Corning said full-year 2023 net sales fell $1.6 billion (11%) from the prior year. The company cited a decline in segment sales for Optical Communications of $1.0 billion, Life Sciences of $0.3 billion and Hemlock and Emerging Growth Businesses of $0.2 billion as the main factors, while Environmental Technologies sales rose $0.2 billion.

1. 01

   Corning said full-year 2023 net sales fell $1.6 billion (11%) from the prior year. The company cited a decline in segment sales for Optical Communications of $1.0 billion, Life Sciences of $0.3 billion and Hemlock and Emerging Growth Businesses of $0.2 billion as the main factors, while Environmental Technologies sales rose $0.2 billion.

2. 02

   The company said gross margin for 2023 fell $575 million (13%) and income before income taxes declined $981 million. It cited the decline in gross margin and a $190 million decrease in translated earnings contract gain, net as the main drivers of the lower pretax income.

3. 03

   Corning said core net sales for 2023 were $13.6 billion (compared with $14.8 billion a year earlier), and core net income was $1.5 billion, or $1.70 per share, versus $1.8 billion, or $2.09 per share, a year earlier. It said core net income fell $331 million.

4. 04

   The company said operating cash flow for 2023 was $2.0 billion (compared with $2.6 billion), a decrease of $610 million. It said the lower net income was partly offset by working capital improvements driven by inventory reduction, and cash and cash equivalents at the end of 2023 were $1.8 billion.

Key figures

Fiscal year ended December 31, 2023

Revenue

$12.6B

Operating income

$890M

Net income

$581M

EPS

$0.68

Gross profit

$3.9B

Operating cash flow

$2.0B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

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

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.