IPG Photonics Corporation (NASDAQ:IPGP) Q2 2023 Earnings Conference Call August 1, 2023 10:00 AM ET
Company Participants
Eugene Fedotoff - Senior Director, IR
Eugene Scherbakov - CEO & Director
Timothy Mammen - SVP & CFO
Conference Call Participants
Ruben Roy - Stifel, Nicolaus & Company
James Ricchiuti - Needham & Company
Michael Feniger - Bank of America Merrill Lynch
Mark Miller - The Benchmark Company
Operator
Good morning, and welcome to IPG Photonics' Second Quarter 2023 Conference Call. Today's call is being recorded and webcast. At this time, I'd like to turn the call over to your host, Mr. Eugene Fedotoff, IPG's Senior Director, Investor Relations, for introductions. Please go ahead, sir.
Eugene Fedotoff
Thank you, Rob, and good morning, everyone. With me today is IPG Photonics CEO, Dr. Eugene Scherbakov; and Senior Vice President and CFO, Timothy Mammen. Let me remind you that statements made during the course of this call that discuss management's or the company's intentions, expectations or predictions of the future are forward-looking statements.
These forward-looking statements are subject to risks and uncertainties that could cause the company's actual results to differ materially from those projected in such forward-looking statements. These risks and uncertainties are detailed in IPG Photonics' Form 10-K for the period ended December 31, 2022 and our reports on file with the Securities and Exchange Commission.
Copies of these filings may be updated by visiting the Investors section of IPG's website or by contacting the company directly. You may also find copies on the SEC's website. Any forward-looking statements made on this call are the company's expectations or predictions as of today, August 1, 2023, only.
And the company assumes no obligation to publicly release any updates or revisions to any such statements. For additional details on our reported results, please refer to the earnings press, release earnings call presentation and the financial data workbook posted on the Investor Relations site. We will post these prepared remarks on our Investor Relations website following the completion of this call.
With that, I'll now turn the call over to Eugene Scherbakov.
Eugene Scherbakov
Good morning, everyone. I am pleased with our performance this quarter. Second quarter revenue came and is the point of our guidance range. Despite of increased macroeconomic uncertainty, which resulted in project delays and impacted sales and outlook in industrial markets across many geographies.
We reported another quarter of solid revenue growth in welding and cleaning applications. Now that were driven by strong sales and e-mobility and handheld welding solutions. Additionally, revenue improved in 3D printing and solar cell manufacturing applications as investment in these markets increased. Sales in flat sheet cutting applications declined year-over-year, mostly due to economic uncertainty and an increased competition in China, and continued to negatively impact on our results. However, cutting sales were up sequentially in China, North America and Japan.