OXFORD, Mass., Oct. 05, 2018 (GLOBE NEWSWIRE) -- IPG Photonics Corporation (NASDAQ: IPGP) today announced that it expects revenue for the third quarter ended September 30, 2018 to be approximately $355 million to $356 million, below the $360 million to $390 million guidance range the company provided on July 31, 2018. Foreign currency headwinds reduced revenue by approximately $5 million relative to the exchange rates assumed in third quarter guidance. IPG expects third quarter earnings per diluted share to be $1.83 to $1.87 including a tax benefit of approximately $0.15 related to discrete items, versus guidance of $1.80 to $2.05 per share. As IPG Photonics’ quarter-end financial review is not complete, these preliminary results are subject to adjustments.
Management Comments
"The global geopolitical and macroeconomic environment remained challenging as we progressed through the third quarter," said Dr. Valentin Gapontsev, IPG Photonics Chief Executive Officer. "These tariff and trade-related headwinds were the primary driver of weaker than expected performance for our business in China and Europe. The book-to-bill ratio during the third quarter was very slightly below 1.0. As a result of these factors, we believe full year revenue growth may be below the 7% to 9% range we provided on July 31, 2018. We will update our full year outlook when we report third quarter 2018 results on October 30, 2018."
http://investor.ipgphotonics.com/press-releases/year-2018/pr-10-05-2018-130117106
