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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%.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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