Corning said it gave updates on key business milestones in its Springboard plan as of September 19, 2024 and set an operating margin target of 20% by the end of 2026. The plan aims to add more than $3 billion in annualized sales within 3 years.

1. 01

   Corning said it gave updates on key business milestones in its Springboard plan as of September 19, 2024 and set an operating margin target of 20% by the end of 2026. The plan aims to add more than $3 billion in annualized sales within 3 years.

2. 02

   The company said it is implementing price increases in its Display Technologies segment and expects to deliver segment net income of $900 million to $950 million in 2025, while maintaining a net income margin of 25% in the segment.

3. 03

   The company said it expects Enterprise sales in its Optical Communications segment to grow by more than 40% year over year in Q3 2024. It cited the adoption of its new generative AI optical connectivity products for use inside data centers as the driver.

4. 04

   Corning reaffirmed its core sales and EPS guidance for Q3 2024. Chief Financial Officer Ed Schlesinger said the company continues to expect sales of $3.7 billion and EPS of $0.50 to $0.54. The company said this outlook was issued on July 30, 2024 and is based on preliminary results and may change.

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Original filing

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