Group 1 - Broader equity markets reached all-time highs, driven by NVIDIA's strong quarterly performance and a healthy economy, with NVIDIA reporting a 56% revenue growth [1] - The U.S. GDP grew at an annualized rate of 3.3% for the April-to-June period, surpassing expectations and indicating robust economic strength [1] Group 2 - The core personal consumption expenditures price index for July was recorded at 2.9%, slightly higher than June, but not expected to hinder potential interest rate cuts by the Federal Reserve [2] Group 3 - Investors are advised to focus on "cash cow" stocks with high returns, emphasizing the importance of return on equity (ROE) as a key metric for identifying financially healthy companies [3][4] - High ROE indicates effective reinvestment of cash at high returns, helping to distinguish between profit-generating companies and those that are not [5] Group 4 - Screening parameters for identifying cash-rich stocks include cash flow greater than $1 billion, ROE above industry average, price/cash flow ratio lower than industry, return on assets (ROA) greater than industry, and strong historical EPS growth [6][7] - Stocks that qualified based on these criteria include NVIDIA, Arista Networks, TE Connectivity, Corning, Banco Bilbao, and AppLovin [8] Group 5 - Arista Networks specializes in cloud networking solutions and has a long-term earnings growth expectation of 16.6% with a trailing four-quarter earnings surprise of 12.8% [9][10] - TE Connectivity focuses on connectivity and sensor solutions across various industries, with a long-term earnings growth expectation of 9.8% and a trailing four-quarter earnings surprise of 4.9% [11][12] - Corning, known for its advanced glass technologies, has a long-term earnings growth expectation of 18.2% and a trailing four-quarter earnings surprise of 4.7% [12][13] - Banco Bilbao provides a range of banking services and has a long-term earnings growth expectation of 6.9% with a trailing four-quarter earnings surprise of 7.4% [13][14] - AppLovin offers software solutions for advertisers and has a long-term earnings growth expectation of 20% with a trailing four-quarter earnings surprise of 22.4% [14][15]

Financial Data and Key Metrics Changes - The company reported second quarter adjusted earnings of $0.53 per share, exceeding expectations and outperforming the same period last year [4][18] - Overall second quarter shipments declined approximately 3%, but year-to-date shipments were up nearly 1% [4][12] - The company raised its full year guidance, now expecting adjusted earnings to increase between 60% to 90% compared to 2024 [5][21] Business Line Data and Key Metrics Changes - In The Americas, shipments increased approximately 4% in both the second quarter and year-to-date, driven by a rebound in beer and spirits categories [10][11] - In Europe, shipments were down nearly 9% in the second quarter, attributed to supplier-related delays and macroeconomic uncertainties [11][12] - The Fit to Win program delivered $84 million in savings for the quarter, bringing the first half total to $145 million [5][13] Market Data and Key Metrics Changes - The Americas showed mid-single-digit growth in the first quarter, while Europe experienced a decline in shipments due to softer consumer demand [10][11] - Non-alcoholic beverages and food categories in Europe posted low single-digit growth despite overall market softness [11][12] - The company noted a 35% increase in its new product development pipeline as brand owners seek growth opportunities [9] Company Strategy and Development Direction - The company has decided to halt further Magma development, focusing instead on a best-cost premium operation strategy [6][7] - The Bowling Green facility will be reconfigured to focus on premium opportunities in spirits in the U.S. [31] - The Fit to Win program aims to significantly reduce total enterprise costs and optimize the network for competitiveness and growth [13][15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged navigating a complex environment with softer consumer demand and macro uncertainties but expressed confidence in achieving full-year targets [4][5] - The company expects full-year 2025 volumes to be stable compared to the prior year, despite some intra-quarter fluctuations [12][22] - Management emphasized the importance of executing their strategy to drive economic profit and long-term value for shareholders [24][25] Other Important Information - The company is engaged in consultations with European works councils regarding long-term network optimization initiatives [12][101] - Temporary production curtailments remain in place across Europe to align supply with demand [12] - The company expects to see a $300 million year-over-year improvement in free cash flow, driven by stronger operating results and reduced capital expenditures [21][96] Q&A Session Summary Question: Volume assumptions for 2025 by segment - Management indicated that both Europe and The Americas are expected to be generally stable year-over-year, with some fluctuations due to prior year comparisons [29][30] Question: Bowling Green plant pivot details - The facility will focus on premium opportunities in spirits, with ongoing reconfiguration efforts [31][32] Question: Fit to Win benefits and corporate costs - Management confirmed that Fit to Win is designed to review the entire cost base, with significant progress already made [39][42] - Corporate costs are expected to stabilize around $100 to $120 million annually [44] Question: Order books and market conditions - Management noted strong order visibility in The Americas, with some recovery in Northern Europe, while consumer weakness persists in other regions [51][52] Question: Net price expectations and European operating rates - Management expects less net price pressure than initially anticipated, with inflation moderating and stable pricing observed [86][87] Question: Updates on restructuring negotiations in France - Discussions with French authorities are progressing as planned, with a focus on network competitiveness [101][102]

Core Insights - Corning Incorporated (GLW) reported strong second-quarter 2025 results, with adjusted earnings and revenues exceeding Zacks Consensus Estimates, driven by robust sales across various end markets and increased adoption of advanced products for generative AI applications [1][9] Financial Performance - The company achieved a net income of $469 million or 54 cents per share, significantly up from $104 million or 12 cents in the same quarter last year, reflecting solid top-line growth [2] - GAAP net sales reached $3.86 billion, an increase from $3.25 billion year-over-year, with core sales rising 12% to $4.04 billion, surpassing the consensus estimate of $3.85 billion [3] Segment Performance - Optical Communications segment generated $1.56 billion in revenues, a 41% year-over-year increase, with enterprise sales driven by strong demand for Gen AI products growing 81% [4] - Display Technologies reported revenues of $898 million, down 11% year-over-year, while Specialty Materials saw a 9% increase in net sales to $545 million [5] - The Automotive segment contributed $460 million in net sales, a slight decrease from the previous year, but net income rose 11% to $79 million [6] - Life Sciences segment revenues were stable at $250 million, with a net income increase of 6% to $18 million [7] Profitability Metrics - Gross profit increased to $1.39 billion from $949 million, with gross margins improving to 36% from 29.2% due to productivity and pricing enhancements [10] - Operating income rose to $573 million from $186 million in the prior-year quarter, with core gross margin at 38.4%, up from 37.9% [10] Cash Flow and Liquidity - Corning generated $708 million in net cash from operations during the June quarter, compared to $521 million in the same period last year, with $1.49 billion in cash and cash equivalents as of June 30, 2025 [11] Future Outlook - For the third quarter of 2025, core sales are projected at $4.2 billion, with core EPS expected to range between 63-67 cents [12]

Core Insights - O-I Glass has achieved its sustainability goals for renewable electricity and greenhouse gas emissions six years ahead of schedule, originally set for 2030 [1][2] - The company reached 51% renewable electricity usage globally, surpassing the 40% target, and reduced Scope 1 and 2 greenhouse gas emissions by 30%, exceeding the initial 25% reduction goal from the 2017 baseline [2][4] - O-I has announced enhanced sustainability goals for 2030, aligned with the Paris Agreement's 1.5°C pathway, reflecting its commitment to reducing environmental impact [3][4] Sustainability Achievements - The Total Recordable Incident Rate for O-I employees in 2024 was 1.48, marking a 48% decrease from 2019, indicating a focus on safety in building a sustainable business [4] - The company aims for a 47% reduction in greenhouse gas emissions and 80% use of renewable electricity by 2030, alongside a 60% average use of cullet (recycled glass) [7] Company Overview - O-I Glass, headquartered in Perrysburg, Ohio, is a leading producer of glass bottles and jars, achieving revenues of $6.5 billion in 2024 [6]

Company Strategy - Beta Glass plans to increase exports to generate foreign currency, increase revenue, and maintain investor confidence [1] Market Performance - Beta Glass is the top-performing company on the Nigerian stock exchange this year [1]

Group 1 - Multiple companies have responded to rumors of production cuts, indicating a potential shift in the market dynamics for glass products [1] - The main futures market for glass has stopped its decline during the night trading session, suggesting a stabilization in prices [1] - Experts believe that if photovoltaic glass manufacturers collectively implement production cuts, it could benefit the recovery of glass prices [1]

Core Viewpoint - The article highlights the launch of the second phase of the ultra-thin substrate production line by Longhai Glass, which is expected to significantly contribute to the global new display industry by providing essential materials for production [1][3]. Group 1: Company Overview - Longhai Glass, a subsidiary of Kaisheng Technology, has initiated a project with a total investment of approximately 660 million yuan, aiming for an annual production capacity of 17 million square meters of ultra-thin electronic glass [3]. - Kaisheng Technology's main products include flexible foldable glass (UTG), ultra-thin electronic glass, ITO conductive film glass, and integrated touch modules, indicating a comprehensive display industry chain [3]. Group 2: Financial Performance - In 2024, Kaisheng Technology reported a revenue of 4.894 billion yuan, a year-on-year decrease of 2.32%, while the net profit attributable to shareholders increased by 30.76% to 140 million yuan [3]. Group 3: Industry Development - The successful production of the world's first 8.6-generation OLED glass substrate by the research institute under China National Building Material Group marks a significant advancement in OLED display technology, supported by national key research projects [3].

Investment Rating - The investment strategy for the glass industry is to be volatile and weak [2][3] Core Viewpoints - The glass futures market was weak last week, with the 09 contract approaching 1000 points on Friday. The supply side saw a slight increase in daily melting volume due to the ignition and resumption of one production line. The national factory inventory remained high and increased slightly, mainly in the Northeast and Central China regions. The spot prices in North China generally decreased, and the profit from coal - gas production slightly declined. The demand side remained weak, and although the price cut of spot goods drove some downstream purchases, most deep - processing orders showed no signs of increase. With the approaching of the rainy season, manufacturers are more willing to reduce inventory, and the spot price is likely to decline further. The weak demand expectation during the off - season and the lack of major favorable policies in the real estate sector will suppress the market. Technically, the short - term trend of the 09 contract remains downward, and it is expected that the glass market will operate in a volatile and weak manner [2] Summary by Directory 01 Investment Strategy - The investment strategy is to be volatile and weak. The main reasons include the weak operation of glass futures last week, the increase in supply and inventory, the decline in spot prices and profits, the weak demand, the approaching of the rainy season leading to stronger inventory reduction willingness of manufacturers, and the lack of major favorable policies in the real estate sector. It is recommended to pay attention to the support around 1000 points and wait for new short - selling opportunities on rebounds [2] 02 & 03 Market Review - **Spot Price**: As of May 16, the market price of 5mm float glass was 1200 yuan/ton (-20) in North China, 1140 yuan/ton (-30) in Central China, and 1340 yuan/ton (-30) in East China. The futures price of the glass 09 contract closed at 1005 yuan/ton last Friday, down 39 for the week [8][9] - **Price Difference and Basis**: As of May 16, the price difference between soda ash and glass was 284 yuan/ton (+13). The basis of the glass 09 contract last Friday was 125 yuan/ton (-41), and the 09 - 01 price difference was - 57 yuan/ton (-13) [12] 04 Profit - **Production Process Profits**: The cost of the natural - gas production process was 1609 yuan/ton (+2), with a gross profit of - 269 yuan/ton (-32); the cost of the coal - gas production process was 1159 yuan/ton (-4), with a gross profit of 41 yuan/ton (-16); the cost of the petroleum - coke production process was 1206 yuan/ton (+2), with a gross profit of - 66 yuan/ton (-32) [19][22] - **Fuel Prices**: On May 16, the price of industrial natural gas in Hebei was 4.02 yuan/m³, the price of Dongming Petrochemical 3B petroleum coke was 1600 yuan/ton, and the price of Yulin thermal coal was 490 yuan/ton [22] 05 Supply - The daily melting volume of glass last Friday was 156,505 tons/day (unchanged). Currently, there are 222 production lines in operation. Last week, two production lines in Hebei underwent cold repairs, and one production line was restarted [24] 06 Inventory - As of May 16, the inventory of 80 glass sample manufacturers nationwide was 6,808.2 million weight boxes (+52.2). Among them, the inventory in North China was 1,068 million weight boxes (+3.9), in Central China was 747.1 million weight boxes (+16.6), in East China was 1,556 million weight boxes (-4.6), in South China was 1,053.1 million weight boxes (+4.2), in Southwest China was 1,240.5 million weight boxes (-5.9), the inventory in Shahe factories was 334 million weight boxes (unchanged), and the inventory in Hubei factories was 497 million weight boxes (+38) [32] 07 Deep - processing - The production - sales rate of float glass last week was 99.03% (+12.59%). The operating rate of LOW - E glass on May 16 was 50.2% (+0.5%). The available order days for glass deep - processing in mid - May were 10.4 days (+0.1) [34] 08 & 09 Demand - **Automobile Market**: In April, China's automobile production was 2.619 million vehicles (a month - on - month decrease of 387,000 and a year - on - year increase of 213,000), and sales were 2.59 million vehicles (a month - on - month decrease of 325,000 and a year - on - year increase of 231,000). The retail volume of new - energy passenger vehicles in April was 905,000, with a penetration rate of 51.5% (a month - on - month decrease of 0.4%) [44] - **Real Estate Market**: In March, China's real estate completion area was 42.9606 million m² (a year - on - year decrease of 12%), new construction was 63.8252 million m² (-19%), construction in progress was 77.3309 million m² (-33%), and commercial housing sales were 111.234 million m² (-2%). From May 5th to May 11th, the total transaction area of commercial housing in 30 large - and medium - sized cities was 1.68 million square meters (a month - on - month increase of 12% and a year - on - year decrease of 15%). In March, real estate development investment was 918.443 billion yuan (a year - on - year decrease of 10%) [50] 10, 11, 12, 13 Cost - side - Soda Ash - **Price and Basis**: As of May 16, the mainstream market price of heavy soda ash was 1500 yuan/ton (unchanged) in North China, 1450 yuan/ton (unchanged) in East China, 1400 yuan/ton (unchanged) in Central China, and 1625 yuan/ton (+50) in South China. The 2509 contract of soda ash closed at 1289 yuan/ton last Friday (down 16). The basis of the 09 contract of soda ash in Central China last Friday was 11 yuan/ton (+16) [57][59][60] - **Profit**: As of last Friday, the cost of the ammonia - soda process for soda - ash enterprises was 1442 yuan/ton (-32), with a gross profit of 65 yuan/ton (+15); the cost of the co - production process was 1656 yuan/ton (-38), with a gross profit of 288 yuan/ton (+13) [61] - **Production and Inventory**: Last week, the domestic soda - ash production was 677,700 tons (a month - on - month decrease of 63,000), including 369,900 tons of heavy soda ash (a month - on - month decrease of 38,000) and 307,800 tons of light soda ash (a month - on - month decrease of 25,000). The loss was 168,300 tons (a month - on - month increase of 64,600). The number of exchange soda - ash warehouse receipts last weekend was 2844 (a month - on - month decrease of 499). As of May 16, the national in - factory inventory of soda ash was 1.712 million tons (a month - on - month increase of 10,700), including 883,300 tons of heavy soda ash (a month - on - month increase of 11,100) and 828,700 tons of light soda ash (a month - on - month decrease of 400) [77] - **Apparent Consumption and Production - sales Rate**: Last week, the apparent demand for heavy soda ash was 358,800 tons (a week - on - week decrease of 80,600), and for light soda ash was 336,000 tons (a week - on - week decrease of 27,800). The production - sales rate of soda ash last week was 98.42% (a month - on - month increase of 2.35%) [78]

First-Quarter 2025 Investor Call Corning Reports First-Quarter 2025 Financial Results April 29, 2025 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 ...