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Dec 31, 2022
Corning Q4 2022 Earnings Report
Corning's Q4 2022 financial results were released, showing a mix of challenges and strategic resilience.
Key Takeaways
Corning Incorporated reported fourth-quarter GAAP sales of $3.4 billion and core sales of $3.6 billion. GAAP EPS was $(0.04), while core EPS reached $0.47. The company's performance reflected strategic resilience, with Optical Communications and Hemlock and Emerging Growth Businesses demonstrating double-digit year-over-year sales growth, and Display Technologies maintaining stable pricing.
Fourth-quarter GAAP sales were $3.4 billion, and core sales were $3.6 billion.
Fourth-quarter GAAP EPS was $(0.04), and core EPS was $0.47.
Free cash flow for the quarter was $377 million.
Pricing and productivity improvement actions taken in Q4 2022 are expected to deliver profitability and cash flow benefits starting in Q1 2023.
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 first quarter, management expects core sales in the range of $3.2 billion to $3.4 billion and core EPS in the range of $0.35 to $0.42. Management expects sales to decline more than seasonally due to pandemic-related disruptions in China.
Positive Outlook
- Benefits of recent actions will improve profitability despite lower sales.
- Expect first-quarter core EPS in the range of $0.35 to $0.42.
- Actions to increase price and improve productivity in the fourth quarter of 2022.
- Expect sales to improve from these levels in the second quarter.
- Well positioned to capture growth as our end markets recover.
Challenges Ahead
- Management expects sales to decline more than seasonally due to pandemic-related disruptions in China.
- Sales expected to be impacted by pandemic-related disruptions in China.
- Television market impacted by pandemic-related disruptions in China.
- Automotive market impacted by pandemic-related disruptions in China.
- Smartphone market impacted by pandemic-related disruptions in China.
Revenue & Expenses
Visualization of income flow from segment revenue to net income