Corning Q4 2020 Earnings Report
Key Takeaways
Corning Incorporated reported outstanding fourth-quarter results, with each of its businesses growing sales and profits year over year. The company achieved 17% year-over-year core sales growth in Q4 and expanded margins in the second half of the year. Free cash flow for the quarter was $464 million, contributing to a total of $948 million for the full year. Corning expects continued momentum across all businesses in 2021.
GAAP sales reached $3.4 billion with an EPS of $0.28.
Core sales were $3.3 billion, reflecting an 11% sequential increase and a 17% year-over-year rise.
Core EPS stood at $0.52, marking a 21% sequential increase and a 13% year-over-year increase.
The company's strong execution across its focused portfolio led to sales and net income growth in all segments.
Corning
Corning
Corning Revenue by Segment
Forward Guidance
Corning anticipates accelerated year-over-year growth in Q1 2021, projecting core sales between $3.0 billion and $3.2 billion, and EPS between $0.40 and $0.44.
Positive Outlook
- Expects year-over-year growth to accelerate in Q1 2021.
- Focus on operational excellence.
- Focus on cash-flow generation.
- Focus on prudent capital allocation.
- Expects continued momentum across all businesses in 2021.
Revenue & Expenses
Visualization of income flow from segment revenue to net income