IPG Photonics Corporation (NASDAQ:IPGP) Q1 2024 Earnings Conference Call April 30, 2024 10:00 AM ET
Company Participants
Eugene Fedotoff - Senior Director, IR
Eugene Scherbakov - CEO & Director
Timothy Mammen - SVP & CFO
Conference Call Participants
James Ricchiuti - Needham & Company
Ruben Roy - Stifel
Mark Miller - The Benchmark Company
Keith Housum - Northcoast Research
Operator
Good morning, and welcome to IPG Photonics’ First Quarter 2024 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 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 that we make during the course of this call that discuss management or the company's intentions, expectations, or predictions of the future are forward-looking statements. These forward-looking statements are subject to the 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, 2023, 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 the SEC's website directly. Any forward-looking statements made on this call are the company's expectations or predictions as of today, April 30, 2024 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 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. In addition to our earnings release, we announced a leadership transition this morning. Let me start by commenting on the quarterly results first and then I will speak about the CEO change later in the call.
In the first quarter, we continued to generate strong operating cash flow, reduce inventories, manage product cost, and return capital to shareholders. We achieved this while facing soft demand in general industrial manufacturing and e-mobility end markets, which together represent over 60% of total sales and negatively impacted revenue across many applications.