Corning Q2 core EPS $0.47 beats guidance; Lumen deal for AI fiber capacity

CORNING INC /NY

2024-Q2 EPS reported $0.36 revenue$6,226,000,000

Core sales $3.60B (+4% YoY), core EPS $0.47 (+4% YoY), both above April guidance.
GAAP sales $3.25B, GAAP EPS $0.12; core gross margin 37.9% (+170bps YoY).
Q3 outlook: core sales ~$3.7B, core EPS $0.50-$0.54, signaling faster EPS growth.
Agreement with Lumen Technologies to reserve 10% of Corning's global fiber capacity for 2 years for AI data centers.
Springboard plan targets >$3B annualized sales growth over 3 years; share buybacks resumed in Q2.

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