3Sem.ยท

$GLW (+1,9ย %) | Corning Q3'24 Earnings Highlights


๐Ÿ”น Core Revenue: $3.73B (Est. $3.72B) ๐ŸŸข; UP 8% YoY

๐Ÿ”น Core EPS: $0.54 (Est. $0.53) ๐ŸŸข; UP 20% YoY


Q4 2024 Guidance:

๐Ÿ”น Core EPS: $0.53-$0.57 (Est. $0.52) ๐ŸŸข

๐Ÿ”น Core Revenue: ~$3.75B (Est. $3.67B) ๐ŸŸข

๐Ÿ”ธ Management expects Q4 EPS to grow faster than sales, with revenue growth of 15% YoY.


Segment Performance:

Optical Communications

๐Ÿ”น Revenue: $1.25B; UP 36% YoY

๐Ÿ”ธ Enterprise Sales Growth: +55% YoY

๐Ÿ”น Net Income: $175M; UP 92% YoY


Display Technologies

๐Ÿ”น Revenue: $1.02B; UP 4% YoY

๐Ÿ”น Net Income: $285M; UP 18% YoY


Specialty Materials

๐Ÿ”น Revenue: $548M; DOWN 2.7% YoY

๐Ÿ”น Net Income: $72M (flat YoY)


Environmental Technologies

๐Ÿ”น Revenue: $382M; DOWN 15% YoY

๐Ÿ”น Net Income: $75M; DOWN 24% YoY


Life Sciences

๐Ÿ”น Revenue: $244M; UP 6% YoY

๐Ÿ”น Net Income: $15M; UP 15% YoY


Key Commentary:

๐Ÿ”ธ CEO Wendell Weeks highlighted strong progress toward the โ€˜Springboardโ€™ plan, targeting $3B in annualized sales growth and a 20% operating margin by 2026.

๐Ÿ”ธ Optical Communications led growth, driven by demand for new optical products for generative AI and a $1B supply agreement with AT&T.

๐Ÿ”ธ Display Technologies saw price increases and remains on track for $900M-$950M net income in 2025.


Cash Flow & Financial Position:

๐Ÿ”น Adjusted Free Cash Flow: $553M

๐Ÿ”น Operating Cash Flow: $699M

๐Ÿ”น Total Borrowings: $1.42B

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