Corning Inc ( (GLW) ) has released its Q4 earnings. Here is a breakdown of the information Corning Inc presented to its investors.
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Corning Incorporated is a leading innovator in materials science, specializing in glass science, ceramic science, and optical physics, with a diverse portfolio spanning industries such as optical communications, mobile consumer electronics, and life sciences. Corning has announced its robust financial results for the fourth quarter and the full year of 2024, marking the successful first year of its ‘Springboard’ plan. The company reported record core sales and earnings per share (EPS), driven by significant growth in its Optical Communications segment and strategic price adjustments in Display Technologies.
In the fourth quarter, Corning achieved core sales of $3.9 billion, a notable increase of 18% year-over-year, and core EPS of $0.57, representing a 46% rise from the previous year. The Optical Communications segment experienced a remarkable 93% year-over-year growth in its Enterprise business, attributed to the strong adoption of new products for generative AI. Meanwhile, Display Technologies implemented successful price increases, contributing to a stable income margin in a challenging currency environment.
For the full year, Corning reported core sales of $14.47 billion, up 7% from 2023, and core EPS of $1.96, a 15% increase year-over-year. The company’s strategic focus on innovation and operational excellence has resulted in an expanded core operating margin, reaching 18.5% in the fourth quarter. Corning’s free cash flow generation was also strong, delivering $1.25 billion in 2024, a 42% increase from the prior year.
Looking ahead, Corning anticipates continued growth in the first quarter of 2025, with expectations of a 10% year-over-year increase in core sales to approximately $3.6 billion and a 30% rise in core EPS to a range of $0.48 to $0.52. The company remains confident in its ‘Springboard’ plan, aiming to achieve over $3 billion in additional annualized sales and a 20% operating margin by 2026.
