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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
Revenue by Segment
Optical Communications Revenue
CapyFin.comDisplay Technologies Revenue
CapyFin.comSpecialty Materials Revenue
CapyFin.comLife Sciences Revenue
CapyFin.com 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