||||||
| (En miles, excepto datos por acción) | ||||||||
| Ventas netas | $ | 347,174 | $ | 369,979 | ||||
| Coste de las ventas | 200,236 | 198,158 | ||||||
| Beneficio bruto | 146,938 | 171,821 | ||||||
| Gastos de explotación: | ||||||||
| Ventas y marketing | 21,088 | 20,374 | ||||||
| Investigación y desarrollo | 22,770 | 33,450 | ||||||
| Gastos generales y administrativos | 30,128 | 30,664 | ||||||
| Otros gastos de reestructuración | 181 | - | ||||||
| Ganancia por cambio de divisas | (2,655 | ) | (5,810 | ) | ||||
| Total gastos de explotación | 71,512 | 78,678 | ||||||
| Ingresos de explotación | 75,426 | 93,143 | ||||||
| Other income (expense), net: | ||||||||
| Interest income (expense), net | 7,533 | (70 | ) | |||||
| Other income (expense), net | 331 | (236 | ) | |||||
| Total other income (expense) | 7,864 | (306 | ) | |||||
| Ingresos antes de impuestos | 83,290 | 92,837 | ||||||
| Provisión para impuestos sobre la renta | 23,155 | 23,209 | ||||||
| Ingresos netos | 60,135 | 69,628 | ||||||
| Menos: ingresos netos atribuibles a participaciones no dominantes | - | 56 | ||||||
| Beneficio neto atribuible a IPG Photonics Corporation | $ | 60,135 | $ | 69,572 | ||||
| Beneficio neto atribuible a IPG Photonics Corporation por acción: | ||||||||
| Básico | $ | 1.26 | $ | 1.32 | ||||
| Diluido | $ | 1.26 | $ | 1.31 | ||||
| Media ponderada de acciones en circulación: | ||||||||
| Básico | 47,542 | 52,810 | ||||||
| Diluido | 47,776 | 53,100 | ||||||
| IPG PHOTONICS CORPORATION BALANCES RESUMIDOS CONSOLIDADOS (NO AUDITADOS) |
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| 31 de marzo, | 31 de diciembre, | |||||||
| 2023 | 2022 | |||||||
| (En miles, excepto datos sobre acciones y por acción) |
||||||||
| ACTIVOS | ||||||||
| Activo circulante: | ||||||||
| Efectivo y equivalentes de efectivo | $ | 521,137 | $ | 698,209 | ||||
| Inversiones a corto plazo | 548,473 | 479,374 | ||||||
| Deudores, neto | 236,575 | 211,347 | ||||||
| Inventarios | 506,149 | 509,363 | ||||||
| Impuestos sobre la renta pagados por anticipado | 47,054 | 40,934 | ||||||
| Gastos anticipados y otros activos corrientes | 56,199 | 47,047 | ||||||
| Total activo circulante | 1,915,587 | 1,986,274 | ||||||
| Impuestos diferidos, netos | 59,089 | 75,152 | ||||||
| Buena voluntad | 38,388 | 38,325 | ||||||
| Inmovilizado inmaterial, neto | 32,104 | 34,120 | ||||||
| Inmovilizado material, neto | 594,273 | 580,561 | ||||||
| Otros activos | 31,715 | 28,848 | ||||||
| Activo total | $ | 2,671,156 | $ | 2,743,280 | ||||
| PASIVO Y FONDOS PROPIOS | ||||||||
| Pasivo circulante: | ||||||||
| Parte corriente de la deuda a largo plazo | $ | 15,734 | $ | 16,031 | ||||
| Cuentas por pagar | 40,902 | 46,233 | ||||||
| Gastos devengados y otros pasivos corrientes | 189,786 | 202,764 | ||||||
| Impuestos sobre la renta | 3,100 | 9,618 | ||||||
| Total pasivo corriente | 249,522 | 274,646 | ||||||
| Otros pasivos a largo plazo e impuestos diferidos | 83,109 | 83,274 | ||||||
| Total pasivo | 332,631 | 357,920 | ||||||
| Compromisos y contingencias | ||||||||
| Fondos propios de IPG Photonics Corporation: | ||||||||
| Common stock, $0.0001 par value, 175,000,000 shares authorized; 56,183,735 and 47,305,551 shares issued and outstanding, respectively, at March 31, 2023; 56,017,672 and 48,138,257 shares issued and outstanding, respectively, at December 31, 2022. | 6 | 6 | ||||||
| Treasury stock, at cost, 8,878,184 and 7,879,415 shares held at March 31, 2023 and December 31, 2022, respectively. | (1,051,103 | ) | (938,009 | ) | ||||
| Capital desembolsado adicional | 957,103 | 951,371 | ||||||
| Beneficios no distribuidos | 2,636,651 | 2,576,516 | ||||||
| Otras pérdidas globales acumuladas | (204,132 | ) | (204,524 | ) | ||||
| Total fondos propios de IPG Photonics Corporation | 2,338,525 | 2,385,360 | ||||||
| Total pasivo y fondos propios | $ | 2,671,156 | $ | 2,743,280 | ||||
| IPG PHOTONICS CORPORATION ESTADOS DE FLUJOS DE EFECTIVO CONDENSADOS CONSOLIDADOS (NO AUDITADOS) |
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| Tres meses terminados el 31 de marzo, | ||||||||
| 2023 | 2022 | |||||||
| (en miles) | ||||||||
| Flujos de tesorería de las actividades de explotación: | ||||||||
| Ingresos netos | $ | 60,135 | $ | 69,628 | ||||
| Ajustes para conciliar los ingresos netos con la tesorería neta proporcionada por las actividades de explotación: | ||||||||
| Depreciación y amortización | 17,889 | 23,435 | ||||||
| Provisiones para existencias, garantías y deudas incobrables | 17,214 | 16,142 | ||||||
| Otros | 19,561 | 6,572 | ||||||
| Changes in assets and liabilities that used cash, net of acquisitions: | ||||||||
| Cuentas por cobrar y cuentas por pagar | (29,242 | ) | (5,827 | ) | ||||
| Inventarios | (8,989 | ) | (50,951 | ) | ||||
| Otros | (39,288 | ) | (42,576 | ) | ||||
| Efectivo neto procedente de actividades de explotación | 37,280 | 16,423 | ||||||
| Flujos de tesorería procedentes de actividades de inversión: | ||||||||
| Compras y depósitos de inmovilizado material | (33,404 | ) | (25,177 | ) | ||||
| Ingresos por ventas de inmovilizado material | 1,600 | 428 | ||||||
| Compras de inversiones a corto plazo | (343,820 | ) | (475,435 | ) | ||||
| Ingresos de inversiones a corto plazo | 279,499 | 505,818 | ||||||
| Adquisiciones de empresas, netas de efectivo adquirido | - | (2,000 | ) | |||||
| Otros | 107 | (1,164 | ) | |||||
| Efectivo neto (utilizado en) procedente de actividades de inversión | (96,018 | ) | 2,470 | |||||
| Flujos de tesorería procedentes de actividades de financiación: | ||||||||
| Pagos de principal de empréstitos a largo plazo | (298 | ) | (964 | ) | ||||
| Ingresos procedentes de la emisión de acciones ordinarias en el marco de planes de opciones y compra de acciones para empleados, menos los pagos por impuestos relacionados con la liquidación neta de acciones de adjudicaciones de acciones | (3,844 | ) | (724 | ) | ||||
| Compra de acciones propias, a precio de coste | (113,094 | ) | (78,757 | ) | ||||
| Efectivo neto utilizado en actividades de financiación | (117,236 | ) | (80,445 | ) | ||||
| Efecto de las variaciones de los tipos de cambio en el efectivo y equivalentes de efectivo | (1,098 | ) | (5,036 | ) | ||||
| Disminución neta de efectivo y equivalentes de efectivo | (177,072 | ) | (66,588 | ) | ||||
| Efectivo y equivalentes de efectivo - Inicio del periodo | 698,209 | 709,105 | ||||||
| Efectivo y equivalentes de efectivo - Fin de periodo | 521,137 | 642,517 | ||||||
| Información complementaria sobre el flujo de caja: | ||||||||
| Efectivo pagado por intereses | $ | 525 | $ | 857 | ||||
| Efectivo pagado por impuestos sobre la renta | $ | 19,203 | $ | 25,423 | ||||
| IPG PHOTONICS CORPORATION SUPPLEMENTAL SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS (UNAUDITED) |
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| Tres meses terminados el 31 de marzo, | ||||||
| 2023 | 2022 | |||||
| (en miles) | ||||||
| Amortización de activos inmateriales: | ||||||
| Coste de las ventas | $ | 564 | $ | 1,173 | ||
| Ventas y marketing | 1,457 | 1,848 | ||||
| Amortización total del inmovilizado inmaterial | $ | 2,021 | $ | 3,021 | ||
| IPG PHOTONICS CORPORATION SUPPLEMENTAL SCHEDULE OF STOCK-BASED COMPENSATION (UNAUDITED) |
||||||||
| Tres meses terminados el 31 de marzo, | ||||||||
| 2023 | 2022 | |||||||
| (en miles) | ||||||||
| Coste de las ventas | $ | 2,646 | $ | 3,058 | ||||
| Ventas y marketing | 1,293 | 1,209 | ||||||
| Investigación y desarrollo | 1,796 | 2,529 | ||||||
| Gastos generales y administrativos | 3,876 | 3,162 | ||||||
| Compensación total basada en acciones | 9,611 | 9,958 | ||||||
| Efecto fiscal de la remuneración basada en acciones | (2,096 | ) | (2,134 | ) | ||||
| Compensación neta basada en acciones | $ | 7,515 | $ | 7,824 | ||||
| Tres meses terminados el 31 de marzo, | ||||||||
| 2023 | 2022 | |||||||
| (en miles) | ||||||||
| Excess tax detriment on stock-based compensation | $ | (1,708 | ) | $ | (1,713 | ) | ||
Source: IPG Photonics Corporation
Categories: Press Releases