Corning Q3 Report 2023

Third-Quarter 2023 Highlights:

  • Third-quarter GAAP sales were $3.2 billion. Core sales were $3.5 billion, consistent with the second quarter, as expected.
  • Third-quarter GAAP EPS was $0.19. Core EPS of $0.45 was consistent sequentially. The difference between GAAP and core EPS primarily reflected constant currency adjustments, translated earnings contract gains, and translation gains on Japanese-yen-denominated debt, as well as restructuring and asset write-off charges.
  • Core gross margin of 37% increased by 80 basis points sequentially on consistent sales, driven primarily by pricing actions in Display Technologies. Core gross margin increased by 90 basis points year over year on lower sales, reflecting the continued benefit of pricing and productivity improvement actions across the company.
  • Third-quarter free cash flow improved to $466 million, up $156 million sequentially and $211 million year over year.

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