Ipg Photonics Stock News

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IPG Photonics (IPGP) shares fell sharply on Thursday, as investment firm Needham downgraded the semiconductor company, noting its exposure to Russia has weighed heavily on…

The laser maker is keeping its Russian operations open and withdrawing its guidance.

The laser maker is keeping its Russian operations open and withdrawing its guidance.

Shares of IPG Photonics Corp. slumped 7.5% in premarket trading Thursday toward a 23-month low, after the fiber lasers and optical components company said it will keep its Russia-based facilities operating, but expects lead times and shipping costs for components and lasers to increase due to sanctions. The company, which had about 1,950 employees in Russia as of Dec. 31, 2021, said its Russia-based facility makes optical components and finished products for its operations in the U.S., Germany and China. In 2021, IPG said its Russia operations supplied about $100 million of finished product for the Chinese market, while sales to Russian customers totaled $30 million. The company said its current cash balance in Russia is less than 1% of total current cash. The company recently disclosed that it had $70.1 million in long-lived assets in Russia, or 10.8% of total long-lived assets of $649.5 million. IPG''s stock has tumbled 23.8% over the past three months through Wednesday, while the S&P 500 has slipped 3.4%.

Taking Steps To Minimize Disruptions And Implementing Contingency Plans In Light Of Global Sanctions Taking Steps To Minimize Disruptions And Implementing Contingency Plans In Light Of Global Sanctions

The laser maker is keeping its Russian operations open and withdrawing its guidance.

Large caps like Renault and Citigroup have suffered double-digit declines in part due to Russia's invasion of Ukraine. The conflict has had a more severe impact on some smaller stocks.

IPG Photonics (IPGP -0.5%) has promoted Felix Stukalin to chief operating officer of the company. In an SEC filing, the company says it made the move effective Feb. 18

GOOS, IPGP, and JD have been added to the Zacks Rank #5 (Strong Sell) List on February 18, 2022

GOOS, IPGP, and JD have been added to the Zacks Rank #5 (Strong Sell) List on February 18, 2022