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Sep 30, 2024
Corning Q3 2024 Earnings Report
Corning reported strong third-quarter results, driven by growth in Optical Communications and progress in the 'Springboard' plan.
Key Takeaways
Corning's third-quarter results exceeded expectations, with core sales up 8% to $3.73 billion and core EPS up 20% to $0.54. The company is making significant progress on its 'Springboard' plan, which aims to add more than $3 billion in annualized sales and achieve an operating margin of 20% by the end of 2026. Optical Communications led the outperformance, with Enterprise business sales growing 55% year over year.
Core sales grew 8% year-over-year to $3.73 billion.
Core EPS grew 20% year-over-year to $0.54.
Core operating margin expanded 160 basis points year-over-year to 18.3%.
Optical Communications sales grew 36% year-over-year, with Enterprise business sales up 55%.
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
In the fourth quarter, management expects year-over-year sales growth to accelerate and EPS to grow faster than sales, with core sales of ~$3.75 billion and core EPS in the range of $0.53 to $0.57.
Positive Outlook
- Year-over-year sales growth expected to accelerate.
- EPS expected to grow faster than sales.
- Core sales expected to be approximately $3.75 billion.
- Core EPS expected to be in the range of $0.53 to $0.57.
Revenue & Expenses
Visualization of income flow from segment revenue to net income