Corning Incorporated (GLW) is set to report fourth-quarter 2023 results on Jan 30, before the opening bell. It delivered a trailing four-quarter earnings surprise of 2.45% on average. The advanced glass substrates producer is likely to witness a revenue decline year over year owing to soft demand trends and inventory adjustments in the Optical Communication segment. Weakness in Display Technologies and Life Science verticals is also a major concern. However, management’s effort to improve productivity is a ...

Wall Street analysts expect Corning (GLW) to post quarterly earnings of $0.40 per share in its upcoming report, which indicates a year-over-year decline of 14.9%. Revenues are expected to be $3.26 billion, down 10.4% from the year-ago quarter.The current level reflects a downward revision of 1.6% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.Before a company r ...

Corning, N.Y., Jan. 17, 2024 (GLOBE NEWSWIRE) -- Corning Incorporated (NYSE:GLW) and Samsung Electronics Co., Ltd. today announced that Samsung's Galaxy S24 Ultra devices will feature Corning's new Corning® Gorilla® Armor cover material. Gorilla Armor offers an unparalleled combination of durability and visual clarity, delivering a richer display in sunlight and greater protection against damage caused by daily wear. "Corning's Gorilla® Glass, together with the Galaxy S series, have driven innovation and ma ...

Wirestock/iStock via Getty Images Investment thesis My initial bullish thesis about Corning (NYSE:GLW) did not age well since the stock by far underperformed the broader U.S. market with a -4.7% total return since early June 2023. The main reason the previous thesis did not age well is the top-line underperformance in Q2 and Q3, together with the shrinkage of the respective profitability metrics, but I believe it was due to temporary and not secular factors. While the thesis did not work well over the short ...

Summary of Corning Incorporated's UBS Global Technology Conference Call Company Overview - **Company**: Corning Incorporated (NYSE: GLW) - **Industry**: Material Science, specifically in glass and ceramic technologies Core Points and Arguments 1. **Long-term Strategy**: Corning's strategy focuses on three core technologies: glass science, ceramic science, and optical physics, supported by four manufacturing platforms to create innovative products and processes [4][5] 2. **Value Creation**: The company aims to improve profitability and cash flow despite current lower demand, with confidence in market recovery [5][6] 3. **Third Quarter Performance**: - Gross margin expanded by 80 basis points to 37% due to pricing actions, despite lower sales in optical communications and display [7] - Free cash flow reached $466 million, up 83% year-over-year, indicating effective cost management [7] 4. **Market Access Platforms**: - **Optical Communications**: Positioned to benefit from trends in broadband and cloud computing, with a focus on innovative, cost-effective solutions [9] - **Display**: Market leader in glass substrates, profitability restored to pre-pandemic levels [10] - **Mobile Consumer Electronics**: Collaborations with Apple to enhance product durability and performance [11] - **Automotive**: Growth in technical glass for displays and emissions control products, targeting a $100 per car opportunity [12] - **Life Sciences**: Focus on individualized biologic medicines and efficient packaging solutions [13] Important but Overlooked Content 1. **Sales Potential**: Corning has the capacity to generate over $3 billion in additional sales with minimal cash investment, indicating strong growth potential [14][15] 2. **Capital Expenditure**: Anticipated lower capital spending in 2024, with a focus on process improvements to enhance production efficiency [28][29] 3. **Demand Trends**: Current demand across various sectors is below historical trends, with expectations for recovery in the latter half of 2024 [22][24] 4. **Optical Market Dynamics**: The optical communications market is expected to grow significantly, driven by increasing data consumption and new applications [31][32] 5. **Emerging Opportunities**: Corning is exploring growth in automotive glass, data centers, and solar manufacturing, particularly with the onshoring of solar capacity in the U.S. [39][41] Conclusion Corning Incorporated is strategically positioned to navigate current market challenges while focusing on long-term growth opportunities across various sectors, leveraging its technological capabilities and innovative approaches to enhance profitability and shareholder value.

Financial Performance - Core net sales for Q4 2023 are expected to be approximately $3.25 billion[94] - Net sales for Q3 2023 decreased by $315 million, or 9%, compared to Q3 2022, primarily due to declines in Optical Communications, Life Sciences, and Hemlock segments[96] - Gross margin for Q3 2023 decreased by $58 million, or 5%, but improved as a percentage of sales by 2 percentage points compared to Q3 2022[100] - For the nine months ended September 30, 2023, net sales decreased by $1,189 million, or 11%, compared to the same period in 2022, driven by declines in Optical Communications and Life Sciences[97] - For the three months ended September 30, 2023, net income attributable to Corning Incorporated was $164 million, a decrease of 21% compared to $208 million for the same period in 2022[113] - Core net sales for the three months ended September 30, 2023, were $3,459 million, reflecting a 6% decrease from $3,666 million in the same period in 2022[137] - Comprehensive loss attributable to Corning Incorporated for the three months ended September 30, 2023, was $39 million, significantly improved from a loss of $489 million in the same period in 2022[114] - Core net income for the nine months ended September 30, 2023, was $1,124 million, down 19% from $1,392 million in the same period in 2022[137] Expenses and Costs - Research, development, and engineering expenses for Q3 2023 decreased by $8 million, while increasing by $21 million, or 3%, for the nine months ended September 30, 2023[104] - Selling, general, and administrative expenses increased by $7 million in Q3 2023 but decreased by $52 million, or 4%, for the nine months ended September 30, 2023[103] - The decline in core net income for Q3 2023 was primarily due to lower segment net income in Optical Communications ($92 million), Life Sciences ($30 million), and Specialty Materials ($24 million), partially offset by an increase in Display Technologies ($108 million)[140] Tax and Income - The effective tax rate for Q3 2023 was 16%, compared to 13% in Q3 2022[95] - The effective tax rate for the nine months ended September 30, 2023, differed from the U.S. statutory rate of 21% primarily due to foreign earnings and adjustments related to share-based compensation[111] - The effective tax rate for Q3 2023 was 20.5%, consistent with the previous year[145] - The company reported net income attributable to Corning of $3,173 million for Q3 2023, with a GAAP effective tax rate of 16.1%[145] - For the nine months ended September 30, 2023, net income attributable to Corning was $9,594 million, with a GAAP effective tax rate of 20.8%[150] Segment Performance - Segment net sales for Optical Communications decreased by 30% to $918 million for the three months ended September 30, 2023, compared to $1,317 million in 2022[118] - Display Technologies segment net sales increased by 42% to $972 million for the three months ended September 30, 2023, compared to $686 million in 2022[118] - Segment net income for Environmental Technologies increased by 14% to $99 million for the three months ended September 30, 2023, compared to $87 million in 2022[125] - The decrease in net income for the Optical Communications segment was primarily driven by a decline in sales volume, partially offset by pricing and productivity improvements[126] - Hemlock and Emerging Growth Businesses experienced a decrease in net income due to lower sales and declines in solar-grade polysilicon prices[124] Cash Flow and Capital Management - As of September 30, 2023, the company's working capital increased to $3,013 million from $2,278 million in December 31, 2022, reflecting a current ratio improvement from 1.4:1 to 1.7:1[162] - Net cash provided by operating activities for the nine months ended September 30, 2023, was $1,292 million, a decrease of $706 million compared to $1,998 million in the same period of 2022, primarily due to a decrease in net income of $737 million[166] - The company reported net cash used in investing activities improved by $199 million year-over-year, driven by lower capital expenditures of $90 million and higher realized gains on translated earnings contracts of $61 million[167] - Capital expenditures for the nine months ended September 30, 2023, were $1.1 billion, with expectations for full-year capital expenditures to be slightly lower than in 2022[182] - The company's total debt as of September 30, 2023, was $7,507 million, with a total debt to total capital ratio of 39%, up from 36% in December 31, 2022[162] - The company has approximately $3.3 billion remaining under its stock repurchase authorization of up to $5.0 billion as of September 30, 2023[180] Strategic Actions and Outlook - The company has taken actions to improve profitability and cash flow, including raising prices and normalizing inventory levels[92] - The company remains confident in its long-term relevance and growth potential despite current economic challenges[93] - The company plans to file a new shelf registration statement in the fourth quarter of 2023, prior to the expiration of the current shelf registration statement[177] - The company plans to continue focusing on operational goals and forecasts based on underlying trends in the business, as indicated by the constant-currency reporting approach[156] Risks and Challenges - The company faces risks from global economic trends, competition, and geopolitical tensions, particularly between the U.S. and China, which could impact supply chains and strategies[191] - Macroeconomic conditions, including inflation and interest rates, may affect the company's financial position and demand for products[191] - The duration and severity of the COVID-19 pandemic continue to pose risks to demand, operations, and stock price[191] - The company is exposed to foreign currency exchange rate fluctuations due to its international operations[192] - Potential disruptions in supply chains from various factors, including cyber-attacks and natural disasters, could impact operations[191] - The ability to enforce intellectual property rights and protect trade secrets is critical for maintaining competitive advantage[191] - The company must manage cash flows and earnings to sustain planned dividend payments and share repurchases[191] - New product development and commercialization are essential for future growth and market competitiveness[191] - The company is subject to regulatory and legal developments that could affect operations and financial performance[191] - Changes in tax laws and international tax standards may impact the company's financial results[191]

Corning Incorporated (NYSE:GLW) Q3 2023 Earnings Conference Call October 24, 2023 8:30 AM ET Company Participants Ann Nicholson - Vice President, Investor Relations Wendell Weeks - Chairman and CEO Ed Schlesinger - Executive Vice President and CFO Jeff Evenson - Executive Vice President and CSO Conference Call Participants Asiya Merchant - Citi Martin Yang - Oppenheimer Meta Marshall - Morgan Stanley Matt Niknam - Deutsche Bank Wamsi Mohan - Bank of America Steven Fox - Fox Advisor Josh Spector - UBS Operat ...

Third-Quarter 2023 Investor Call Corning Reports Third-Quarter Financial Results October 24, 2023 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 made pursuantto ...

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For the quarterly period ended June 30, 2023 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 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 jurisdiction of incorpor ...