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Sep 30, 2023
Corning Q3 2023 Earnings Report
Reported third-quarter 2023 financial results with continued improvement in profitability and cash flow.
Key Takeaways
Corning's third-quarter results demonstrated progress in improving profitability and cash flow, despite weak demand across markets. The company increased core gross margin to 37% and grew free cash flow to $466 million.
Third-quarter GAAP sales were $3.2 billion.
Core sales were $3.5 billion, consistent with the second quarter.
Core gross margin increased to 37%, a 340 basis-point improvement from the fourth quarter of 2022.
Free cash flow grew to $466 million.
Corning
Corning
Corning Revenue by Segment
Forward Guidance
For the fourth quarter, management expects similar core gross margin and another quarter of strong free cash flow – despite sequentially lower core sales of $3.25 billion
Positive Outlook
- Expects fourth-quarter core sales of approximately $3.25 billion.
- Core gross margin percentage similar to the third quarter despite the sequential sales decline.
- Core EPS in the range of $0.37 to $0.42.
- Another quarter of strong free cash flow.
- Well positioned to capture growth and drive strong operating leverage without substantial cash investments.
Revenue & Expenses
Visualization of income flow from segment revenue to net income