IPG Photonics Guides Q2 In Line; Promotes COO Eugene Scherbakov To CEO - Quick Facts

While reporting financial results for the first quarter on Tuesday, IPG Photonics Corp. (IPGP) provided earnings and revenue guidance for the second quarter. The company also announced CEO transition.

For the second quarter, the company expects earnings in a range of $1.20 to $1.50 per share on revenues between $360 million and $390 million.

On average, 11 analysts polled by Thomson Reuters expect the company to report earnings of $1.36 per share on revenues of $364.21 million for the quarter. Analysts' estimates typically exclude special items.

Separately, the company announced that Eugene Scherbakov, currently Chief Operating Officer, will succeed Valentin Gapontsev as Chief Executive Officer, effective immediately. Meanwhile, Gapontsev, current CEO and Chairman of the Board, will transition to Executive Chairman of the Board and remain active with involvement in directing research and development and strategy.

Scherbakov, who joined the company in 1995, has served as Managing Director of IPG Laser, IPG's German subsidiary, since August 2000, Senior Vice President-Europe since February 2013 and Chief Operating Officer since February 2017. He has also been a member of its Board of Directors since 2000.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Apple Inc. is planning to hold a launch event on September 7 to unveil its latest iPhone 14 line, Bloomberg reported citing people with knowledge of the matter. The tech major is also expected to roll out its latest version of three Apple Watch models including Series 8. The new products, which also include multiple new versions of Macs, and low and high-end iPads, are likely to reach stores... Home improvement retailer Lowe's Cos., Inc. reported Wednesday an increase in earnings per share for the second quarter that also topped analysts' estimates. However, quarterly sales edged down and missed expectations. The company also reaffirmed its guidance range for the full-year 2022. While reporting financial results for the second quarter on Wednesday, off-price retailer TJX Companies, Inc. (TJX) provided financial outlook for the third and the fourth quarters as well as slashed its guidance for the full-year 2023. For the third quarter, the company projects earnings in a range...
Follow RTT