8-K
filed January 30, 2024, 6:59 PM ET
ticker GLW
CIK 0000024741
earnings
confidence high
sentiment positive
materiality 0.70
Corning Q4 core EPS $0.39; guides Q1 core sales ~$3.1B, core EPS $0.32–$0.38
CORNING INC /NY
2023-FY EPS reported
$0.68
revenue$12,588,000,000
- Q4 GAAP sales $2,994M (-6% seq, -12% YoY); core sales $3,272M (-5% seq, -10% YoY).
- Q4 GAAP EPS $(0.05); core EPS $0.39; gross margin improved >300 bps YoY (GAAP +350bps, core +330bps).
- Adjusted free cash flow $487M in Q4; full-year adjusted free cash flow $880M on $2B operating cash flow.
- Full-year 2023: GAAP sales $12,588M (-11% YoY); core sales $13,580M (-8% YoY); core EPS $1.70 (-19% YoY).
- Sees opportunity to add >$3B in annualized sales as markets normalize; Q1 likely low quarter of 2024.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
CORNING INC /NY reported the fourth quarter ended December 31, 2023 results: revenue $3.0 billion, EPS $(0.05).
- Period
- the fourth quarter ended December 31, 2023
- Revenue
- $3.0 billion
- EPS
- $(0.05)
- Result
- reported results
Exact text from the filing
GAAP and core gross margin each improved by more than 300 basis points year over year and cash generation significantly improved Company has an opportunity to add more than $3 billion in annualized sales and deliver strong incremental profit and cash flow as markets normalize Management expects first-quarter core sales of approximately $3.1 billion and core
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
CORNING INC /NY reported full-year 2023 results: revenue $12.6 billion, EPS $0.68.
- Period
- full-year 2023
- Revenue
- $12.6 billion
- EPS
- $0.68
- Result
- reported results
Exact text from the filing
10%, respectively. ● Cash flow continued to improve: GAAP operating cash flow was $713 million, and adjusted free cash flow was $487 million. Full-Year 2023: ● GAAP sales were $12.6 billion, down 11%. Core sales were $13.6 billion, down 8%. ● GAAP EPS was $0.68, and core EPS was $1.70. The difference between GAAP and core EPS primarily reflected constant currency
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
CORNING INC /NY reported first-quarter 2024 results: revenue $3.1 billion, EPS $0.32 to $0.38. Guidance initiated.
- Period
- first-quarter 2024
- Revenue
- $3.1 billion
- EPS
- $0.32 to $0.38
- Guidance
- initiated
- Result
- guidance update
Exact text from the filing
Management expects first-quarter core sales of approximately $3.1 billion and core EPS in the range of $0.32 to $0.38
View on SEC.gov
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