Corning Q1 Report 2024
Corning Incorporated, announced its first-quarter 2024 results and provided its outlook for second-quarter 2024.
Wendell P. Weeks, chairman and chief executive officer, said, “Our first-quarter results were at the high end of our guidance. Importantly, we’re seeing encouraging signs of improving market conditions. We continue to expect that the first quarter will be the low quarter for the year.”
Weeks continued, “We are executing our plans to add more than $3 billion in annualized sales within the next three years, and we already have the required capacity and capabilities in place. As a result, we are poised to deliver powerful incremental profit and cash flow and generate substantial shareholder value.”
Highlights
- GAAP sales were $2.98 billion. Core sales were $3.26 billion. Year over year, GAAP and core sales declined by 6% and 3%, respectively.
- Profitability improved despite the lower sales, reflecting the continued benefit of pricing and productivity improvement actions. Year over year, GAAP gross margin improved by 180 basis points, and core gross margin improved by 160 basis points. GAAP EPS was $0.24, and core EPS was $0.38. The difference between GAAP and core EPS primarily reflected constant currency adjustments, translated earnings contract gains, and translation gains on Japanese-yen-denominated debt.
- GAAP operating cash flow was $96 million, and adjusted free cash flow was $(62) million – both significantly improved versus the first quarter of 2023.
