IPG Photonics Corporation (NASDAQ:IPGP) Q3 2022 Earnings Conference Call November 1, 2022 10:00 AM ET
Company Participants
Eugene Fedotoff - Director, IR
Eugene Scherbakov - CEO
Tim Mammen - SVP & CFO
Conference Call Participants
Jim Ricchiuti - Needham & Company
Ruben Roy - Stifel
Michael Feniger - Bank of America
Mark Miller - Benchmark Company
Hans Chung - D.A. Davidson
Operator
Good morning, and welcome to IPG Photonics Third Quarter 2022 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 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, 2021, and our 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, November 1, 2022, only. The company assumes no obligation to publicly release any update 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 Excel-based financial data workbook posted on the 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 continue to see upward momentum in our emerging growth products in the third quarter. We saw the strong results in welding, cleaning, solar cell manufacturing, medical and 3D printer applications. These were offset by several headwinds and including unfavorable currency translations, weaker economic conditions in Europe and core-related lockdowns in China.
Softness in general industrial demand in Europe and China negatively impacted sales in high-power cutting applications. At the same time, we saw modest growth in North America, and we are pleased it is continued to increase e-mobility sales driven by new investment in electric battery capacity across all geographies. Emerging growth product sales were 43% of our total revenue in the third quarter.