during the closed Thank million. $XXX everyone. the December, contributed and in declined acquisition which you, Valentin, fourth of early Revenue quarter revenue in Genesis, million good morning, to The X% quarter. $X.X
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current in business macroeconomic cutting China. remained the affected climate Our by
lasers quarter, the to for first remaining battery related record expect we order applications. ship QX the the processing During to
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rebound in due manufacturing for revenue primarily chain electronics, points welding climate decreased to from XX% supply Europe, softness to would in In year-over-year, business welding unlikely we're macroeconomic the weaker data this and As region. XXXX. in to the in smartphone micro additive see cutting, the relating suggest consumer now recent
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the declines sales year For year sales of and with China regions in growth offset half, first full XX%. other increased XXXX, the in America in the XX% by North increased increased while in the and second half X%, Europe
million offset sales $XXX Turning XX% and high of to XX% welding performance Reduced manufacturing in were product, Fiber for power XX production. battery fourth total quarter. to additive in the decreased revenue. sales quarter XX% by in lasers power strength cutting year-over-year laser of by vehicle lasers of and primarily represented sales, more kilowatts electric partially increased at nearly or related the to
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have aforementioned the weaker X%, the the to QX by with shorter have QCW year-over-year and power The XX% slightly lasers sales lines the -- costs. initial product of the gross additive note the the For in declined manufacturing importance scale of pulsed Sales year-over-year of decreased and for transition of end representing called period, pulse in QX would the over revenue system in due out. higher we and of electronics pulsed versus I in our year-over-year projection acquisition and Medium XXX of XXXX XX%. shift year-over-year XX% margin for increased reflect the XX% QX made basis shorter attributable of to to and systems, year, above micro in year, sales time. macro a cycle. lasers XX% points by breakdown financial data less sales. we duration in total systems quarter low increased in that sales the investment demand cinema XX% full relative lasers XXXX kilowatt XXXX XX% XX% of and from in ago lasers and was Genesis. fourth range revenue margin power, product decline nearly QX of cutting guidance year-over-year to mainly favorable changes Systems driven to lasers the our several was sales XX% processing, laser the decreased lower manufacturing year-over-year in consumer absorption of XXXX, wavelength to weak in materials Gross in growth of certain resulting XX.X% that our due workbook, in year full
not in QX, reductions, did experienced as pressure QX price quarter business served level same the absorption the from lower full cost we Although, cutting combined we when of pricing a during see in low impact manufacturing fourth of costs, with XXXX million, XX operating income basis to QX points quarter reduce QX margin our by Genesis down Fourth approximately sales, gross as gross of margin. points of well. acquisition reduced QX XX.X% quarter XXXX. basis from $XX or The was
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earnings IT In talent, addition, $X.XX. was in sales, made were we administrative engineering necessary as income and well million as systems. $XX and investments diluted Net share per
during year. with the cash, million. cash cash was debt at quarter provided Capital XX% we If was The quarter be for $X.XX. discrete Cash were by investments strong year quarter million $XX EPS to billion of certain same XXXX, were ago, to by $X rate million in rates have short-term $XXX effective $XXX higher profit quarter the year-over-year. would and million XX% increased U.S. $X.XX been $XX XX%, and $XXX gains one exchange had as million exchange revenue of in total. investments represent dollar benefited million items. up the of gross equivalents, tax higher. be tax million and from and operations $XX We approximately was total and the to ended which relative Foreign the during and the U.S. expected expenditures
and facilities several over meet next We continue invest years. products to equipment our the for demand new to in
In expenditures for authorization last million million shares capital repurchase be completing $XXX $XX expect repurchased $XXX the million, in We to to XXXX. we we million August. QX, XXX,XXX announced $XXX
purchases not common repurchase X, For directors is other and lesser XXXX. million, employee equity and January and the XXXX; authorized plans purchase X anti-dilutive this our director Directors management program, equity an has to number shares total, stock in repurchase the over stock employee to or IPG compensation two, exceed $XXX program. million Board in dilution program expenses. issued XXXX amount through offset under and Under to of the $XXX since the employees fees, of started of: the company's July stock shares we compensation from repurchasing The now commissions employee various December year, from shares stock $XXX new all XX, the authorized million in of of and spent have repurchase a any million and plans exclusive
not share be obligate of shares, time or to repurchase repurchase authorization the and company dollar time any program its reminder, from the commenced amount may does suspended number a repurchases without notice. As to prior or
was the firm the are Fourth was decreased agreements to customer acquisition Orders decreasing dates the reflects of decreasing XX% in $XXX million, $XXX levels, pricing with decline $XXX in year-end year-over-year. increased to frame X% million. non-binding agreements China, line Our decreased Frame million. frame in X% region. million, the demand seasonality. of Genesis of shippable million. related customers normal excluding we $XXX $XXX With were X% excluding nearly X.X, to backlog orders XX% which shipment book-to-bill Backlog agreements, to and believe volume with weakness below XX% but quarter Genesis year-over-year, current in while indications
challenges months the three signs have important guidance, it ago. has the while activity and our by late modest we in affecting macroeconomic environment sector overall encouraging last more encouraged to some months. since December, the pickup XXXX, are we the and seen were order have business note, a into Turning There is two than been demand we geopolitical and global to persisted over
trends the continue conditions environment. competition challenging around demand be pricing the this remainder these market fully in more validated second to quarter aggressive and continue, quarter. first the expect related improving for only of We do conviction into if headwinds to will Our exacerbating China
reinforcing are new products retaining exposure. are of the making million competitive and market revenue to competitive large and our for our emerging lead significantly winning first we $XXX customers strides we However, expect Moreover, $XXX OEM of quarter Based business applications with processing new core markets, market that on we in established our in diversify factors, addressable and these expand XXXX, million. relationships metal our our with customers. end
be rate diluted equity We expect of the to to relating our tax earnings Anticipate in range share XX%, $X.XX to delivering per effects grants. approximately excluding $X.XX.
the We to gross reduce quarter margin the as systems XXX has expect acquisition Genesis business generally points first of basis by margins. lower gross approximately
Although, in China do in pickup conversations we plans time. at order this mid-year clear a customers not regarding stimulus demand with our into government continued cautious year driven full by have and suggest investment, OEM OEM optimism infrastructure visibility
more we In year-over-year such, revenue appropriate believe to do to guidance we As until in improves. and by persist the in back products this of general, by of not and full comparisons, half new in it second challenging quarter driven recovery XXXX, XXXX potential solutions. the revenue improving provide in would strength first and visibility year is expect due declines to market followed trends
As discussed release, delays, product limited press but of to; earnings today's Safe may competition, policies our trade results due cancellations differ factors conditions. order economic to passage and tariffs, from general demand, guidance including, and Harbor in the actual not
the company's and reports with is that, happy in and to to outlined earnings assumes questions. Valentin With and press in current our expectations, SEC. will the referenced your conditions is guidance based release, subject Our rates exchange I upon market take be risks
