Corning said its GAAP sales for Q4 2023 were $2,994 million, its GAAP diluted EPS was $(0.05), and its core EPS was $0.39. The company said its GAAP gross margin improved by 350 basis points year over year, while GAAP sales declined 12% over the same period.

1. 01

   Corning said its GAAP sales for Q4 2023 were $2,994 million, its GAAP diluted EPS was $(0.05), and its core EPS was $0.39. The company said its GAAP gross margin improved by 350 basis points year over year, while GAAP sales declined 12% over the same period.

2. 02

   For 2023, the company said its full-year GAAP sales fell 11% to $12.6 billion, its GAAP EPS was $0.68, and its core EPS was $1.70. It cited constant currency adjustments, translated earnings contract gains, translation gains on yen-denominated debt, and restructuring and asset write-off charges as the main reasons the gap between GAAP and core EPS.

3. 03

   Corning said GAAP operating cash flow for Q4 2023 was $713 million and adjusted free cash flow was $487 million. For the full year, it said GAAP operating cash flow was $2 billion and adjusted free cash flow was $880 million.

4. 04

   Corning said it expects core sales for Q1 2024 of approximately $3.1 billion and core EPS in the range of $0.32 to $0.38. The company said it expects Q1 to be the low quarter of the year.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the opening part of the filing body and confirmed exhibits, within a length limit. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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