Corning Half-Year Report 2023

Second-Quarter 2023 Highlights:

• Second-quarter GAAP sales were $3.2 billion, up 2% sequentially. Core sales were $3.5 billion, up 3% sequentially, driven by Display Technologies. GAAP and core sales were down year over year, reflecting continued lower demand in several markets.
• Second-quarter GAAP EPS was $0.33, up 65% sequentially. Core EPS of $0.45 increased $0.04, or 10%, from the prior quarter. The difference between GAAP and core EPS stemmed primarily from restructuring charges and also from non-cash, mark-to-market adjustments associated with the company’s currency-hedging contracts and Japanese-yen-denominated debt.
• Core gross margin of 36.2% and core operating margin of 17.5% increased sequentially by 100 basis points and 200 basis points, respectively, reflecting pricing and productivity improvement actions.
• Second-quarter free cash flow improved from the first quarter to $310 million.