Corning Delivers Outstanding Third-Quarter Results
Corning grew third-quarter core sales 19% year over year to $5.08 billion – the strongest growth since the launch of Springboard – and grew core EPS nearly twice as fast to $0.91.
- Optical Communications continued to drive powerful growth, with Q3 sales up 44% to $2.38 billion; Enterprise Networks grew sales 84%, with Gen AI product sales growing more than 100% year over year.
- Solar grew sales 37% year over year, as production continued to ramp, albeit at a slower pace than anticipated. As productivity continues to improve, so will output and profitability. Additionally, in Q3, U.S. trade action under Section 232 of the Trade Expansion Act of 1962 improves the overall pricing environment and demand for U.S.-made solar products. Overall, the company is making solid progress building a more than $3 billion Solar revenue stream.
- Glass Innovations continued to successfully execute its “More Corning” content strategy, driving adoption of Corning innovations and outperforming TV unit, notebook, and smartphone markets, which have been impacted by memory pricing.
- In the fourth quarter, management expects to grow core sales approximately 19% year over year to a range of $5.2 billion to $5.3 billion and grow core EPS approximately 36% year over year to a range of $0.96 to $1.00.
- Corning’s strong third-quarter results and fourth-quarter outlook demonstrate that the acceleration of growth outlined in the company’s “20-30-40” Springboard Plan has begun.
- In the third quarter, Corning secured four long-term, multibillion-dollar customer agreements, including with Verizon and AT&T. The company’s growing number of major customer agreements underpins the growth outlined in Springboard. | $GLW
