Corning said GAAP sales for Q1 2024 were $2,975 million, down 6% year over year, and core sales were $3,258 million, down 3%. GAAP diluted EPS was $0.24, and core EPS was $0.38.

1. 01

   Corning said GAAP sales for Q1 2024 were $2,975 million, down 6% year over year, and core sales were $3,258 million, down 3%. GAAP diluted EPS was $0.24, and core EPS was $0.38.

2. 02

   The company said GAAP gross margin for Q1 2024 improved by 180 basis points year over year, and core gross margin improved by 160 basis points. It said the continued benefit of pricing and productivity improvement actions drove the gains.

3. 03

   The company said operating cash flow for Q1 2024 was $96 million, capital expenditures were $252 million, and adjusted free cash flow was $(62) million. Adjusted free cash flow was $(383) million a year earlier.

4. 04

   The company said it expects core sales for Q2 2024 to grow to approximately $3.4 billion, with core EPS in the range of $0.42 to $0.46. It also reaffirmed its expectation that Q1 will be the low point of the year.

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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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