Corning said net sales for the 3-month period ended June 30, 2024 rose slightly from the prior-year period, while net sales for the 6-month period fell $195 million, or 3%.

1. 01

   Corning said net sales for the 3-month period ended June 30, 2024 rose slightly from the prior-year period, while net sales for the 6-month period fell $195 million, or 3%.

2. 02

   The company said gross margin for the 3-month period fell $64 million, or 6%, and cited a $62 million increase in restructuring and asset write-off charges. Income before income taxes decreased $237 million for the 3-month period and $169 million for the 6-month period.

3. 03

   Corning said core net sales for the 3-month period were $3.6 billion. Core net income was $407 million compared with $388 million a year earlier, and core earnings per share were $0.47. Core net income for the 6-month period was $737 million.

4. 04

   Corning said operating cash flow for the 6-month period rose $47 million from a year earlier. It said it repurchased 3 million shares of common stock for $105 million in 2024. Cash and cash equivalents were $1.4 billion as of June 30.

Key figures

Quarter ended June 30, 2024

Revenue

$3.3B

Operating income

$186M

Net income

$104M

EPS

$0.12

Gross profit

$949M

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

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