$GLW (-1,01ย %) | Corning Q3'24 Earnings Highlights
๐น Core Revenue: $3.73B (Est. $3.72B) ๐ข; UP 8% YoY
๐น Core EPS: $0.54 (Est. $0.53) ๐ข; UP 20% YoY
Q4 2024 Guidance:
๐น Core EPS: $0.53-$0.57 (Est. $0.52) ๐ข
๐น Core Revenue: ~$3.75B (Est. $3.67B) ๐ข
๐ธ Management expects Q4 EPS to grow faster than sales, with revenue growth of 15% YoY.
Segment Performance:
Optical Communications
๐น Revenue: $1.25B; UP 36% YoY
๐ธ Enterprise Sales Growth: +55% YoY
๐น Net Income: $175M; UP 92% YoY
Display Technologies
๐น Revenue: $1.02B; UP 4% YoY
๐น Net Income: $285M; UP 18% YoY
Specialty Materials
๐น Revenue: $548M; DOWN 2.7% YoY
๐น Net Income: $72M (flat YoY)
Environmental Technologies
๐น Revenue: $382M; DOWN 15% YoY
๐น Net Income: $75M; DOWN 24% YoY
Life Sciences
๐น Revenue: $244M; UP 6% YoY
๐น Net Income: $15M; UP 15% YoY
Key Commentary:
๐ธ CEO Wendell Weeks highlighted strong progress toward the โSpringboardโ plan, targeting $3B in annualized sales growth and a 20% operating margin by 2026.
๐ธ Optical Communications led growth, driven by demand for new optical products for generative AI and a $1B supply agreement with AT&T.
๐ธ Display Technologies saw price increases and remains on track for $900M-$950M net income in 2025.
Cash Flow & Financial Position:
๐น Adjusted Free Cash Flow: $553M
๐น Operating Cash Flow: $699M
๐น Total Borrowings: $1.42B