Corning Incorporated - GLW STOCK NEWS

AT&T and Corning have announced a multi-year purchase agreement valued at over $1 billion for next-generation fiber, cable, and connectivity solutions. As Corning's largest customer with preferential volume status, AT&T will utilize Corning's Evolv® portfolio to expand its fiber network. The agreement supports AT&T's goal of reaching 30M+ locations by 2025, building on their current coverage of 28.3M consumer and business locations. AT&T will implement Corning's latest Evolv® FlexNAP™ with Multifiber Pushlok® Technology, which complies with BEAD program requirements.

Corning Incorporated (NYSE: GLW) has announced a quarterly dividend of $0.28 per share. The dividend will be payable on December 13, 2024, to shareholders of record on November 15, 2024. This announcement demonstrates Corning's commitment to returning value to its shareholders through regular dividend payments.

Corning Incorporated (NYSE: GLW) has unveiled Corning® EXTREME ULE® Glass, a next-generation material designed to support chip manufacturers in meeting the growing demand for advanced and intelligent technologies. This new glass will help improve photomasks, which are critical for mass-producing today's most advanced microchips.

EXTREME ULE® Glass is designed to withstand high-intensity extreme ultraviolet (EUV) lithography, including high numerical aperture (High NA) EUV. Its thermal expansion qualities deliver consistency and performance across all photomasks, while its flatness and uniformity reduce photomask waviness. This allows for the application of advanced coatings and limits unwanted variability for manufacturers.

The new glass is an evolution of Corning's ULE® (Ultra-Low Expansion) glass portfolio, known for its near-zero expansion characteristics. Corning expects its innovative glass-forming process to reduce energy use and waste generation, contributing to the company's sustainability commitment.

Corning Incorporated (NYSE: GLW) provided updates on its 'Springboard' plan to add over $3 billion in annualized sales by 2026, with a target operating margin of 20%. Key highlights include:

1. Implementing price increases in Display Technologies, expecting segment net income of $900-950 million in 2025 with a 25% margin.

2. Optical Communications' Enterprise sales projected to grow over 40% year-over-year in Q3, driven by AI product adoption.

3. Showcasing new products for AI-enabled data centers, supporting Lumen's network build.

4. Q3 expectations: $3.7 billion in sales and EPS of $0.50-$0.54.

The company emphasizes its competitive advantage and industry leadership in optical fiber production, positioning itself to capture significant growth opportunities.

Axion BioSystems has extended its agreement with Corning Incorporated (NYSE: GLW) for exclusive worldwide distribution rights of the Corning® Cell Counter. This device, developed by Axion and distributed by Corning, was recently recognized in the SelectScience® top 10 list of products advancing life science research. The cell counter offers superior speed and reproducibility compared to manual counting, with the ability to distinguish between cells and debris, detect individual cells in clusters, and count 3D organoids.

The agreement aims to continue bringing essential, affordable lab tools to market and accelerate discovery. Axion BioSystems CEO Julien Bradley highlighted the device's benefits in simplifying workflows, saving time, and improving reliability in cell culture laboratories.

Lumen Technologies (NYSE: LUMN) has announced a significant agreement with Corning Incorporated (NYSE: GLW) for the supply of next-generation optical cable. This deal will more than double Lumen's U.S. intercity fiber miles, providing substantial capacity to major cloud data centers to meet the increasing demands of AI workloads and high-bandwidth applications. The agreement reserves 10% of Corning's global fiber capacity for each of the next two years.

This partnership aims to address the network infrastructure needs of major data center operators, including Microsoft, which recently announced an investment with Lumen. The new fiber-dense cable will enable Lumen to fit two-to-four times the amount of fiber into existing conduits, marking the first outside-plant deployment of Corning's new gen-AI fiber and cable system.

Lumen Technologies (NYSE: LUMN) has announced a significant agreement with Corning Incorporated (NYSE: GLW) to secure a substantial supply of next-generation optical cable. This deal will more than double Lumen's U.S. intercity fiber miles, addressing the growing demand for AI workloads and high-bandwidth applications in cloud data centers.

Key points of the agreement include:

• Lumen reserves 10% of Corning's global fiber capacity for each of the next two years
• The agreement is Lumen's largest cable purchase to date
• It will enable Lumen to meet the network infrastructure needs of major data center operators, including Microsoft
• The new fiber-dense cable will support the rapid advancement of generative AI, which requires at least 10 times more fiber connections within data centers

Corning Incorporated (NYSE: GLW) reported strong Q2 2024 results, exceeding April guidance and marking a return to year-over-year sales growth. Core sales reached $3.60 billion, up 4% year-over-year, while core EPS was $0.47, up 4%. The outperformance was primarily driven by strong adoption of new optical connectivity products for generative AI. For Q3 2024, management expects core sales to grow to ~$3.7 billion, with core EPS in the range of $0.50 to $0.54.

Highlights include:

• Record sales in Enterprise portion of Optical Communications, up 42% year-over-year
• Agreement with Lumen Technologies to reserve 10% of Corning's global fiber capacity for AI-enabled data centers
• Core gross margin improved to 37.9%, up 170 basis points year-over-year
• Adjusted free cash flow of $353 million

The results reinforce management's confidence in its 'Springboard' plan to add over $3 billion in annualized sales with strong incremental profit and cash flow in the next three years.

Corning (NYSE: GLW) has updated its second-quarter 2024 expectations, projecting core sales of approximately $3.6 billion, up from the previous guidance of $3.4 billion. Core EPS is now anticipated to be at the high end or slightly above the guided range of $0.42 to $0.46. This growth is driven by strong adoption of their new optical connectivity products for Generative AI. Corning's 'Springboard' framework, expected to generate over $3 billion in annualized sales, is also contributing to this positive outlook. The company is confident in its market position and anticipates strong incremental profit and cash flow. Corning started its share buyback program in Q2 2024, demonstrating confidence in value creation for shareholders. Detailed results will be reported on July 30, 2024.