Corning Q3 core sales flat YoY at $3.7B, core EPS $0.51; Q4 guidance below Q3 actual

CORNING INC /NY

2022-Q3 EPS reported $1.58 revenue$10,783,000,000

Core sales $3.666B (+1% YoY); GAAP sales $3.488B (-4% YoY); core EPS $0.51 vs. $0.56 YoY; GAAP EPS $0.24.
Display Technologies sales down 28% YoY; panel maker utilization at lowest since 2008; glass price consistent.
Optical Communications sales up 16% YoY; Hemlock & Emerging Growth up 33% YoY on solar demand.
Free cash flow $255M in Q3, $866M first 9 months; on pace for strong cash generation.
Q4 guidance: core sales $3.45-3.65B, core EPS $0.41-0.47; expects display volume recovery but wants more evidence.

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