Corning Incorporated Conference Call Summary Company Overview - **Company**: Corning Incorporated (NYSE: GLW) - **Date**: March 5, 2024 - **Participants**: Edward Schlesinger (CFO), Meta Marshall (Morgan Stanley) Key Industry Insights General Market Conditions - Corning has experienced recessionary demand across most of its portfolio throughout 2023, with expectations that Q1 2024 will mark a bottom for demand recovery [2][3] - The company is observing various signposts across segments to gauge when demand might return, including inventory digestion and deployment rates in Optical Communications and Display segments [3][5] Segment-Specific Insights Optical Communications - Customers have excess inventory, which is expected to be digested by mid-2024, potentially increasing sales even without increased deployments [3][10] - The long-term demand trajectory remains positive due to factors like broadband build-out and cloud computing needs, despite current sales being approximately 30% below trend lines [10][12] Display - Panel maker utilization was depressed in Q4 2023, but an increase is anticipated as the year progresses, indicating potential recovery in demand [5][15] - Price increases have been implemented to maintain profitability, with a focus on achieving a net income ratio of 25-30% [18][52] Life Sciences - Inventory digestion is occurring, particularly in North America and Europe, with expectations for growth as the market normalizes post-COVID [47] - The segment is expected to grow at a low to mid-single-digit rate, with certain subsegments like bioprocessing potentially growing faster [48] Automotive Glass - Corning sees significant opportunities in the automotive sector, with a total addressable market (TAM) of $100 per vehicle driven by trends in emissions control and connectivity [34] - The company has secured $1 billion in multi-year auto glass orders, with sales expected to ramp up as model years progress [36] Specialty Materials - Corning's Gorilla Glass sales have increased despite a decline in smartphone units, indicating strong innovation and market demand [42] - The company is also seeing growth in specialty glass for the semiconductor industry, which is expected to continue as the supply chain expands [43] Financial Performance and Strategy - Corning improved its gross margin by approximately 300 basis points in 2023, with a focus on maintaining profitability and cash flow [8][49] - The company has the capacity to drive an additional $3 billion in sales without significant capital investment, indicating a strong operational leverage point [50] - Capital expenditures for 2024 are expected to be lower than in 2023, with maintenance capital estimated at $1-1.1 billion [50] M&A and Future Outlook - Corning is primarily focused on organic growth but remains open to opportunistic M&A, particularly in the optical and life sciences sectors [67] - The company is cautiously optimistic about the impact of BEAD funds on demand, expecting more significant effects in 2025 than in 2024 [12][14] Additional Considerations - The impact of currency fluctuations, particularly the yen, has been managed through pricing strategies and hedging [24][18] - The company remains the market leader in the display space and is willing to trade market share for profitability [22][18] - Corning is exploring AI opportunities but considers it early days for significant internal applications [56][58] This summary encapsulates the key points discussed during the conference call, highlighting Corning's current market conditions, segment performance, financial strategies, and future outlook.

Corning Incorporated (NYSE:GLW) Morgan Stanley Technology, Media & Telecom Conference Call March 5, 2024 11:00 AM ET Company Participants Edward Schlesinger - Executive Vice President and Chief Financial Officer Conference Call Participants Meta Marshall - Morgan Stanley Meta Marshall All right. Welcome, everybody. I'm Meta Marshall. I cover the networking space here at Morgan Stanley. We're delighted to have Corning here today, Edward Schlesinger, CFO. For important disclosures, please see the Morgan Stanl ...

A month has gone by since the last earnings report for Corning (GLW) . Shares have lost about 1.2% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Corning due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. Corning Q4 Earnings Miss Estimates on Lower RevenuesCorning r ...

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, 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 CORNING INCORPORATED (Exact name of registrant as specified in its charter) New York 16-0393470 (State or other ju ...

CORNING, NY, Feb. 07, 2024 (GLOBE NEWSWIRE) -- Corning Incorporated's (NYSE:GLW) Board of Directors today declared a quarterly dividend of $0.28 per share. The dividend will be payable on March 28, 2024, to shareholders of record on Feb. 29, 2024. Caution Concerning Forward-Looking StatementsThe 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," "se ...

Corning Incorporated (GLW) reported mixed fourth-quarter 2023 results, wherein the top line surpassed the Zacks Consensus Estimate, but the bottom line missed the same. The company witnessed a top-line contraction year over year due to sluggish demand trends in several verticals, including Optical Communications and Specialty Materials. Strong momentum in the Environmental Technologies partially cushioned the top line. The strategy of price hikes to offset inflation and various productivity improvement acti ...

Corning Incorporated (NYSE:GLW) Q4 2023 Earnings Call Transcript January 30, 2024 8:30 AM ET Company Participants Ann Nicholson - VP of IR Wendell Weeks - Chairman & CEO Ed Schlesinger - EVP & CFO Jeff Evenson - EVP & CSO Conference Call Participants Mehdi Hosseini - SIG Wamsi Mohan - Bank of America Asiya Merchant - Citi Meta Marshall - Morgan Stanley Martin Yang - Oppenheimer Samik Chatterjee - JPMorgan Josh Spector - UBS Matt Niknam - Deutsche Bank Operator Welcome to the Corning Incorporated Quarter Fou ...

For the quarter ended December 2023, Corning (GLW) reported revenue of $3.27 billion, down 9.9% over the same period last year. EPS came in at $0.39, compared to $0.47 in the year-ago quarter.The reported revenue represents a surprise of +0.49% over the Zacks Consensus Estimate of $3.26 billion. With the consensus EPS estimate being $0.40, the EPS surprise was -2.50%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their n ...

Full-Year 2023 Investor Call Corning Reports Fourth-Quarter and Full-Year 2023 Financial Results January 30, 2024 Forward-Looking and Cautionary Statements The statements contained in this presentation and related comments by management that are not historical facts or informationand contain words such as “will,” “believe,” “anticipate,”“expect,” “intend,” “plan,” “seek,” “see,” “would,”“target,” “estimate,” “forecast” or similar expressions areforward-looking statements.These forward-looking statements are ...

CORNING, N.Y., Jan. 30, 2024 (GLOBE NEWSWIRE) --   Corning Incorporated (NYSE:GLW) today announced its fourth-quarter and full-year 2023 results and provided its outlook for first-quarter 2024. Wendell P. Weeks, chairman and chief executive officer, said, "Overall, our results in the quarter – and throughout 2023 – demonstrate that we continue to make solid progress advancing our market leadership, strengthening our profitability, and improving our cash-flow generation even in the lower-demand environment w ...