Corning Q1 core sales $3.4B, core EPS $0.41; guides Q2 core sales $3.4-3.6B

CORNING INC /NY

2023-Q1 EPS reported $0.20 revenue$3,178,000,000

Q1 GAAP sales $3.18B, core sales $3.4B, both down 7% sequentially; core EPS $0.41 vs $0.47 Q4 2022.
Gross and operating margins improved 160 and 150 bps sequentially to 35.2% and 15.5% despite lower sales.
Display Technologies volume increased late in Q1 as China conditions improved; Optical Communications sales down 6% sequentially.
Q2 outlook: core sales $3.4-3.6B, core EPS $0.42-0.49; sequential improvement expected across sales, profitability, and cash flow.
Free cash flow negative $383M due to normal cyclicality and lower sales; management focused on profitability and cash flow.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

CORNING INC /NY reported first quarter ended March 31, 2023 results: revenue $3.2 billion and $3.4 billion, EPS $0.20 and $0.41. Guidance initiated.

Period: first quarter ended March 31, 2023
Revenue: $3.2 billion and $3.4 billion
EPS: $0.20 and $0.41
Guidance: initiated
Result: reported results

Exact text from the filing

First-Quarter 2023 Financial Performance: ● First-quarter GAAP sales were $3.2 billion, and core sales were $3.4 billion. Both GAAP and core sales declined 7% sequentially. o Display Technologies’ sales declined 3% sequentially as both volume and glass price declined slightly. Volume increased significantly in March as conditions in China improved and panel maker utilization resumed its recovery. o Optical Communications’ sales decreased 6% sequentially as pricing actions partially offset a greater-than-normal seasonal volume decline associated with the pacing of customer projects. o Environmental Technologies’ sales increased 9% sequentially. Increased gasoline particulate filter adoption helped drive the sequential improvement. ● First-quarter GAAP EPS was $0.20. Core EPS was $0.41 versus $0.47 for the prior quarter.

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Source: SEC EDGAR

accession 0001437749-23-010959

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