Group 1 - Corning and Meta Platforms have signed a multi-year agreement worth up to $6 billion to accelerate data centre development in the US [1] - Corning will provide optical fibre, cable, and connectivity products to support Meta's applications and AI efforts [1] - The supply arrangement will lead to an expansion of Corning's production capabilities in North Carolina, particularly at its Hickory optical cable facility, with Meta as the anchor customer [1][2] Group 2 - The contract will facilitate Meta's plans to construct data centres across the US using domestically manufactured technology [2] - Corning expects the expanded operations to boost employment in North Carolina by 15% to 20%, maintaining a workforce exceeding 5,000 [2][4] - Many of the new roles will be linked to large-scale fibre and cable manufacturing plants [2] Group 3 - Corning's chairman and CEO stated that the partnership reflects the company's commitment to develop and manufacture critical technologies for next-generation data centres in the US [3] - The investment will expand Corning's manufacturing footprint in North Carolina and support an increase in employment levels [4] - The latest generation of Corning's optical infrastructure technology is designed to meet the scale requirements of advanced data centres focused on AI [4] Group 4 - The agreement underscores both companies' ongoing investment in US-based manufacturing and technology infrastructure [5] - Meta's chief global affairs officer expressed pride in partnering with Corning for high-performance fibre optic cables needed for AI infrastructure [5] - This collaboration aims to create skilled US jobs, strengthen local economies, and secure the US lead in the global AI race [6]

Group 1 - The company forecasts first-quarter sales above estimates, indicating strong performance expectations [1] - Demand for fiberoptic products remains resilient, contributing nearly 40% to the company's total revenue [1]

1. 美国三大股指期货涨跌不一，纳指期货涨0.84%，标普500指数期货涨0.27%，道指期货跌0.03%。 2. 欧股主要指数集体下跌，德国DAX指数跌0.5%，英国富时100指数跌0.51%，法国CAC指数跌1.29%， 欧洲斯托克50指数跌0.29%。 3. 现货黄金突破5300美元/盎司，再创历史新纪录；年内累涨近23%。 4. 美联储将于今夜凌晨3点公布利率决议，市场预期联邦基金利率维持在3.50%至3.75%区间。 5. 但斌91亿元美股持仓揭晓：谷歌取代英伟达成第一重仓股，清仓奈飞、台积电、博通。 9. 阿斯麦去年Q4营收97.18亿欧元超预期，拟回购120亿欧元股票，宣布精简技术和IT部门。 10. 希捷科技第二财季营收同比增长22%至28.3亿美元，调整后每股收益为3.11美元，均超预期。 11. AT&T去年Q4营收335亿美元，净增无线后付费手机用户42.1万，不及预期。 12. 康宁去年Q4销售额44.1亿美元，核心每股收益0.72美元，均超预期。 13. 德州仪器去年Q4营收同比增长10%至44.2亿美元，每股收益1.27美元。 14. LVMH集团去年营收超808亿欧元，净利润下降 ...

The glass maker posts better-than-expected earnings and revenue for the fourth quarter. ...

格隆汇1月28日｜康宁(GLW.US)四季度核心销售额为44.1亿美元，预估43.6亿美元；核心每股收益0.72 美元，预估0.7美元。预计第一季度核心销售额为42亿至43亿美元，市场预估42.5亿美元。预计第一季度 核心每股收益0.66-0.7美元，市场预估67美元。康宁美股盘前涨幅收窄至2%，此前一度涨超7%。 ...

Financial Performance - Q4 2025 core sales reached $4.41 billion, a 14% increase year-over-year, while core EPS grew 26% to $0.72[3] - Full-year 2025 core sales totaled $16.41 billion, up 13% from the previous year, with core EPS increasing 29% to $2.52[3] - Management expects Q1 2026 core sales to grow approximately 15% to a range of $4.2 billion to $4.3 billion, with core EPS projected between $0.66 and $0.70[4] - The company's full-year 2025 net income attributable to Corning Incorporated was $1,596 million, up 215.4% from $506 million in 2024[30] - Net income for Q4 2025 was $587 million, a 72.6% increase from $340 million in Q4 2024[33] - Core net income for Q4 2025 reached $624 million, up 25.6% from $497 million in Q4 2024[35] - Basic earnings per share for Q4 2025 was $0.63, compared to $0.36 in Q4 2024, reflecting a 75% increase[34] - Diluted earnings per share for Q4 2025 was $0.62, up from $0.36 in Q4 2024, marking a 72.2% increase[34] Cash Flow and Expenditures - Adjusted free cash flow nearly doubled to $1.72 billion for full-year 2025 compared to full-year 2023[3] - Net cash provided by operating activities for the year ended December 31, 2025, was $2,695 million, a 39% increase from $1,939 million in 2024[33] - Capital expenditures for Q4 2025 totaled $432 million, compared to $254 million in Q4 2024, indicating a 70% increase[33] - Capital expenditures for the year ended December 31, 2025 totaled $1,282 million, compared to $965 million in 2024, marking a 33% rise[56] Margins and Returns - Core operating margin expanded by 390 basis points to 20.2%, and core ROIC increased by 540 basis points to 14.2%[4] - Gross margin for Q4 2025 was $1,495 million, representing a 24.9% increase compared to $1,197 million in Q4 2024[30] - For the three months ended December 31, 2025, the gross margin was $1,495 million, representing a margin percentage of 35.5%[52] - The core performance measures for the same period indicated a gross margin of $1,682 million, with a margin percentage of 38.1%[52] - For the year ended December 31, 2025, the gross margin reported was $5,621 million, with a margin percentage of 36.0%[54] - The core performance measures for 2025 indicated a gross margin of $6,293 million, with a margin percentage of 38.4%[54] - Core operating income for Q4 2025 was $891 million, an increase of 24% from $717 million in Q4 2024[57] - Core return on invested capital (ROIC) improved to 14.2% in Q4 2025, compared to 12.7% in Q4 2024[57] Assets and Liabilities - Total assets increased to $30,976 million in 2025, compared to $27,735 million in 2024, reflecting a growth of 8.1%[31] - Current liabilities rose to $5,628 million in 2025, up from $4,919 million in 2024, indicating a 14.4% increase[31] - Long-term debt increased to $7,630 million in 2025 from $6,885 million in 2024, a rise of 10.8%[31] - Corning's cash and cash equivalents decreased to $1,526 million in 2025 from $1,768 million in 2024, a decline of 13.7%[31] - Total equity as of December 31, 2025 was $12,307 million, up from $11,070 million in 2024, indicating a 11.2% increase[57] Strategic Initiatives - The upgraded Springboard plan now anticipates an additional $11 billion in incremental annualized sales by the end of 2028, up from the original $8 billion target[4] - Corning entered a multiyear agreement with Meta worth up to $6 billion to develop technologies for next-generation data centers[7] - Corning emphasizes its commitment to R&D, with sustained investments aimed at developing innovative products across various markets[28] Tax and Currency Adjustments - The effective tax rate for Q4 2025 was 13.4%, compared to 18.1% for core performance measures[42] - The company reported a constant-currency adjustment of $197 million for Q4 2025, contributing positively to net sales[42] - The company plans to continue utilizing constant-currency reporting to mitigate the impact of foreign exchange fluctuations on financial results[39] - The company updated its constant-currency rates effective January 1, 2025, impacting future revenue reporting[58] - The constant-currency adjustment for Q4 2025 primarily relates to Japanese yen exposure, reflecting management's strategy to mitigate currency volatility[58] Historical Comparisons - For the year ended December 31, 2025, net sales under GAAP were $15,629 million, with a net income of $1,596 million and an effective tax rate of 15.1%[47] - The core performance measures for 2025 indicated net sales of $16,408 million, net income of $2,199 million, and an effective tax rate of 19.1%[47] - In 2024, net sales reported under GAAP were $13,118 million, with a net income of $506 million and an effective tax rate of 27.2%[49] - The core performance measures for 2024 showed net sales of $14,469 million, net income of $1,699 million, and an effective tax rate of 20.3%[49] - For the three months ended December 31, 2024, net sales reported under GAAP were $3,501 million, with a net income of $310 million and an effective tax rate of 22.2%[44] - The core performance measures for the same period showed net sales of $3,874 million, net income of $497 million, and an effective tax rate of 20.1%[44] - The company reported a loss of $14 million related to the sale of a business for the year ended December 31, 2024[59]

CORNING, N.Y.--(BUSINESS WIRE)--Corning Incorporated (NYSE: GLW) today announced its fourth-quarter and full-year 2025 results and provided its outlook for first-quarter 2026. News Summary: Company delivers record results for Q4 and full-year 2025 and expects continued growth in Q1: Q4 core sales and core EPS grew 14% to $4.41 billion and 26% to $0.72, YoY, respectively. Full-year 2025 core sales grew 13% to $16.41 billion, and core EPS grew 29% to $2.52. In Q1, management expects YoY growth to. ...

Core Viewpoint - Meta is accelerating its investment in large-scale data centers by partnering with Corning, a 175-year-old glass manufacturer, to secure fiber optic cable supplies for its artificial intelligence initiatives [1][3] Group 1: Investment and Financial Commitment - Meta has committed to paying up to $6 billion (approximately 41.79 billion RMB) to Corning for fiber optic cable procurement by 2030 [3] - Corning is expanding its factory in Hickory, North Carolina, to meet the increasing demand from major tech companies including Meta, Nvidia, OpenAI, Google, Amazon, and Microsoft [3] Group 2: Industry Trends and Technological Shifts - The factory expansion will make it the largest fiber optic cable production facility globally, indicating a significant shift in the industry towards fiber optics [3] - Fiber optics are expected to replace copper cables in server racks as the number of GPUs per rack increases, making the transition "inevitable" according to Corning's CEO [3] Group 3: Company Performance and Market Position - Corning's stock price has surged over 75% in the past year, with its optical communications segment becoming the largest and fastest-growing part of the company [3] - Corning is positioned at the forefront of a new wave of data center construction, responding to historic demand alongside various suppliers [3]

Core Viewpoint - Corning's stock surged 16% to $110 following a significant $6 billion multi-year agreement with Meta Platforms to supply fiber-optic cables for AI data centers, marking a new 52-week high for the company [2][3]. Financial Performance - For Q4 2025, Corning is projected to achieve revenue of $4.36 billion and EPS of $0.71, reflecting a 12.5% increase in revenue and a 24.6% growth in EPS year-over-year [6]. - The optical communications segment has shown remarkable growth, with a 33% increase in revenue to $1.65 billion in Q3 2025, and a year-over-year sales growth of 58% [4][6]. - For the full year 2025, analysts predict an EPS of $2.52 on approximately $16.35 billion in revenue, with 2026 estimates adjusted upward to $3.09 per share, indicating a 23% year-over-year EPS growth [7]. Valuation - Corning's stock trades at a trailing P/E ratio of around 71x based on TTM EPS of $1.56, which drops to 46x when using adjusted EPS of $2.38 [8]. - The forward P/E ratio is approximately 36x based on 2026 estimates, which is significantly higher than the historical median P/E of 18x over the past 13 years [9][8]. - The current valuation reflects a premium compared to the broader technology sector average P/E of 32x and peers like Thermo Fisher Scientific and TE Connectivity [9]. Growth Potential - The agreement with Meta provides revenue visibility through 2030, and the shift towards fiber in AI infrastructure presents a multi-year growth opportunity [10]. - Corning's management is confident in expanding production capacity to meet increasing demand, with plans for its North Carolina facility to become the largest fiber-optic cable manufacturing plant globally [7]. Market Sentiment - Despite the positive outlook, the $6 billion deal contributes only about 8-10% to Corning's annual revenue, which raises questions about its transformative impact [11]. - The stock has already doubled in the past 12 months, increasing 114% year-over-year, suggesting that much of the growth narrative may already be priced in [12]. - Analysts from Bank of America have set price targets at $110, indicating limited upside potential from current levels [13]. Risk-Reward Assessment - The current valuation requires Corning to sustain 25-30% annual EPS growth for several years to justify its price, which is considered ambitious [14]. - The stock's performance is significantly above historical norms, and any execution missteps or slower-than-expected AI deployment could lead to a contraction in multiples [15].

Core Viewpoint - Corning (GLW.US) has seen a significant stock price increase, with a 15.58% rise yesterday and a further 5.32% pre-market increase today, driven by a $6 billion commitment from Meta for fiber optic cable procurement for its AI data centers [1] Group 1: Company Developments - Corning's CEO, Wendell Weeks, announced that Meta will pay up to $6 billion by 2030 for fiber optic cables [1] - To meet the growing demand from major tech companies like Meta, NVIDIA, OpenAI, Google, Amazon, and Microsoft, Corning is expanding its fiber optic cable manufacturing facility [1] - Upon completion of the expansion, Corning's facility is expected to become the largest fiber optic cable factory in the world [1] Group 2: Market Impact - Analysts from Morgan Stanley believe that the $6 billion fiber supply agreement with Meta will significantly boost Corning's optical communications business [1] - The stock performance reflects strong investor confidence, with a closing price of $109.74 and a pre-market price of $115.58 [1] - Corning's total market capitalization stands at approximately $94.09 billion, indicating robust market positioning [1]