IPG Photonics Corporation (NASDAQ:IPGP) Q1 2023 Earnings Conference Call May 2, 2023 10:00 AM ET
Company Participants
Eugene Fedotoff - Director, IR
Eugene Scherbakov - CEO
Tim Mammen - SVP and CFO
Conference Call Participants
Ruben Roy - Stifel
Chris Grenga - Needham and Company
Mark Miller - The Benchmark Company
Operator
Good morning, and welcome to IPG Photonics' First 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, Eugene Fedotoff, IPG's, Director of 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, Tim Mammen.
Let me remind you that statements made during the course of this call that discuss management's or the company's 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 other reports on file with the Securities and Exchange Commission. Copies of these filings may be obtained 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 May 2, 2023 only. 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 or the Excel-based financial data workbook posted on our Investor Relations website. 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.
We are pleased with our results this quarter, which were above our guidance range despite the macroeconomic uncertainty that continued to negatively impact demand in general industrial applications such as cutting and marking. We reported another quarter of solid revenue growth in welding that was driven by a record sales in EV applications and an all-time high revenue for our handheld welder, LightWELD.
Additionally, we saw strong results in cleaning and solar cell manufacturing. Demand for these products is driven by global macrotrends and increasing investment in renewable energy and eco-friendly solutions.