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Jun 30, 2023
Corning Q2 2023 Earnings Report
Reported second-quarter 2023 financial results, showing progress on profitability and cash flow.
Key Takeaways
Corning's second-quarter results reflect progress on the company's plan to improve profitability and cash flow, despite a weak end-market environment. Core gross margin expanded sequentially, and free cash flow improved to $310 million.
GAAP sales were $3.2 billion, up 2% sequentially.
Core sales were $3.5 billion, up 3% sequentially, driven by Display Technologies.
Core operating income increased 16% sequentially.
Free cash flow grew to $310 million.
Revenue by Segment
Forward Guidance
In the third quarter, management expects core sales of approximately $3.5 billion and core EPS to be about the same or slightly better than in the second quarter.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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