IPG Photonics Corporation (NASDAQ:IPGP) Q3 2023 Earnings Conference Call October 31, 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 Third 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 Senior Director, Investor Relations, for introductions. Please go ahead with your conference.
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, 2022, and our reports on file with the Securities and Exchange Commission. Copies of these filings may be obtained by visiting the Investors section of the IPG's website or the SEC's website.
Any forward-looking statements made on this call are the company's expectations or predictions as of today, October 31, 2023. 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 earnings press release, earnings call presentation and the financial data workbook posted on the Investor Relations website. We will also post these prepared remarks on the website following the completion of this call.
With that, I'll now turn the call over to Eugene Scherbakov.
Eugene Scherbakov
Good morning, everyone. Our third quarter revenue was negatively impacted by a softer demand in industrial markets and a further decline in sales in China. Lower demand from industrial customers and reduced the amount of e-mobility applications drove revenue declines in cutting, welding and marking applications. We also continued to see strong competition in addition to soft demand in the flat sheet cutting market in China.