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 June 30, 2024 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 ...

UKRAINE - 2021/10/09: In this photo illustration Corning Incorporated logo seen displayed on a ... [+] smartphone and in the background. (Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty ImagesCorning (NYSE: GLW) recently reported its Q2 results, with revenues and earnings aligning with the street estimates. The company reported core revenue of 3.6 billion and adjusted earnings of $0.47 per share, driven by strong demand for its optical connecti ...

Investors interested in Communication - Components stocks are likely familiar with Corning (GLW) and Arista Networks (ANET) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight compani ...

Q2 earnings were fine, but guidance took investors' focus today.Shares of Corning (GLW -7.10%) fell as much as 11.9% in trading on Tuesday after the company reported second-quarter financial results. Shares are down 8.2% as of 3 p.m. ET.An earnings beat but a guidance flopCorning reported a modest 3.4% increase in revenue to $3.6 billion and non-GAAP (adjusted) earnings per share was $0.47, which met analyst estimates. But the company guided for $3.7 billion in revenue and earnings of $0.50 to $0.54 per sha ...

Key TakeawaysShares of Corning, a beneficiary of the artificial intelligence (AI) boom, tumbled Tuesday after the specialty glass maker's second-quarter results and current-quarter guidance missed analysts' expectations.Corning said that it expects third-quarter core EPS between $0.50 and $0.54, while analysts polled by Visible Alpha are looking for $0.55.The company's stock had soared earlier this month after it lifted its second-quarter adjusted earnings guidance on AI fueling demand for its optical produ ...

Corning Incorporated (GLW) reported strong second-quarter 2024 results, wherein both the top line and bottom line surpassed the respective Zacks Consensus Estimate. The advanced glass substrates producer witnessed a revenue expansion year over year, driven by healthy demand in the Optical Communications, Display Technologies and Specialty Materials segments. The growing adoption of new optical connectivity products for generative AI is a tailwind.Net IncomeOn a GAAP basis, the company reported a net income ...

For the quarter ended June 2024, Corning (GLW) reported revenue of $3.6 billion, up 3.5% over the same period last year. EPS came in at $0.47, compared to $0.45 in the year-ago quarter.The reported revenue represents a surprise of +3.21% over the Zacks Consensus Estimate of $3.49 billion. With the consensus EPS estimate being $0.46, the EPS surprise was +2.17%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations ...

CORNING | --- | --- | |--------------------------------------------------|-------| | | | | | | | Second-Quarter 2024 Investor Call | | | | | | Corning Reports Second-Quarter Financial Results | | | July 30, 2024 | | | | | 1 | --- ...

Financial Data and Key Metrics Changes - The company reported second quarter sales of $3.6 billion, an 11% sequential increase, returning to year-over-year growth [22][26] - EPS grew 24% sequentially to $0.47, exceeding previous guidance [11][22] - Gross margin improved by 110 basis points sequentially and 170 basis points year-over-year, reaching 37.9% [21][22] - Operating margin expanded by 190 basis points compared to the first quarter [11][22] Business Line Data and Key Metrics Changes - **Optical Communications**: Sales reached $1.1 billion, up 20% sequentially and 4% year-over-year, driven by a 42% increase in enterprise network sales due to AI-related connectivity solutions [22][23] - **Display Technologies**: Sales were $1 billion, up 16% sequentially and 9% year-over-year, with net income increasing by 28% sequentially [22][24] - **Specialty Materials**: Sales increased by 18% year-over-year to $501 million, with net income up 91% [25] - **Environmental Technologies**: Sales decreased by 6% year-over-year to $431 million, reflecting a down cycle in the Class 8 truck market [25] - **Life Sciences**: Sales grew by 8% year-over-year to $249 million, with net income up 55% [25] Market Data and Key Metrics Changes - The enterprise business in Optical Communications is expected to grow at a 25% compound annual growth rate from 2023 to 2027, driven by generative AI adoption [19] - The carrier business is beginning to recover as customers start ordering closer to current deployment levels [19][22] Company Strategy and Development Direction - The company is focused on its Springboard plan, aiming to add over $3 billion in annualized sales within the next three years [9][10] - The Springboard plan is expected to leverage cyclical and secular trends to drive demand for the company's capabilities [10][21] - The company is also refreshing its Board of Directors to align with the Springboard plan [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth opportunities presented by generative AI and the company's ability to meet increasing bandwidth demands [6][11] - The company anticipates continued strong performance in the third quarter, with sales expected to reach approximately $3.7 billion [26] - Management highlighted the importance of maintaining a strong balance sheet and returning cash to shareholders through share buybacks [27][28] Other Important Information - The company has initiated share buybacks in the second quarter and plans to continue in the third quarter [28][29] - The company expects to generate strong free cash flow, with capital expenditures for 2024 projected at $1.2 billion [27] Q&A Session Summary Question: Can you provide more details on the customers demanding Gen AI products and the visibility for sustaining this momentum? - Management indicated high visibility for growth due to established relationships and ongoing projects with customers, leading to new customer acquisitions [32][33] Question: How is the $8 billion Springboard opportunity split between carrier and enterprise? - The majority of the opportunity is expected to come from the enterprise segment, driven by changes in compute requirements due to generative AI [38] Question: What are the expectations for gross margin trends in the coming quarters? - Management expects gross margins to continue improving as sales increase, supported by existing capacity and technical capabilities [53] Question: What is the outlook for the carrier business and inventory levels? - The carrier business is showing signs of recovery, with order rates approaching deployment levels, indicating a positive trajectory [66][72] Question: How does the enterprise segment compare to the carrier segment in terms of margins? - The enterprise segment generally has higher margins than the carrier segment due to the customized solutions offered [68]

Corning (GLW) came out with quarterly earnings of $0.47 per share, beating the Zacks Consensus Estimate of $0.46 per share. This compares to earnings of $0.45 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 2.17%. A quarter ago, it was expected that this specialty glass maker would post earnings of $0.36 per share when it actually produced earnings of $0.38, delivering a surprise of 5.56%.Over the last four quarters, the compa ...