IPGP - Earnings call transcript Q2 2024 | IPG Photonics Corporation

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Operator

Good morning, and welcome to IPG Photonics' Second Quarter 2024 Conference Call. Today's call is being recorded and webcast. At this time, I'd like to turn the call over to Eugene Fedotoff, IPG's Senior Director, Investor Relations, for introductions. Please go ahead with your conference.

Eugene Fedotoff

Thank you, and good morning, everyone. IPG and for CFO, is Senior Gitin today President Vice Tim me Photonics Mark CEO and With Mammen.

are on materially intentions, detailed management's Let filings the Exchange directly. during uncertainties remind on statements. IPG actual the statements. and such the Photonics These discuss to XX, the for are are and the forward-looking company's uncertainties of the made may in These and predictions differ company's XX-K in period visiting or or by the risks XXXX course of forward-looking Investors Form risks results the you this SEC from call forward-looking these that future Securities projected obtained expectations or Copies Commission. statements and file that section those subject website December be website cause of ended statements of our reports with that IPG's to could

call Any or this forward-looking assumes company's of such any the to and on no statements as updates July company obligation expectations to publicly predictions made XX, statements. any revisions day, release XXXX, on are or the today.

For additional to call earnings workbook refer and results, details reported earnings data investor release, posted on the financial our relations please presentation on press website. the our

post will We Mark. the also this that, website over after call call. on With to our these prepared remarks turn I'll now

Mark Gitin

of I be our at to Photonics. and excited earnings you CEO about talking you on as with many more our I'm story here everyone. morning, Good plans forward IPG to to of IPG. first call and look meeting my

role a since I moment quarter been performance, second why like just and on this seven I over ago. joined what background, my on weeks I've into spend to focusing took diving our Before I'd

Instruments. the of applications, For different MKS over at the the significantly Solutions improved five integrate years. acquisition functions and leading laser with been and performance division XX the at joined the involved Newport I MKS and Photonic past Coherent actively lasers to have years business

ability career, and fiber to industry into During of use admired us. and see new dynamic to drive IPG, of innovative of innovation such ahead thrilled and opportunities organization my its lot lasers a an I'm always great I've have joined leadership, culture cases.

will have Since I key into I given even have creativity the aspects driving passion joining the employees an in team get competitors our excited cycle inspiring, about the focused a we as and reduce with strong number believe I current on innovation. important IPG's us of projects provide in expertise. more in in appreciation June, deep driving costs. and R&D and know deeper Competition especially further particularly aggressive, to a is team's the knowledge that dedication, a put pipeline. of expected, position IPG's of in is truly cutting. and conversations extend we me am business, it's to have macroeconomic and process of industry keep I that leader, leadership, product differentiation seen

which cannot increase been products customers, initiatives complete solutions be team support world-class easily laser Our and replicated. technological provide and to moats on has focusing multiple to around

are We welding as the fruit efforts XD clearly and such in these bear areas seeing EV printing. battery

develop my In in team the and management IPG’s to strategies the We enhance goals environmentally-friendly foundation solutions. for will for in and objectives that coming offer I speed into and with coming new cases provide and lasers areas also efficiency, use other to months, new existing including where advantages fiber and solutions, are new significant expanding success years. we a non-laser be relative applications working laser

optimizing attractive shareholder to believe On drive continuous in more being the to prioritize able our we quality discretionary value I the to while details service, providing the growth returns we continued improvement. costs. collaboration, long be best and highest forward we the our best term. operational share with solutions, focus where we strongly our look the positioned side, will about on I Internally, will with strategies our will investing future. business in by and generate that you In these be customers operational managing efficiency, can

to on strong the environment, a quarter in Moving inventory we challenging cash operating results, flow to second demand continued we on initiatives. as executed generate reduction

midpoint Revenue stable level, were sales moderate facing Trends per and to emerging quarter guidance North share improved particularly in in and Macroeconomic a products, and helped low America Europe stabilizing in industrial earnings LightWELD with markets. overall revenue Second general stronger in and sequentially, the at in headwinds was medical. the markets above relatively persistent of by conditions sales Asia demand as and with continued growth manufacturing such uncertainty. our EV

to revenue e-mobility, key demand partially serve. applications due we In Turning lower over welding. welding, growth year year to and by decreased primarily the that in offset in handheld

knowledge winning see welding to unique were share process material pleased environment. significantly of welding. Europe, am and real-time customers. revenue and with this was able enables operating of EV increases that together know-how improvements our is challenging process that for a interaction Putting even accounts our IPG's laser I customer monitoring market quality However, in and in speed stable to meaningful gain strength sequentially yield we

can been welds Our where manufacturing weld EV catastrophic adopted and faulty laser in widely welding have processes have real-time results. monitoring battery

opening huge smaller job in for cost IPG. welding opportunity up efficiency, Continuous fabricators battery form Electric, our a welding good competitive saw with very lower market viability we Miller driving improved leader the in spending factor a position solutions, in enabled and new commercial And partnership pickup welding innovations investment our handheld by EV new strong and resumes. laser driven furthermore, metal a sales our of about solutions. capacity We when shops, feel of for

is we business have Chinese less is our by the Moving now second largest businesses, inventory customers Working end-market good our lower China a competition. seen and significantly stronger and value competitive of to and our Japanese uptime. our impacted we European, the from down revenue. our manage application, cutting position which business who through as customers In than total news cutting, greatest Impact our was where This to The they past on have demand. U.S. accounts over OEM several years business X% for productivity

are but we remain demand Conditions customers' see markets Europe. primarily weak, starting Now inventories in the overall in general industrial normalizing, to those

We OEM confident global the customers and have relationships macro major of strong decline cutting are with is the all driven.

also We out closely to This stand service their our are higher working with our the products product to ensures reduce not customers. competition, customers needs, our costs. enhance that value understand our and only capabilities but deliver from approach

position. of Which foster our to are to launch We two are quarters. a the win-win excited next series innovative designed and announce solidify market over the products of relationships

particularly chemicals would in a use for environmentally perfect efficient is IPG we where are exciting A are typically example of proud areas. these the IPG the can can another for lasers cleaning extremely company with most new is that replace much a better harmful opportunities to the the we area provide significant friendly energy heating electricity. that and to replacing barriers incumbent done technologies. entry. significant I growth to fiber be specific applications. excited solutions Medical environment and There as or to provide with is in way innovate about solutions processes problems am areas where are for

XXXX in rejuvenation growth strong growth demand strong pipeline lasers and a that will lesion skin applications removal. robust for revenue and are this in have XXXX in and opportunities seeing launches business. believe new We We result urology for in product

our book-to-bill outlook, below to X. Moving quarter the second was

seeing are but sequentially We uncertainty negatively North impacting in demand markets across more still demand applications China, in and America. is macroeconomic industrial stable and general Europe

investment EV slowdown future in strongly EVs, the believe several in battery in the prompted has U.S. well-publicized delay around of we further world. adoption to the capacity Europe and While in customers

Our meaningful are expecting until recovery rebound in materialize in sometime prior see expectation a XXXX. in for less second to half our laser a likely we and in to demand currently not seems sales

in his to Before I results, last Scherbakov call would look like laser for the IPG significant also I the years. ways in Dr. innovation the to the light I like this pushing trust and transforming by to would discuss applying community improve to company, that around contributions over Board to the leading to of financial XX world boundaries the and forward I us thank turn life. thank for me. Tim their

the I to With that, will over Tim. call now turn

Timothy P.V. Mammen

My earnings presentation website. investor is good generally call which available our and Mark, everyone. relations the comments you Thank will follow on morning

I will in slide review year. Revenue year XX% of the decline with a million, on X. the over start $XXX second financial quarter was

Foreign currency over from year headwinds X%. Revenue approximately while year, applications revenue increased growth reduced other decreased applications by materials XX% from XX%. revenue processing

in was over a making revenue gross and the the back basis absorption year XXX GAAP to points margin added gross before points; compared side, am Happy quarter. our the basis prior with result needs I of which more $XX inventory on a the the as to lower costs despite inventory, to by to reduce work manufacturing as lower continued decrease of in inventory we are we XXX decrease normalized provisions get year done expenses points to more million effort this of XX.X%, to be headwinds but due Higher levels. reduced XXX another year. progress achieving margin a basis over was manufacturing

If in year impact expectations, U.S. certain and but compensation, the had operating gross due increased to $XX negative same be have share. tax exchange been shipping import income expenses or expected These was higher $XX higher. of development duty gross variable discrete from per gross in be primarily Operating and million in low dollar revenue $X quarter also one benefited investment to in income our the the came costs. million rate ago, GAAP was and impacts the to million and X.X%. and was to by items. headwinds $X at XX% had offset as research and diluted margin sales profit revenue partially a million, were effective to $X.XX would profit to was margin increased the relative rates decrease end in and quarter. year, operating due marketing. FX year over The negative and a Net we on reduced

assets income exchange to per rates, of share. negative Foreign transaction $X.XX losses, and as period-end of million $X operating currency impact had of a currency or result liabilities remeasuring a foreign on

We and by on gain continued footprint assets operating by income our $X $X.XX. sale in and a of which had quarter, increased to diluted increased the EPS million optimize

to advanced welding, America in growth applications region and decreased year. America have cutting, in in year well North as by the We medical, led on performance XD revenue markets Sales revenue North macro offset but and X. to industrial held as applications. investments. slide general strong Sales X% well, cleaning which up lower Moving relatively by EV saw was printing a headwinds in reduced continued in over

region. In by is in management addition, more the leading outlook continued uncertain OEMs cutting to inventory

managed they the be sales and inventories. to conditions by to impacting automotive as year. investments into America, EV large we investment XX% XXXX. saw their projects were In customers current markets. being out in sales Similar is Economic trends in in impacted Europe, Europe decreased the North reducing and seem compared OEM prior industrial to cutting further deteriorating pushed are delayed and also purchases

Revenue welding applications. and E-mobility and in impacting demand XX% as declined decreased year over year markets, sales in negatively general cutting industrial across China

sales the region. in XD to printing On continued other hand, cleaning increase applications the to and

sequentially China revenue seeing improved there. and stabilization some are we

our sheet summary a the cash, ended we debt. of billion and and to equivalents, Moving X, quarter cash and investments cash Slide balance of with $X.X short-term flow no on

to quarter. from by $XX prior continued inventory, We manage the it reducing million

targeting XXXX. further expenditures course by during million $XX were of $XX operations over provided the was second capital million are the and in quarter. We inventory reductions Cash

significant sheet, balance strong second over Since million spent returned a through repurchases billion of have repurchases. the $XXX year beginning $XXX a share repurchases. we capital XXXX, opportunistic $X the quarter million share on maintaining to have we in We to to been returning date. through of shareholders shareholders share While amount and

third XXXX, our million to Moving for revenue the Slide outlook of to quarter $XXX X, we expect million. on $XXX of

XX% is anticipate approximately estimated between and per XX%. the We XX The third delivering million earnings $X.XX $X.XX, common in gross margin to shares diluted quarter be share range outstanding. with of diluted to

in referenced release, our the of based guidance Harbor" release, with Harbor" risks expectations, in upon earnings exchange and and current the and "Safe passage is market the in earnings reports outlined today's press our discussed assumes to conditions is the SEC. subject company's "Safe press rates As

questions. With that, we your will to be take happy

Operator

first Jim Ricchiuti Our & Needham comes from Instructions] with Company. [Operator question

James Ricchiuti

some America in much pockets wondering be by could I'm some That's that the sure you're I'm in whether seen talk if you're although bit little North book-to-bill about like holding looks It question. variability industrial you seeing the first to up, weakness region. markets of seems a talking about. my of you've

Timothy P.V. Mammen

really to weakness for On low the Europe. book-to-bill the quarter continues the be one, was in the

quarter. And first businesses, some alluded and Asian the stable a more was other the we America for medical. but So compared around had on have down than that saw bookings stable, much North to actually, bookings, we altogether to we've strong quarter was industrial relatively really then headwinds Europe.

please So China, the Asia whole, underlying Japan bookings for Korea. South we're as and of in a both quite performance in

James Ricchiuti

Ex how -- now the in just see know I excluding what to characterize think what we're you side, cutting weakness you cutting? because the China, would you how don't on in legacy on the the China, are China, seeing of business about in frankly, EV

Mark Gitin

is Mark. This

So XX% we've over that been still of our China really important able of a business. time, very about is to, the And part business. business. diversify It's

that able welding lasers that than in in that We've the mode has sensing very the because And and the of But capabilities for right, our you the combined to now really -- we've talked customer AMB and have become to quality So really our capability the situ, region not able at as issue without X%. to measure areas business. EV, area. That's control small into safety the that's we've being been as for be look in China a scanning well. we cutting very diversifying special that, the said, with been It's market, capability the critical. and been world the about successful part less prevention do spatter. well of our like actually only

been So and a kept significant EV, in share really market there. that's important we've

very -- and really another there where high-speed to very XD And power, key low would that's have need because single-mode have devices. lasers in the unmatched those be printing, are we And to then noise lasers high also our that are high important very as of area well. example really performance machines these that

So China, also of business again, the new really where areas scenario significant those where to are first we have in drive And a been a China a important. technologies. to and continue couple it's there they're some in take of

us from start because for with to important place China been on map, that's early road bring technologies. new So basis. our willing great out as is a those we they're an

again, So and for to region, that it's important the diversify business region us. able an in

Operator

question with Stifel. next Ruben Roy from is Our

Ruben Roy

you. a I question guess, Mark, for

comment in a a cutting You IPG a on small But obviously you in comment. made smaller still still a market, China, market big for China. and big made

it gotten specifically little a you that could guess, R&D about positioning about cutting helpful. in thinking is China, as competitive assume of I a has market the and were maybe implying more macro-driven. management you Europe where that critical term talking China hasn't cutting that about past, of if mass some how cutting, would longer into were geographies as about you you're I think still is talking talked the to about IPG a in In on potential growth I the you're ex areas. overall in perspective in decline issue. other you markets not cutting us outside as really area of be common, IPG give on some think these

Mark Gitin

question. for very Thanks absolutely. much the Yes,

cutting said, of that really in less business, an the the is than and have now they in of understand U.S., China, them, business. and been now part you welding piece our with is part competition relationships still really Europe, in X% for mentioned, share and an And IPG's provide. is systems, time. great that the that the us we're very in as of important largest OEMs, business yes, we It's Japan continuing area. those It's area customers although the you has for on to package And OEMs. the an area. talk uptime supportive because we we we full it's value them the all in that. This of it's service, and a to or drive important where losing those quality it's with are critical and the not is a That's the As

you've our about in heard talk road So us cutting. map

very the So shortly, big we'll change are very are very, releasing in the high high-power be new at very lasers. that of end lasers volume the

factor the saving cost, XX% So lower to smaller form XX% then in cost. and

with I key. And support -- we're mentioned infrastructure. very constantly again, So the on the also working customers

and to our in those lot as infrastructure a service very invest we've key support So well. OEMs, that's

Ruben Roy

actual around then understand us the creating impacts, as Are and of a any some customers, are we then expectations would I you from for level? market. like added 'XX. on improvement discussion XXXX. there's out macro in out EV, and signs that helpful. most has the to sounds you're pushing But otherwise when interest as be Any there mean will some rates seeing you be issues What think slowed And you on on detail follow-up the your inventory that improvement? adoption drives capacity a customer lot get of that discussions kind for I talk your into to of somewhere it feedback close

Mark Gitin

in EV. kind being very the up plus in able earlier to mentioned We're plus the technical measure we position the good of the laser those provide the I a both EV that capability solution scanning, AMB wells. to lock in

in and us the EV So position, subsystem level both market. good very that that a component puts at in systems

with the recently some half told in second in thought really XXXX. last be the I'm that us they we those the were is quarter, going been just half the customers, to talking of coming back projects what that and they the second back pushing in come they've in, year to right see start they Now of see things us things telling to

seeing we're what that's what now. So we're right hearing and that's

Ruben Roy

for model. quick Tim really Just the on

given how margins margin potential for sort in on out 'XX roll a color is any about of Just Or stuff even the from of new wondering perspective? those Tim, where into there and downs thinking reality thinking you're how of coming products are helpful. of of the some high-power you're year-end some the maybe bottom how about and is be gross gross early new of timing it of looking lasers In that here would sort terms, the revenues some out? cost a

Timothy P.V. Mammen

On gross managed be related to take lot under margin, underperformance the costs. of out a though absorption we to really, continues to even manufacturing

margin look the at basis, an very product when I gross So well. that on up isolated holding is

into I year year, to So the keep in rolled start to margin of recover you'll actually again cost some the next as production fixed what basis. initiatives because get reductions of of towards we see the improve out we this we'll of potentially on start end some to into expect would those product a start the the we're as to cost the little going of And business under grow product cost those then bit some hand. absorption

this at at think a if level a of of recover to you about little start revenue, being margin here, talking level. bit kind from are we can trough gross I

The that impacting need the time take driving we've headwinds to that's other at continue is So us is down, thing the absorption. is revenue of under the some inventory the right? also to got around

got in of ameliorate I closer certainly a second the I to to get year. half level that the of inventory, and whammy it. both turn of expect do work inventory we target of XXXX, accounts, on to But we revenue the double situation side As said -- lower the into that revenue sort more really on that inventory the to and on should hope of both getting down we've

So gross improvement that drive margin will some well. as in

Mark Gitin

issue. saying, an then is Tim largely And under-absorption Ruben this as was

in differentiation. investing driving of product in road continuing areas. our exciting of to a a been and got map invest we've number things lot We've So are

absorption the You've successful with areas to and as weld talk margins the Miller We've us talk growing. combination of going see all And drives, the on that are growth. and course, gross improve. the going we'll about drying light as heard are heating drive that and [ are growth improve you've the about that's And been heard those ], that applications. products, us those medical to growth very

So the balancing areas. cost was that Tim that are plus saying important

Operator

Housum Keith from Research. comes question next Our Northcoast with

Keith Housum

guys particular at guess, order results, obviously, growth But SG&A maybe there or strategy R&D, SG&A are investment down the welcome a congratulations investment aboard. if you that future. the and years in of you is Mark, focused area in on the I the to in look The in particular, several drive I after appreciate help into and SG&A.

Mark Gitin

Keith.

under in really have said, IPG, again, a to And map closely got the very technology and lot years. We've was we a I coming absolutely I'm course, tell looked there. even road it's you, the what I than a expected. thrilled closely coming, as but saw So number exciting we very over of to company road I as looking and investing maps being now before of then at R&D. have capability of seeing at very product better covers, I here,

are differentiation. So There things to the really great road innovation. product drives great drive map

the about lasers development products. talk some us into now, process just we've products it's And heard side. new applications beyond been of components, the You've investing and the and

So us that's go to customers. able to a we're with very for in, the work because we're able critical piece

laser, now working over these also We the talked the and developing also some seeing We're need It's labs of a the have beam capability. world. all working they We're the that sensing that's to We're about solve. I and delivery. problem it's customers. capabilities with, these and with the but solution, we're

way when you a be around a then that that's put together another able customer all process the So product. and together to moat to things and the deliver put and system those a a whole to subsystem wrap of

to will So that side investing on that's drive growth SG&A absolutely the in where business. another continue area we're that

Keith Housum

competing just more are developing So start just integrators with just solutions, of I they it investing expanding going in or doing and the for would terms with lasers OEMs and more you understand, which themselves. so the your some to of applications have in done -- are of you beyond and

Mark Gitin

done on again -- the side. processes, lot delivery us heating So be of -- kinds is got lasers, processes in chemical able where rid that for that they're with processes like big which to we're And the process would in and those what lasers. areas particular things cleaning, and new the processes the we of cleaning are some growing you a of application something do I EV, of example, on those grow our that we've that can to in and the we've That's for markets. the that's development development tell

improvements So process some the or knowledge. laser able pieces unique of really wraparound because being really can process and the that there driving by that do are to that new our provide understanding were parameters of then

expand us new applications unique allows well. that So into as to

Operator

Our next Michael from question comes Bank America. with Feniger of

Michael Feniger

Mark, driving you curious of strategy I'm eyes, was know on lasers distributors. of Or the I'm it go-to-market have about kind -- in of touched industrial when but maybe if maybe the a pricing I OEMs on penetration to Does this, penetration Or on differently to the of getting maybe just you is think either applications. adoption? is just before in it of applications? fresh requires the IPGP China to help and approach. drive that terms it that like curious touched comes the feel different up it if these with outside market some

Mark Gitin

a that's deeper of bit different. these, some are approach a taking on little We

supplied today the with the partnered us Megan look a our with and we've take to in a these handheld they're well they date America, taken approach had North Electric Welding with So partnership to We've supplier supplies miller experts at that light go-to-market even with that product. there. conventional welding, or different Miller Premier label. in a to in It is working welding systems Kig on provide

you're because they're our is system. build in the right the to process. light way that able this our So system, seeing with that We they're welding. well seeing go And

We've built process the about this it actually development. again, is talking system. So that into

will do in, have processes, if on aluminum hey, So you I'm those well tip you where before you doing processes. apprentice itself can a years and in system you're might can on actually that welding or standard aluminum you to or aluminum meg can set the for copper and dial go and or do

Here, that. with the I've welded you even system. can do

go So being you from hours confidence. to can years

something allows that only market again on So that again, been optimizing particular better have the the like taking -- into something -- you strategy, that. lasers market. done not would that and go-to-market now chemicals, environment have replacing and optimize but a a to and using development, So can able let's that again, process with different cleaning a to that's, the that a right? process the we pushing for putting process, us And be with application do again, to take laser for then laser, potentially Miller

also to pulses So we're short has making for to work drive you high-power that. that have are as scanning well. optimized lasers the then with But

actually use a scanners. very the for process. tied laser, So either that provide level. then applications They're to with high we've a or developed able in the the tie case customer, to to cleaning subsystem speed working right, solution, as be that the And system

So again, solve space. a laser whole we right, non that problem different able go-to-market provide strategy that the in piece. because need be to and to

to we've that an I investment making, that's that's go-to-market So been and as going continue to invest in in. mentioned, a change that we're

Michael Feniger

look in back, of like of QX a kind terms years years, you kind the like a feels think down just on business? seasonality of if typically, when of we and curious, but I'm year, this year, flag than to you of little this normal. about just seasonal be QX as bit factors actually see macro seasonality. if anything we of than on versus seasonally factors QX weaker different want of some the Like might there the what depending you in is think prior curious it's the Tim, because some bit is little And obviously,

Timothy P.V. Mammen

a deep of it's seasonality sort in particularly different disregarded. be trends Europe. mean now Michael, at We're historic pretty completely on right downturn, in can moment. any I the

dynamics often and a weak QX demand see China quarters of stabilized, those got the a of QX is stronger dynamic business You've we'd demand different that to see areas. those and out some see recovery given environment has even business though until don't point think is point. sometime you what we I -- at we time, in can't not see it. we And in meaningful just from At this pick don't is any anything XXXX seasonality -- this stated you'd

Michael Feniger

And if one Mark. squeeze more I just could in,

balance sheet growth it profile growth investing are the I by the is, guys you really to the business. just the Mark, a as I are macro you before kind some profile and these component in sounds important organic like going attack used kind talking the growth think the just about feel you you of really think drive get revitalized like to do I'm double-digit the and growth forward? to has can where to think of of softness was well. trying think markets spending M&A is you emphasizing growth us we've the Do IPG get of back profile that obviously, you observed? be Or to do can that bigger curious

Mark Gitin

I want again, to all, the of product just technology first road map here. the emphasize So and -- the

So foremost to drive continuing that components that talk lineup that drive be about and that. absolutely lasers We've you've then great like first the of the the coming will processing got of me up a some side, the things working material fast on with growth driving in growth medical, we're got and that that years. is and heard and capability that and then like great in next great system we've scanning areas road the over also give growth. investing us a we're the tying those will And things that subsystem seen other in map together growth we've fantastic will

us faster that put anything markets. Now us give interested course, time that drive always into market, in differentiation, adjacent growth of faster, could I'm to

area, the have of always continue kinds grow So to in a for great any transitional Again, opportunity to always business. interested, that certainly looking. we really But I'm that M&A, looking not giant acquisitions.

Operator

Benchmark. from next Miller Our with Instructions] comes [Operator Mark question

Mark Miller

EV welcome Motors question recently and strong to had to Ford reported like And a would too, Mark General sales. IPG. on I I,

sales in what North you're in terms seeing America Just both of and China? wondering EV-related

Mark Gitin

but the good because in position Again, only not also the EV mentioned in the wraparound solutions laser the we a in there. bring, process we're as I of call, that really the earlier on

we've we to projects talk we being more so a that. XXXX. what half again, thought second the customers, in, have in projects pushed as they great the And are come in are But being the seen, in share the of talking to those into of to regions the each customers where going year, this those right were we about

Timothy P.V. Mammen

of just pick couple that. good a data points. up maybe Mark, There's on

Europe In a has well. is up are at Off the North they're bit I think half base, performed sales overall the smaller XX%. flat quite China, actually EV moment. a in the America of first up year XX%.

has total to recovery in help overall XX%. supports think see higher start XXXX. globally I utilization, capacity and going by about the utilization this that to So think, That's thesis battery we a drive increased we

Mark Miller

terms Last of products, of at recently question introduced XX%. percent sales what in is

Timothy P.V. Mammen

This quarter. [indiscernible]

Operator

the We've for closing to Fedotoff now reached like question-and-answer end the of the comments. over call session. Eugene back I'd to turn

Eugene Fedotoff

IPG. you Thank us this and for joining continued in interest your morning

and We to soon participating day, Have this events number with you are a a of will looking be investor everyone. speaking quarter in forward again. great

Operator

conference. today's concludes This

this at thank for participation. lines we your disconnect and you your time, may You

IPG Photonics (IPGP) 30 Jul 242024 Q2 Earnings call transcript