Corning Inc

GLW

Equity

ISIN US2193501051 / Valor 921667

New York Stock Exchange, Inc (2024-12-24)

USD 47.90+0.84%

Corning Inc
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About company

Corning Inc. is a diversified technology company known for its expertise in materials science and process engineering, particularly in the production of glass and ceramics. The company plays a pivotal role in several industries, including consumer electronics, telecommunications, and life sciences. Corning's innovative fusion manufacturing process, a technique the company invented, is central to its leadership in the LCD glass market. This process produces high-quality glass substrates that are crucial for the manufacture of large, high-performance LCD panels, featuring attributes such as pristine surface quality, excellent thermal dimensional stability, and uniformity. Corning's products, including the renowned Corning® Gorilla® Glass, are marketed globally and cater to a wide range of sectors from pharmaceutical and biotechnology companies to academic institutions and government entities. Gorilla Glass, known for its durability and resistance to damage, is specifically designed for use in mobile phones, tablets, and notebook PCs. In addition to its glass products, Corning also manufactures semiconductor optics, including high-performance optical materials and assemblies for the semiconductor industry. The company operates manufacturing facilities across the United States and in several other countries, including China, France, Mexico, and Poland, underscoring its global footprint in the technology sector.

Summarized from source with an LLMView SourceSector: Telecommunications

Revenue Growth

Corning Inc. reported strong financial results for the third quarter of 2024, with core sales reaching $3.73 billion, marking an 8% increase year over year. This growth was primarily driven by the Optical Communications segment, which saw a 36% increase in sales compared to the previous year.

Earnings Performance

The company's core earnings per share (EPS) for the third quarter of 2024 grew by 20% year over year, reaching $0.54. This growth rate was more than double the rate of sales growth, highlighting the effectiveness of Corning's strategic initiatives under its 'Springboard' plan.

Segment Highlights

In the Optical Communications segment, Corning Inc. achieved record sales in its Enterprise business, with a 55% year-over-year increase. The Display Technologies segment also performed well, with net income reaching $285 million, reflecting an 18% increase from the previous year.

Cash Flow and Margins

Corning Inc. generated a GAAP operating cash flow of $699 million and an adjusted free cash flow of $553 million in the third quarter of 2024. The company's core operating margin expanded by 160 basis points year over year to 18.3%, demonstrating progress towards its target of a 20% operating margin by the end of 2026.

Future Outlook

Looking ahead to the fourth quarter of 2024, Corning Inc. expects year-over-year sales growth to accelerate, with core sales projected to be approximately $3.75 billion. The company also anticipates core EPS to grow faster than sales, with an expected range of $0.53 to $0.57, continuing the positive momentum from the third quarter.

Summarized from source with an LLMView Source

Key figures

58.5%1Y

30.3%3Y

66.2%5Y

Performance

26.1%1Y

27.4%3Y

33.2%5Y

Volatility