Corning Incorporated (NYSE:GLW) Bernstein's 39th Annual Strategic Decisions Conference 2023 May 31, 2023 3:30 PM ET Company Participants Wendell Weeks - Chairman, Chief Executive Officer Jeff Evenson - Executive Vice President, Chief Strategy Officer Conference Call Participants Laurent Yoon - Bernstein Laurent Yoon We'll get this started. Thank you, everybody, for making the time to come to the Fireside Chat with Corning. I would like to introduce – first of all, my name is Laurent Yoon. I'm the telecom me ...

Corning Incorporated (NYSE:GLW) Edward A. Schlesinger presents at J.P. Morgan 51st Annual Global Technology, Media and Communications Conference May 23, 2023 9:30 AM ET Company Participants Edward A. Schlesinger - Executive Vice President and Chief Financial Officer Conference Call Participants Samik Chatterjee - J.P. Morgan Hi, good morning, everyone. Thank you. Welcome to day two, and I'm Samik Chatterjee, I cover hardware companies at J.P. Morgan, for us kicking it off on day two here is, Corning. I have ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from To Commission file number: 1-3247 (Exact name of registrant as specified in its charter) | New York 16-0393470 | | --- | | (State or other jurisdiction of incorporation ...

Corning, Inc. (NYSE:GLW) Q1 2023 Earnings Conference Call April 25, 2023 8:30 AM ET Company Participants Ann Nicholson - VP, IR Wendell Weeks - Chairman & CEO Edward Schlesinger - EVP & CFO Conference Call Participants Matthew Niknam - Deutsche Bank Shannon Cross - Crédit Suisse Steven Fox - Fox Advisors Wamsi Mohan - Bank of America Merrill Lynch Samik Chatterjee - JPMorgan Chase & Co. Asiya Merchant - Citigroup James Cannon - UBS Timothy Long - Barclays Bank Martin Yang - Oppenheimer Meta Marshall - Morga ...

Corning Incorporated (NYSE:GLW) Morgan Stanley Technology, Media & Telecom Conference Call March 7, 2023 11:00 AM ET Company Participants Edward Schlesinger - Executive Vice President & Chief Financial Officer Conference Call Participants Meta Marshall - Morgan Stanley Meta Marshall Perfect. Welcome, everybody. Thanks so much for being here with us on the second day of the conference. I'm Meta Marshall. I cover the networking names here at Morgan Stanley. I'll start with a brief disclosure. For important di ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission file number: 1-3247 CORNING INCORPORATED (Exact name of registrant as specified in its charter) New York 16-0393470 (State or other ju ...

Financial Data and Key Metrics - Q4 2022 sales were $3.6 billion, at the high end of the guided range, with EPS of $0.47 [5] - Full-year 2022 sales grew 5% to $14.8 billion, with EPS increasing 1% to $2.09 [5] - Gross margin for the year was 36%, and free cash flow was $1.24 billion [5] - Q4 gross margin was 34%, down 250 basis points sequentially, and operating margin was 14%, down 290 basis points sequentially [19] - Core earnings in Q4 were increased by $256 million due to restructuring charges and noncash mark-to-market adjustments [3] Business Line Performance - **Optical Communications**: Q4 sales were $1.2 billion, down $122 million sequentially, with net income of $130 million, down $53 million sequentially [20] - **Display**: Q4 sales grew 14% sequentially to $783 million, with net income up 28% to $171 million [22] - **Specialty Materials**: Q4 sales were $505 million, down 3%, with full-year sales flat at $2 billion [25] - **Environmental Technologies**: Q4 sales were $394 million, up 12% year-over-year, with net income up 28% to $69 million [26] - **Life Sciences**: Q4 sales were $294 million, down sequentially and year-over-year, impacted by lower demand for COVID-related products [26] - **Hemlock and Emerging Growth Businesses**: Q4 sales were $462 million, up 22% year-over-year, with full-year sales up 34% to $1.7 billion [27] Market Performance - China's COVID-related disruptions in December impacted consumer sentiment and labor availability, affecting demand for products in Display, Environmental, and Specialty Materials [9] - Panel maker utilization in Display declined in January, delaying the industry recovery by at least a quarter [29] - Automotive Glass Solutions saw strong growth in 2022, with a focus on increasing content per car to $100 [12] Strategic Direction and Industry Competition - The company is focused on long-term growth opportunities in Optical Communications, solar, and automotive, driven by secular trends like broadband, 5G, and renewable energy [11][12] - In Optical Communications, the company is in the early phases of a multiyear build cycle driven by broadband, 5G densification, and cloud computing [11] - The company is leveraging the Inflation Reduction Act to grow its solar business and contribute to a sustainable U.S.-based solar supply chain [11] - In Display, the company expects to emerge from the industry correction with strengthened customer relationships and refreshed manufacturing capabilities [11] Management Commentary on Operating Environment and Future Outlook - The company expects Q1 2023 sales to decline more than normal seasonality, but margins to increase sequentially due to recent pricing and productivity actions [8] - Management anticipates sequential sales growth in Q2 and year-over-year growth in the second half of 2023 [10] - The company is confident in its ability to deliver durable, multiyear growth with improved margins and cash generation [16] Other Important Information - The company has hedged most of its foreign currency exposure for 2023 and 2024, with a core rate of 107 yen [30] - Capital expenditures for 2023 are expected to be consistent with 2022 levels [29] - The company plans to recommend a dividend increase from $1.08 to $1.12 per share [32] Q&A Summary Question: Impact of yen hedging on 2023 and 2024 [34] - The company has hedged most of its yen exposure for 2023 and 2024, with a core rate of 107 yen [35] Question: Corning's role in bendable and augmented reality [34] - The company is investing in innovations for bendable displays and augmented reality, with new products expected in the coming years [37][38] Question: Sequential growth in EPS and margin improvement [39] - Margins are expected to improve sequentially in Q1, with a significant increase in profitability despite a lower tax rate [40][41] Question: Growth in Automotive Glass Solutions [42] - The company is seeing strong growth in exterior automotive glass, driven by trends in electric vehicles and laminated technologies [44] Question: Display industry recovery and TV sales outlook [45] - Panel maker utilization is expected to recover, with retail market recovery anticipated later in the year [49] Question: Long-term opportunity in Hemlock and margin potential [51] - The company aims to build a $1 billion solar business, with Hemlock's gross margin around the corporate average [52][53] Question: Productivity ratio improvements [54] - The company has taken significant actions to improve productivity and reduce costs, aiming to return to pre-pandemic operational levels [56][57] Question: New content wins in Specialty Materials [58] - The company expects new content wins to drive outperformance in 2023, depending on the success of new product launches [59] Question: Optical Communications revenue and profitability [64] - The weakness in Optical Communications was driven by multiple carriers pacing projects, with profitability impacted by inflation and lower volumes [65][66] Question: EPS trajectory and Optical Communications recovery [67] - The company expects to return to a $2 EPS run rate when revenues reach Q4 2022 levels, with Optical Communications recovery expected later in the year [68][70] Question: Free cash flow and share buybacks [71] - The company aims to improve operating cash flow by reducing inventory, with share buybacks remaining a priority after completing the Samsung preferred share conversion [72][74]