IPG Photonics Takes A Volume Hit From Weaker Margins, And Competition Is Still A Real Threat

Even relative to the strong rally in industrials and the market in general so far on a year-to-date basis, IPG Photonics’ (IPGP) performance has been exceptional, as investors are clearly willing to look ahead and build in a recovery for machine tools later in 2019. I think this enthusiasm may be overdone, though, as although the market in China does indeed appeal to be stabilizing, competition continues to be a long-term threat to IPG’s volumes and margins.

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IPG Photonics Takes A Volume Hit From Weaker Margins, And Competition Is Still A Real Threat