Corning Q1 2022 Earnings Report
Key Takeaways
Corning Incorporated reported strong first-quarter 2022 results, with core sales growing 15% year over year to $3.7 billion and core EPS increasing 20% year over year to $0.54. The company is off to an outstanding start in 2022, driven by broad-based strength across its businesses. Management now expects full-year sales to exceed $15 billion, with sales growing at a high-single digit percentage and profitability growing faster than sales.
Core sales grew 15% year over year to $3.7 billion, driven by strong sales growth in Optical Communications, Display Technologies, and Hemlock’s solar materials.
Core EPS was $0.54, an increase of 20% year over year.
Core gross margin and core operating margin grew sequentially and year over year to 36.6% and 17.6%, respectively.
Free cash flow was $171 million for the quarter, and the company expects another year of strong cash generation.
Corning
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Corning Revenue by Segment
Forward Guidance
For the second quarter, Corning expects $3.7 billion to $3.9 billion in core sales with core EPS of $0.54 to $0.59. Management now expects full-year sales to exceed $15 billion, with sales growing at a high-single digit percentage and profitability growing faster than sales