IPG Photonics reports Q1 EPS $1.26, consensus $1.14

Reports Q1 revenue $347.2M, consensus $330.6M. "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."