Strong Financial Performance
Sales grew 14% year-over-year to $4.27 billion, EPS increased by 24% to $0.67, and operating margin expanded 130 basis points to 19.6%.
Significant Growth in Optical Communications
Optical Communications sales grew 33% year-over-year to $1.65 billion, driven by 58% growth in the enterprise networks business. The business added $2 billion of sales over seven quarters.
Successful Springboard Plan
Since the launch of Springboard, sales increased by 31%, operating margin expanded by 330 basis points, and EPS grew 72%.
Promising Future in Solar
Corning is ramping up its solar business with plans to build a $2.5 billion revenue stream by 2028. The new solar wafer facility is operational with over 80% capacity committed for the next five years.
Strategic Partnership with Apple
Apple committed $2.5 billion to produce iPhone and Apple Watch cover glass in the U.S., enhancing the long-term growth prospects in mobile consumer electronics.
Data Center Expansion
Corning is supporting hyperscale AI customers with U.S.-based advanced manufacturing platforms, expecting to significantly expand its data center-related business.