Corning Reports Strong Third-Quarter 2024 Financial Results(1) Highlighting Key Milestones in ‘Springboard’ Plan to Add More Than $3 Billion in Annualized Sales, and Achieve Operating Margin of 20%, by the End of 2026
Corning (GLW) reported strong Q3 2024 results with core sales of $3.73 billion, up 8% year-over-year, and core EPS of $0.54, up 20%. The company's Optical Communications segment led growth with a 36% increase in sales, including 55% growth in Enterprise business driven by AI-related products. Core operating margin expanded 160 basis points to 18.3%. For Q4 2024, Corning expects core sales of ~$3.75 billion and core EPS of $0.53-$0.57. The company is progressing on its 'Springboard' plan to add over $3 billion in annualized sales and achieve 20% operating margin by end of 2026.
Corning (GLW) ha riportato forti risultati per il terzo trimestre del 2024, con vendite core di 3,73 miliardi di dollari, in aumento dell'8% rispetto all'anno precedente, e utile per azione core di 0,54 dollari, in crescita del 20%. Il segmento Comunicazioni Ottiche dell'azienda ha guidato la crescita con un incremento delle vendite del 36%, inclusa una crescita del 55% nel business Enterprise, trainata da prodotti legati all'IA. Il margine operativo core è aumentato di 160 punti base, raggiungendo il 18,3%. Per il quarto trimestre del 2024, Corning prevede vendite core di circa 3,75 miliardi di dollari e un utile per azione core compreso tra 0,53 e 0,57 dollari. L'azienda sta progredendo nel suo piano 'Springboard' per aggiungere oltre 3 miliardi di dollari in vendite annualizzate e raggiungere un margine operativo del 20% entro la fine del 2026.
Corning (GLW) reportó resultados sólidos para el tercer trimestre de 2024, con ventas centrales de 3.73 mil millones de dólares, un aumento del 8% en comparación con el año anterior, y EPS central de 0.54 dólares, un incremento del 20%. El segmento de Comunicaciones Ópticas fue el encargado de liderar el crecimiento, con un aumento del 36% en las ventas, incluyendo un crecimiento del 55% en el negocio Enterprise impulsado por productos relacionados con la IA. El margen operativo central se amplió en 160 puntos básicos, alcanzando el 18.3%. Para el cuarto trimestre de 2024, Corning espera ventas centrales de aproximadamente 3.75 mil millones de dólares y un EPS central de entre 0.53 y 0.57 dólares. La empresa está avanzando en su plan 'Springboard' para añadir más de 3 mil millones en ventas annualizadas y alcanzar un margen operativo del 20% para finales de 2026.
Corning (GLW)는 2024년 3분기 강력한 실적을 보고했으며, 핵심 매출 37억 3천만 달러로 전년 대비 8% 증가했으며, 핵심 EPS 0.54 달러로 20% 증가했습니다. 회사의 광통신 부문이 36%의 매출 증가를 이끌었고, 인공지능(AI) 관련 제품에 의해 기업 사업이 55% 성장했습니다. 핵심 운영 마진은 160bp 증가하여 18.3%에 도달했습니다. 2024년 4분기에 대해 Corning은 약 37억 5천만 달러의 핵심 매출과 0.53~0.57 달러의 핵심 EPS를 예상하고 있습니다. 이 회사는 2026년 말까지 30억 달러 이상의 연간 매출을 추가하고 20% 운영 마진을 달성하기 위한 'Springboard' 계획을 진행하고 있습니다.
Corning (GLW) a rapporté des résultats solides pour le troisième trimestre 2024, avec des ventes centrales de 3,73 milliards de dollars, en hausse de 8 % par rapport à l'année précédente, et un BPA central de 0,54 dollar, en hausse de 20 %. Le segment des Communications Optiques de l'entreprise a dirigé la croissance avec une augmentation de 36 % des ventes, y compris une croissance de 55 % dans le secteur des entreprises, soutenue par des produits liés à l'IA. La marge opérationnelle centrale a augmenté de 160 points de base pour atteindre 18,3 %. Pour le quatrième trimestre 2024, Corning s'attend à des ventes centrales d'environ 3,75 milliards de dollars et à un BPA central compris entre 0,53 et 0,57 dollar. L'entreprise progresse dans son plan 'Springboard' pour ajouter plus de 3 milliards de dollars de ventes annualisées et atteindre une marge opérationnelle de 20 % d'ici la fin 2026.
Corning (GLW) hat im dritten Quartal 2024 starke Ergebnisse gemeldet, mit Kernumsätzen von 3,73 Milliarden US-Dollar, was einem Anstieg von 8% im Jahresvergleich entspricht, und Kern-EPS von 0,54 US-Dollar, was einem Anstieg von 20% entspricht. Das Optical Communications-Segment des Unternehmens führte das Wachstum an, mit einem Umsatzanstieg von 36%, einschließlich eines Wachstums von 55% im Enterprise-Geschäft, das durch KI-bezogene Produkte vorangetrieben wurde. Die Kernbetriebsrendite erweiterte sich um 160 Basispunkte auf 18,3%. Für das vierte Quartal 2024 erwartet Corning Kernumsätze von rund 3,75 Milliarden US-Dollar und ein Kern-EPS von 0,53 bis 0,57 US-Dollar. Das Unternehmen macht Fortschritte mit seinem 'Springboard'-Plan, um über 3 Milliarden US-Dollar an jährlichen Verkäufen hinzuzufügen und bis Ende 2026 eine Betriebsrendite von 20% zu erreichen.
- Core sales increased 8% YoY to $3.73 billion
- Core EPS grew 20% YoY to $0.54
- Operating margin expanded 160 basis points to 18.3%
- Optical Communications sales grew 36% YoY
- Generated $553 million in adjusted free cash flow
- Secured $1+ billion multi-year supply agreement with AT&T
- GAAP net loss of $117 million in Q3 2024
- Environmental Technologies sales declined 15% YoY
- Hemlock segment reported $12 million net loss
Insights
Corning delivered an impressive Q3 2024 with significant growth metrics and strategic achievements. Core sales grew 8% to
The company's 'Springboard' initiative is tracking well, with core operating margin expanding
Q4 guidance suggests accelerating growth with projected core sales of
The surge in Optical Communications segment, particularly the
The AT&T agreement demonstrates Corning's leadership in next-generation fiber infrastructure. This positions them well in the ongoing 5G rollout and broadband expansion initiatives. The combination of AI-driven demand and telecom infrastructure modernization creates multiple growth vectors for their optical business.
Results were at the high end of guidance, led by Optical Communications, which grew sales in its Enterprise business
GAAP operating margin expanded 150 bps year over year; core operating margin expanded 160 bps year over year to
Display Technologies implemented price increases and expects to deliver segment net income of
In the fourth quarter, management expects year-over-year sales growth to accelerate and EPS to grow faster than sales, with core sales of
(1) Third-quarter GAAP sales were
Wendell P. Weeks, chairman and chief executive officer, said, “We delivered another strong quarter of year-over-year growth. Third-quarter core sales grew
Weeks continued, “In addition to delivering strong third-quarter results, we are marking strategic milestones in our ‘Springboard’ plan. In Display Technologies, we implemented price increases and expect to deliver segment net income of
Ed Schlesinger, executive vice president and chief financial officer, said, “We had an outstanding third quarter. Our outperformance was led by Optical Communications, with
Schlesinger continued, “We’re energized by the ‘Springboard’ milestones we’ve hit just three quarters into our three-year plan, and we’re confident that our momentum will continue. In the fourth quarter, we expect year-over-year sales growth to accelerate and EPS to grow faster than sales, with core sales growing about
Third-Quarter 2024 Financial Highlights:
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GAAP sales were
. Core sales were$3.39 billion .$3.73 billion -
GAAP EPS was
. Core EPS was$(0.14) . The difference between GAAP and core EPS primarily reflected mainly non-cash, mark-to-market adjustments associated with the company’s translated earnings contracts and Japanese-yen-denominated debt; constant currency adjustments; and non-cash asset write-off charges.$0.54 -
GAAP gross margin was
33.5% , and core gross margin was39.2% , reflecting 190-basis-point and 220-basis-point year-over-year improvement, respectively. -
GAAP operating cash flow was
, and adjusted free cash flow was$699 million .$553 million
Fourth-Quarter 2024 Outlook:
-
In the fourth quarter, management expects year-over-year sales growth to accelerate and EPS to grow faster than sales, with core sales of
~ and core EPS in the range of$3.75 billion to$0.53 .$0.57
Third-Quarter 2024 Results and Comparisons
(In millions, except per-share amounts)
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(1) Represents GAAP net (loss) income attributable to Corning Incorporated. |
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(1) Core performance measures are non-GAAP financial measures. The reconciliation between GAAP and non-GAAP measures is provided in the tables following this news release as well as on the company’s website. |
Third-Quarter 2024 Segment Results
(In millions)
The third-quarter results below are prepared on a basis consistent with Corning’s segment reporting as presented in the company’s consolidated financial statements.
Optical Communications |
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In Optical Communications, third-quarter sales were
Display Technologies |
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In Specialty Materials, third-quarter sales were
Environmental Technologies |
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In Environmental Technologies, third-quarter sales were
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In Life Sciences, third-quarter sales were
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In Hemlock and Emerging Growth Businesses, third-quarter sales were
Upcoming Investor Events
In fourth-quarter 2024,
Third-Quarter Conference Call Information
The company will host its third-quarter conference call on Tuesday, Oct. 29, at 8:30 a.m. EDT. To participate, individuals may preregister here prior to the start of the call. Once the required fields are completed, click “Register.” A telephone number and PIN will be auto generated and will pop up on screen. Participants will have the choice to “Dial In” or have the system “Call Me.” A confirmation email will also be sent with specific dial-in information. To listen to a live audio webcast of the call, go to the company’s Investor Relations events page and follow the instructions.
Presentation of Information in this News Release
This news release includes non-GAAP financial measures. Non-GAAP financial measures are not in accordance with, or an alternative to, GAAP. Corning’s non-GAAP financial measures exclude the impact of items that are driven by general economic conditions and events that do not reflect the underlying fundamentals and trends in the company’s operations. The company believes presenting non-GAAP financial measures assists in analyzing financial performance without the impact of items that may obscure trends in the company’s underlying performance. Definitions of these non-GAAP financial measures and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found on the company’s website by going to the Investor Relations page and clicking “Quarterly Results” under the “Financials and Filings” tab. These reconciliations also accompany this news release. With respect to the outlook for future periods, it is not possible to provide reconciliations for these non-GAAP measures because management does not forecast the movement of foreign currencies against the
Caution Concerning Forward-Looking Statements
The statements contained in this release and related comments by management that are not historical facts or information and contain words such as “will,” “believe,” “anticipate,” “expect,” “intend,” “plan,” “seek,” “see,” “would,” “target,” “estimate,” “forecast” or similar expressions are forward-looking statements. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include estimates and assumptions related to economic, competitive and legislative developments. Such statements relate to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements relate to, among other things, the company’s future operating performance, the company’s share of new and existing markets, the company’s revenue and earnings growth rates, the company’s ability to innovate and commercialize new products, the company’s expected capital expenditure and the company’s implementation of cost-reduction initiatives and measures to improve pricing, including the optimization of the company’s manufacturing capacity.
Although the company believes that these forward-looking statements are based upon reasonable assumptions regarding, among other things, current estimates and forecasts, general economic conditions, its knowledge of its business and key performance indicators that impact the company, there can be no assurance that these forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws.
Some of the risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements include, but are not limited to: global economic trends, competition and geopolitical risks, or an escalation of sanctions, tariffs or other trade tensions between the
For a complete listing of risks and other factors, please reference the risk factors and forward-looking statements described in our annual reports on Form 10-K and quarterly reports on Form 10-Q.
Web Disclosure
In accordance with guidance provided by the SEC regarding the use of company websites and social media channels to disclose material information, Corning Incorporated (“Corning”) wishes to notify investors, media, and other interested parties that it uses its website (https://www.corning.com/worldwide/en/about-us/news-events.html) to publish important information about the company, including information that may be deemed material to investors, or supplemental to information contained in this or other press releases. The list of websites and social media channels that the company uses may be updated on Corning’s media and website from time to time.
About Corning Incorporated
View source version on businesswire.com: https://www.businesswire.com/news/home/20241028158355/en/
Media Relations:
Michael A. West Jr.
(607) 684-1167
westm4@corning.com
Investor Relations:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com
Source: Corning Incorporated
FAQ
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