- Corning Inc GLW reported a fourth-quarter FY22 core gross sales decline of two% year-on-year to $3.63 billion, beating the consensus of $3.55 billion.
- Show Applied sciences gross sales declined 17% Y/Y to $783 million, pushed by decrease glass quantity as a result of business correction within the second half of 2022.
- Optical Communications gross sales declined by 1% Y/Y to $1.195 billion as 5G, broadband, and cloud computing proceed to drive development.
- Specialty Supplies gross sales decreased by 3% to $505 million, pushed by buyer product launches and continued sturdy demand for premium glasses and superior optics merchandise. Life Sciences gross sales decreased by 7% Y/Y to $294 million, reflecting decrease demand for COVID-related merchandise.
- Environmental Applied sciences gross sales grew by 12% Y/Y to $394 million.
- Core EPS of $0.47 beat the consensus of $0.44. Corning generated $377 million in free money movement.
- Chair and CEO Wendell P. Weeks mentioned: “I am happy with the gross sales development we proceed to ship regardless of recession-level demand in markets constituting about half of our gross sales. Nevertheless, our profitability and money movement have lagged gross sales development as plenty of pandemic-driven results proceed to ripple throughout the worldwide economic system. In response, we took vital extra value and productiveness enchancment actions within the fourth quarter that may enhance margins and money technology beginning this yr.”
- “Despite the fact that the pandemic-related disruptions in China are at present impacting the tv, automotive, smartphone, and IT markets, we’ll be able to seize development when client demand returns.”
- Outlook: Corning sees Q1 core gross sales of $3.20 billion – $3.40 billion (consensus $3.58 billion) and core EPS of $0.35 – $0.42 (consensus $0.47).
- Worth Motion: GLW shares traded decrease by 1.022% at $36.02 within the premarket on the final examine Tuesday.
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