Corning said net sales for the 3 months ended March 31, 2024 decreased $203 million, or 6%, from the same period a year earlier. The company cited a decline of $195 million in Optical Communications segment sales as the main factor.

10-QQuarterly reportFiled May 2, 2024Period of report Mar 31, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

Corning said net sales for the 3 months ended March 31, 2024 decreased $203 million, or 6%, from the same period a year earlier. The company cited a decline of $195 million in Optical Communications segment sales as the main factor.
The company said core net sales for the 3 months were $3.3 billion, down $0.1 billion from $3.4 billion in the same period a year earlier. It cited lower segment sales of $195 million in Optical Communications and $75 million in Hemlock and Emerging Growth Businesses as factors, which were partly offset by higher sales of $109 million in Display and $48 million in Specialty Materials.
Corning said core net income for the 3 months was $330 million, down $20 million from $350 million in the same period a year earlier. It attributed the decrease mainly to a $59 million decline in Optical Communications segment net income, partly offset by a $41 million increase in Display Technologies segment net income. Core earnings per share were $0.38.
The company said it expects core net sales of about $3.4 billion for Q2 2024. It also said that on March 12, 2024, it entered into a synthetic lease for a solar manufacturing facility in Hemlock, Michigan, with estimated construction costs of about $835 million.

Key figures

Quarter ended March 31, 2024

Revenue: $3.0B
Operating income: $254M
Net income: $209M
EPS: $0.24
Gross profit: $993M
Operating cash flow: $96M

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

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.

Q1 2024 Net Sales Fall $203 million

Corning said net sales for the 3 months ended March 31, 2024 decreased $203 million, or 6%, from the same period a year earlier. The company cited a decline of $195 million in Optical Communications segment sales as the main factor.

Source · Based on the MD&A text of the filing

Core Net Sales Decline as Display and Specialty Materials Rise

The company said core net sales for the 3 months were $3.3 billion, down $0.1 billion from $3.4 billion in the same period a year earlier. It cited lower segment sales of $195 million in Optical Communications and $75 million in Hemlock and Emerging Growth Businesses as factors, which were partly offset by higher sales of $109 million in Display and $48 million in Specialty Materials.

Source · Based on the MD&A text of the filing

Core net income of $330 million, core earnings per share of $0.38

Corning said core net income for the 3 months was $330 million, down $20 million from $350 million in the same period a year earlier. It attributed the decrease mainly to a $59 million decline in Optical Communications segment net income, partly offset by a $41 million increase in Display Technologies segment net income. Core earnings per share were $0.38.

Source · Based on the MD&A text of the filing

Corning Outlook for Q2 Core Net Sales and Hemlock Synthetic Lease

The company said it expects core net sales of about $3.4 billion for Q2 2024. It also said that on March 12, 2024, it entered into a synthetic lease for a solar manufacturing facility in Hemlock, Michigan, with estimated construction costs of about $835 million.

Source · Based on the MD&A text of the filing

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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