IPG Photonics Announces Fourth Quarter 2023 Financial Results
MARLBOROUGH, Mass. , Feb. 13, 2024 (GLOBE NEWSWIRE) -- IPG Photonics Corporation (Nasdaq: IPGP) today reported financial results for the fourth quarter ended December 31, 2023.
- "Fourth quarter revenue came in at the top of our expectations with higher sales in welding, cleaning, 3D printing and medical applications.
- "In 2023, we focused on diversifying and growing our revenue outside of flat sheet cutting and away from China.
- Fourth quarter revenue of $299 million decreased 10% year over year.
- During the fourth quarter, IPG generated $106 million in cash from operations, and spent $25 million on capital expenditures and $64 million on share repurchases.