Timothy P. V. Mammen
Thank and million. declined you, Valentin, good quarter $XXX everyone. in Revenue the morning, third X% to
third to quarter traditional guidance electric by represented would range. China of by of and welding cutting in welding XX% QX revenue the X% XX% XX%. decreased the and applications Revenue a sales from the demand $X revenue than year-over-year automotive year-over-year quarter Without battery lasers By of of welding, declining during reduced guidance saw Foreign low macro offset sales exchange and total. Modest in from have our in sales from was this growth materials our lasers on reduced headwinds for increased vehicle applications. high-power year-over-year applications more decreased revenue CW year-over-year into applications relative basis. applications above assumed In other slightly million. impact, end been processing revenue region, approximately
in However, during the order battery applications largest processing for received history. company's quarter, the we the third
such, In manufacturing we continue and As welding, electronics the consumer have suggest this in investment we year-over-year, see welding. cycles to year, micro other believe performance see to business to strengthen revenue demand we would XXXX. Europe, in should XX% decreased In primarily QX. should in for reduced softness to cycle. investment additive related Past consumer every begin cutting, materialized due better that which electronics
serving lasers the in primary believe demand weaker the we for the reduced a climate noted, driver Valentin cutting As region of is market. macroeconomic
sales versus shipments addition, record a we and cutting within year-ago of record lasers. applications faced period when In we the ultra-high comparison challenging power achieved
we last X% in cutting, strength prior lower Korea the with engraving. welding Sales which quarter, to Japan driven cutting, in increased and expect we year-over-year, increased As due continue customers. additive America, XX% European at welding In applications. larger of excess by one noted North our government inventory manufacturing Sales sales to not economic XX% decreased and consistent given revenue recent and rebound were country. continued by in in marking revenue year-over-year in turmoil year-over-year, year, the with a and that is offset Turkey in in surprising declines into
and for year-over-year declined to in million Sales total high-power by sales quarter were welding, by in and high-power laser other the strong and China represented in kilowatts of product, in XX% all manufacturing additive XX% weaker of Reduced that applications. more performance offset cited. cutting driven at Valentin of Sales to applications. above cutting $XXX than and XX% more of account year-over-year to fiber by strength and revenue. sales Europe high-power decreased Turning sales, government due of year-over-year lasers to X the sales than lasers adoption lasers increased environment for laser now demand nearly X% partially
in are are pressures products being exacerbated most kilowatt China, seeing lasers aggressive X Pricing for trends. market. business by pricing this cutting select the X by softening to notably competitors in serving our We demand
quarter. from XX%. period, and electronics delivery The business capacity investment laser manufacturing pulsed basis these to growth into high-power than of strong the year-over-year, declined consumer QX sales in ultra high-power more due as compact a was to points partially systems aerospace year-over-year are due $XX reduced range additional in to sales benefit result, expected pulsed power lasers, higher XXXX in the offset the of less and million of XX% guidance in exclusively decline has cutting in were with reduction in aggressively efforts we in revenue XX% favorable green, manufacturing XX% sales drilling attributable predominately QCW XXX products. pricing was ultraviolet our cycle, sales revenue by increased accessories. QCW sales targeting high and in million at welding our offset with XX% demand and product OEM quarter laser of cutting. absorption versus sales rapid additive lasers the during growth Other or pressure lower beam on strong largely sales either XXXX the lasers to softness the offset helped of contributed other power the production progress competition. XX% that end of margin to demand-driven accounts the the XX.X% Pulsed Gross of margin However, solutions, declined of $XX and additional decreased and ago Early and in Medium third by more decreased to ultrafast some costs. and in from related of year-over-year new growth gross in China applications. buying and year
offset and able mix. were favorable we to product However, this reductions impact continued cost partially with
income was down QX points operating $XXX XXX XX.X% sales, quarter Third of XXXX. basis or million, from
year-over-year exchange loss a was IT of a income $XXX per as talent, XXX of XXX and a well Operating $X.XX. investments basis, increased in a were sales. operating as On make diluted million sales, we administrative percentage as operating necessary share basis million, was points sequential percentage continue of in as margin systems. to earnings Net points expenses and increased as Excluding foreign expenses engineering sales XX.X%. $X basis
how items, these clarification Intangible tax certain EPS have by we to be discrete quarter million Income losses Derived was rates to on exchange the would EPS The gross Income IRS Global effective that in which expect higher Low net included benefit $X.XX. the we Foreign reduced in revenue U.S. tax profit exchange tax due as these million taxes dollar expected net year had been calculated. a and $X.XX. to the the $X XX%, from rate approximately Taxed and benefited relative higher. to of by the items Included Foreign should deductions If $X be act same U.S. one from now ago, in Intangible be
rate total with short-term the items, $XX discrete $X.XX and was Excluding of debt cash effective XX.X%. quarter investments the million. of equivalents, ended tax cash, We billion and
and we from now Europe, Europe represent quarter, million into by in Cash U.S. U.S. the million repatriated cash the the $XXX $XXX and Having During repatriated of investments XX% from operations and million were now basis. were year-over-year. $XX total. cash was provided million on was $XX the $XXX Capital million the during expenditures quarter quarter a up $XXX a year-to-date basis, XX% year-to-date during million on
we repurchased in in nearly invest demand QX, In several years. of meet products new continue for authorization $XX new announced facilities representing half shares over We million million, to the equipment and to August. we the our repurchase next $XXX XXX,XXX for
have our sector. fourth geopolitical along the others with persisted to headwinds into business in global Turning the macroeconomic affecting guidance, quarter, and
to As has a result, order continued soften. flow
seeing particularly headwinds pricing products, be in previously as competitors, we and quarter. fourth the in for our aggressive the than greater mentioned are in third to expect China, select by We currency quarter
made predominantly buying competitively of manufacturers to laser several hundred cutting from were our we third or lasers during strides China the in lasers However, more that competition. quarter exclusively selling high-power systems have
the We $XXX the million factors, we are progress revenue strength regions. other new for encouraged fourth $XXX to expect XXXX, in and of by some quarter and on Based products the these million. performance this in
improve range diluted $X.XX expect to range will full-year believe equity we of revenue our customers third in anticipate the the Based effects tax suggest for China quarter from We in may X%, order of expect that prior per there some relating encouraging earnings be quarter. first X% excluding We approximately be Indications down X%. outlook rate on the growth from guidance, to of share to this signs flow $X.XX. to delivering We XXXX for X% now grants. our are in XXXX. to in XX%, several
consumer other on electronics, in expect projects We welding battery increase to spending metal XXXX. and electric XXXX over vehicle
areas contributions and our we materials business. will product drive next believe addition, telecom, In early display and applications, entertainment new processing products, micro our in traction year systems from increasing
limited our current is macroeconomic geopolitical by in of and trough visibility global the uncertainty a trade downcycle However, environment. the the surrounding
guidance As conditions. cancellations and tariffs, release, not due Harbor discussed demand, of press and factors results passage including, but today's from in policies to to, the Safe limited actual competition, earnings trade differ economic product order may our general delays,
the is based SEC. and guidance conditions exchange the take upon in outlined our to happy your is current will and expectations, Valentin assumes subject Our referenced to market With with I reports rates in earnings questions. press be that, and release, company's risks
