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Mar 31, 2021
Corning Q1 2021 Earnings Report
Corning reported a strong first quarter, with core sales growing 29% year over year and core EPS increasing 125% year over year.
Key Takeaways
Corning's first-quarter results reflected a strong start to 2021, with significant growth in core sales and EPS. The company is confident in maintaining momentum throughout the year, driven by its innovative capabilities and strong market access platforms.
GAAP and core sales were $3.3 billion, with year-over-year increases of 38% and 29%, respectively.
Free cash flow grew year over year to $372 million.
All segments experienced double-digit growth year over year.
The company expects this momentum to continue throughout 2021.
Corning
Corning
Corning Revenue by Segment
Revenue by Segment
Optical Communications Revenue
CapyFin.comDisplay Technologies Revenue
CapyFin.comSpecialty Materials Revenue
CapyFin.comLife Sciences Revenue
CapyFin.com Forward Guidance
For the second quarter, the company expects core sales to be in the range of $3.3 billion to $3.5 billion and core EPS in the range of $0.49 to $0.53. Corning anticipates strong demand and positive momentum across its businesses to continue throughout 2021.
Positive Outlook
- Core sales are expected to be in the range of $3.3 billion to $3.5 billion.
- Core EPS is expected to be in the range of $0.49 to $0.53.
- Strong demand is anticipated across its businesses.
- Positive momentum is expected to continue throughout 2021.
- Display glass substrate prices are expected to increase moderately in the second quarter.
Challenges Ahead
- Elevated freight and logistic costs impacted profitability in the first quarter.
- Global supply chains were disrupted in the first quarter.
- Profitability was impacted by elevated freight and logistic costs.
- Uncertainty about the pace of economic recovery.
- Potential for further disruptions in global supply chains.
Revenue & Expenses
Visualization of income flow from segment revenue to net income