Core Insights - Corning reported better-than-expected fourth-quarter results for 2024, with EPS of $0.57 and revenue of $3.87 billion, surpassing estimates [1][2][3] Financial Performance - Non-GAAP EPS was $0.57, exceeding the estimate of $0.56 and showing a 46% increase from $0.39 in Q4 2023 [3] - Revenue reached $3.87 billion, above the estimate of $3.76 billion, reflecting an 18% year-over-year growth from $3.27 billion [3] - Operating margin improved to 18.5%, up 2.2 percentage points from 16.3% in the previous year [3] - Free cash flow was $409 million, down 16% from $487 million in Q4 2023 [3] Segment Performance - The Optical Communications segment achieved sales of $1.368 billion, a 51% increase year-over-year, driven by demand for products supporting generative AI [6] - The Enterprise portion of Optical Communications surged by 93% [6] - Display Technologies saw a 12% sales growth despite currency fluctuations due to strengthened pricing strategies [6] - Specialty Materials experienced a 9% sales increase, while Environmental Technologies faced a 7% decline due to weak heavy-duty diesel markets [7] - Life Sciences sector continued to grow steadily with a 3% increase [7] Strategic Focus - Corning emphasizes technology and innovation across its segments, which include Optical Communications, Display Technologies, Specialty Materials, Environmental Technologies, and Life Sciences [4] - The company maintains a robust patent portfolio and has developed industry-leading products like Gorilla Glass and Astra Glass, enhancing its market resilience [5] Future Outlook - For Q1 2025, Corning projects core sales to rise about 10% to approximately $3.6 billion and expects EPS to grow by roughly 30% to between $0.48 and $0.52 [10] - The company aims for a $3 billion sales increase and an operating margin target of 20% by 2026 under its "Springboard" plan [10]

Corning Incorporated (GLW) reported solid fourth-quarter 2024 results, wherein adjusted earnings and revenues surpassed the respective Zacks Consensus Estimate. The advanced glass substrates producer witnessed revenue expansion year over year, driven by healthy sales across all segments except Environmental Technologies.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.The growing adoption of new optical connectivity products for GenAI (generative artificial intelligence) is a tailwind. ...

Corning (GLW) came out with quarterly earnings of $0.57 per share, beating the Zacks Consensus Estimate of $0.56 per share. This compares to earnings of $0.39 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 1.79%. A quarter ago, it was expected that this specialty glass maker would post earnings of $0.52 per share when it actually produced earnings of $0.54, delivering a surprise of 3.85%.Over the last four quarters, the compa ...

1 Forward-Looking and Cautionary Statements The statements contained in this presentation 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 in ...

Financial Performance - Fourth-quarter GAAP sales were $3.5 billion, with core sales reaching $3.9 billion, up 18% year over year[1]. - Full-year GAAP sales totaled $13.1 billion, with core sales increasing to $14.47 billion, a 7% year-over-year growth[9]. - Fourth-quarter gross margin was 34.2%, while core gross margin was 38.6%[9]. - Core EPS for the fourth quarter was $0.57, reflecting a 46% increase year over year[10]. - Corning's Q4 2024 net sales reached $3,501 million, a 17% increase from $2,994 million in Q4 2023[30]. - The company's gross margin improved to $1,197 million in Q4 2024, compared to $911 million in Q4 2023, reflecting a gross margin percentage increase from 30.5% to 34.2%[30]. - Operating income for Q4 2024 was $393 million, significantly up from $78 million in Q4 2023, indicating a strong operational performance[30]. - Net income attributable to Corning Incorporated was $310 million in Q4 2024, a recovery from a net loss of $40 million in Q4 2023[30]. - Basic earnings per share for Q4 2024 was $0.36, compared to a loss of $0.05 per share in Q4 2023[30]. - Core net income for the year ended December 31, 2024, was $1,699 million, up from $1,463 million in 2023, indicating a year-over-year growth of 16.1%[36]. - Basic earnings per share for Q4 2024 was $0.36, compared to a loss of $0.05 in Q4 2023, reflecting a strong recovery in profitability[35]. - Net sales for the year ended December 31, 2023, were reported at $12,588 million, with a net income attributable to Corning of $581 million, resulting in an effective tax rate of 20.6%[49]. - The company anticipates net sales for the year ended December 31, 2024, to reach $13,118 million, with a projected net income attributable to Corning of $506 million, and an effective tax rate of 27.2%[52]. - Core performance measures for the year ended December 31, 2024, are expected to be $14,469 million in net sales, with a net income of $1,699 million, resulting in a core earnings per share of $1.96[52]. Cash Flow and Investments - The company generated $1.25 billion in free cash flow for 2024, up 42% from the previous year[2]. - Net cash provided by operating activities for the year was $1,939 million, slightly down from $2,005 million in 2023[34]. - Capital expenditures for Q4 2024 were $254 million, a decrease from $279 million in Q4 2023, showing a reduction in investment spending[34]. - The company reported a net cash used in financing activities of $220 million for Q4 2024, compared to $363 million in Q4 2023, indicating improved cash management[34]. - Adjusted cash flows from operating activities for Q4 2024 were $663 million, compared to $766 million in Q4 2023, reflecting a decrease of 13.5%[57]. - Adjusted free cash flow for the year ended December 31, 2024, was $1,253 million, significantly higher than $880 million in 2023[57]. Segment Performance - The Optical Communications segment saw a 93% year-over-year growth in the Enterprise business, with fourth-quarter sales of $1.4 billion[13]. - Display Technologies expects to deliver segment net income of $900 million to $950 million in 2025, maintaining a net income margin of 25%[3]. - Management anticipates first-quarter 2025 core sales to grow approximately 10% year over year to $3.6 billion, with core EPS projected to increase by about 30%[6]. Assets and Liabilities - Total current assets increased to $7,992 million in 2024 from $7,212 million in 2023, driven by higher trade accounts receivable and inventories[32]. - Total liabilities remained stable at $16,665 million in 2024, slightly up from $16,632 million in 2023[32]. - Corning's total assets decreased to $27,735 million in 2024 from $28,500 million in 2023, primarily due to a reduction in property, plant, and equipment[32]. - Total equity as of December 31, 2024, was $11,070 million, down from $11,868 million in 2023[58]. - Total debt as of December 31, 2024, was $7,211 million, a decrease from $7,526 million in 2023[58]. Research and Development - The company reported a significant increase in research, development, and engineering expenses, totaling $1,089 million for the year 2024, compared to $1,076 million in 2023[30]. - Corning continues to focus on innovation and market expansion, leveraging its expertise in materials science to develop new products across various industries[28]. Tax and Other Financial Metrics - The effective tax rate for core performance measures was 20.1% for Q4 2024, reflecting a stable tax environment[42]. - The effective tax rate for GAAP and Core measures excludes net income attributable to non-controlling interest of approximately $67 million and $81 million, respectively, for the year ended December 31, 2023[50]. - The company incurred acquisition-related costs of $131 million for the year ended December 31, 2023, impacting net income[49]. - Restructuring, impairment, and other charges for the year ended December 31, 2023, amounted to $471 million, affecting overall profitability[49]. - The company experienced a translation gain on Japanese yen-denominated debt, netting a loss of $100 million for the year ended December 31, 2023[49]. Future Outlook - Corning plans to upgrade its 'Springboard' plan to add over $3 billion in annualized sales and achieve a 20% operating margin by the end of 2026[7]. - The upcoming investor event on March 18 will provide updates on the company's competitive advantages and growth opportunities[7]. - The company began utilizing constant-currency reporting for the Optical Communications segment effective January 1, 2024, to exclude the impact of the Mexican peso[59]. - For the year ended December 31, 2024, the company recorded $131 million in non-cash cumulative foreign currency translation losses related to the liquidation of foreign entities[61].

Corning Incorporated (GLW) is set to report its fourth-quarter 2024 results on Jan. 29, before the opening bell. It delivered a trailing four-quarter earnings surprise of 2.27%, on average. In the last reported quarter, the company reported an earnings surprise of 3.85%.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.The advanced glass substrates producer is likely to have witnessed revenue growth year over year, owing to healthy demand in several segments, including Optical Communi ...

Corning Incorporated (GLW) recently announced that Samsung Electronics has opted to deploy Corning Gorilla Armor 2 in Samsung’s latest Galaxy S25 Ultra mobile devices. This state-of-the-art solution is the industry’s first scratch-resistant, anti-reflective glass ceramic cover material, setting a new benchmark for smartphone durability and display technology.Corning Gorilla Armor 2 offers superior durability to its predecessors and other alternative glass-ceramic materials. During the lab trial, it survived ...

If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly report, you should consider Corning (GLW) . This company, which is in the Zacks Communication - Components industry, shows potential for another earnings beat.When looking at the last two reports, this specialty glass maker has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 3.01%, on average, in the last tw ...

A month has gone by since the last earnings report for Corning (GLW) . Shares have added about 0.4% in that time frame, underperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Corning due for a pullback? 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 Q3 Earnings Beat on Solid Growth in Optical Communic ...

After the European Union opened a competition investigation into Corning earlier this month, citing concerns over alleged exclusive dealing, the Gorilla Glass maker has offered a raft of changes to its contract clauses aimed at settling the probe. The U.S. company is a supplier to major electronics brands including Apple’s iPhone, and the changes could also be meant to prevent the investigation from ramping up further. Confirmed breaches of competition rules can result in penalties of up to 10% of global an ...