Management now expects Q2 core sales of
approximately $3.6 billion, compared with guidance of $3.4 billion,
and a return to year-over-year core sales and core EPS
growth
Outperformance primarily driven by strong
adoption of new optical connectivity products for Generative
AI
‘Springboard’ framework is expected to add
more than $3 billion in annualized sales and strong incremental
profit in the next three years, as cyclical factors and secular
trends combine
Corning Incorporated (NYSE: GLW) today provided an update on
expectations for its second-quarter 2024 results. The company now
expects core sales of approximately $3.6 billion, compared with
previous guidance of approximately $3.4 billion, with core EPS at
the high end of or slightly above management’s guided range of
$0.42 to $0.46.
Wendell Weeks, chairman and chief executive officer,
said, “We expect second-quarter core sales to exceed our
previous guidance and mark a return to year-over-year growth. The
outperformance was primarily driven by the strong adoption of our
new optical connectivity products for Generative AI. These results
reinforce our confidence in ‘Springboard’ – Corning’s plan to add
more than $3 billion in annualized sales in the next three years as
cyclical factors and secular trends combine.”
Three Core Components of “Springboard”
Framework:
- Management believes that first-quarter 2024 will be the lowest
quarter for the year.
- The company expects to grow by more than $3 billion in
annualized sales in the next three years, driven by a combination
of cyclical factors and secular trends. The outlook in each of the
company’s markets is positive, and its market positions are strong.
Innovative products and deep customer relationships position
Corning well to capitalize on these opportunities.
- As Corning captures this growth, management expects to deliver
powerful incremental profit and cash flow. The company already has
the required production capacity and technical capabilities in
place, and the cost and capital are already reflected in its
financials.
Weeks continued, “We’re off to a great start with our
‘Springboard’ plan. We’ve positioned the company to capture
significant growth with powerful incremental profit and cash flow.
Because of our confidence in Springboard, we began buying back our
shares in the second quarter. We’re energized by the tremendous
opportunity for value creation we’ve built for our
shareholders.”
Corning will report second-quarter 2024 results and provide more
detail on management’s outlook on July 30, 2024, at 8:30 a.m.
EDT.
Presentation of Information in this News Release
This news release includes non-GAAP financial measures. Non-GAAP
financial measures are not in accordance with, or an alternative
to, GAAP. Corning’s non-GAAP financial measures exclude the impact
of items that are driven by general economic conditions and events
that do not reflect the underlying fundamentals and trends in the
company’s operations. The company believes presenting non-GAAP
financial measures assists in analyzing financial performance
without the impact of items that may obscure trends in the
company’s underlying performance. Definitions of these non-GAAP
financial measures and reconciliations of these non-GAAP financial
measures to the most directly comparable GAAP financial measures
can be found on the company’s website by going to the Investor
Relations page and clicking “Quarterly Results” under the
“Financials and Filings” tab. These reconciliations also accompany
this news release.
With respect to the outlook for future periods, it is not
possible to provide reconciliations for these non-GAAP measures
because management does not forecast the movement of foreign
currencies against the U.S. dollar, or other items that do not
reflect ongoing operations, nor does it forecast items that have
not yet occurred or are out of management’s control. As a result,
management is unable to provide outlook information on a GAAP
basis.
Caution Concerning Forward-Looking Statements
The statements contained in this release and related comments by
management that are not historical facts or information and contain
words such as “will,” “believe,” “anticipate,” “expect,” “intend,”
“plan,” “seek,” “see,” “would,” “target,” “estimate,” “forecast” or
similar expressions are forward-looking statements. These
forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and include estimates and assumptions related to economic,
competitive and legislative developments. Such statements relate to
future events that by their nature address matters that are, to
different degrees, uncertain. These forward-looking statements
relate to, among other things, the company’s future operating
performance, the company’s share of new and existing markets, the
company’s revenue and earnings growth rates, the company’s ability
to innovate and commercialize new products, the company’s expected
capital expenditure and the company’s implementation of
cost-reduction initiatives and measures to improve pricing,
including the optimization of the company’s manufacturing
capacity.
Although the company believes that these forward-looking
statements are based upon reasonable assumptions regarding, among
other things, current estimates and forecasts, general economic
conditions, its knowledge of its business and key performance
indicators that impact the company, there can be no assurance that
these forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. The company undertakes no
obligation to update forward-looking statements if circumstances or
management’s estimates or opinions should change except as required
by applicable securities laws.
Some of the risks, uncertainties and other factors that could
cause actual results to differ materially from those expressed in
or implied by the forward-looking statements include, but are not
limited to: global economic trends, competition and geopolitical
risks, or an escalation of sanctions, tariffs or other trade
tensions between the U.S. and China or other countries, and related
impacts on our businesses’ global supply chains and strategies;
changes in macroeconomic and market conditions and market
volatility, including developments and volatility arising from
health crisis events, inflation, interest rates, the value of
securities and other financial assets, precious metals, oil,
natural gas, raw materials and other commodity prices and exchange
rates (particularly between the U.S. dollar and the Japanese yen,
New Taiwan dollar, euro, Chinese yuan and South Korean won), the
availability of government incentives, decreases or sudden
increases of consumer demand, and the impact of such changes and
volatility on our financial position and businesses; the duration
and severity of health crisis events, such as an epidemic or
pandemic, and its impact across our businesses on demand,
personnel, operations, our global supply chains and stock price;
possible disruption in commercial activities or our supply chain
due to terrorist activity, cyber-attack, armed conflict, political
or financial instability, natural disasters, international trade
disputes or major health concerns; loss of intellectual property
due to theft, cyber-attack, or disruption to our information
technology infrastructure; ability to enforce patents and protect
intellectual property and trade secrets; disruption to Corning’s,
our suppliers’ and manufacturers’ supply chain, equipment,
facilities, IT systems or operations; product demand and industry
capacity; competitive products and pricing; availability and costs
of critical components, materials, equipment, natural resources and
utilities; new product development and commercialization; order
activity and demand from major customers; the amount and timing of
our cash flows and earnings and other conditions, which may affect
our ability to pay our quarterly dividend at the planned level or
to repurchase shares at planned levels; the amount and timing of
any future dividends; the effects of acquisitions, dispositions and
other similar transactions; the effect of regulatory and legal
developments; ability to pace capital spending to anticipated
levels of customer demand; our ability to increase margins through
implementation of operational changes, pricing actions and cost
reduction measures; rate of technology change; adverse litigation;
product and component performance issues; retention of key
personnel; customer ability to maintain profitable operations and
obtain financing to fund ongoing operations and manufacturing
expansions and pay receivables when due; loss of significant
customers; changes in tax laws, regulations and international tax
standards; the impacts of audits by taxing authorities; the
potential impact of legislation, government regulations, and other
government action and investigations; and other risks detailed in
Corning’s SEC filings.
For a complete listing of risks and other factors, please
reference the risk factors and forward-looking statements described
in our annual reports on Form 10-K and quarterly reports on Form
10-Q.
Web Disclosure
In accordance with guidance provided by the SEC regarding the
use of company websites and social media channels to disclose
material information, Corning Incorporated (“Corning”) wishes to
notify investors, media, and other interested parties that it uses
its website
(https://www.corning.com/worldwide/en/about-us/news-events.html) to
publish important information about the company, including
information that may be deemed material to investors, or
supplemental to information contained in this or other press
releases. The list of websites and social media channels that the
company uses may be updated on Corning’s media and website from
time to time. Corning encourages investors, media, and other
interested parties to review the information Corning may publish
through its website and social media channels as described above,
in addition to the company’s SEC filings, press releases,
conference calls, and webcasts.
About Corning Incorporated
Corning (www.corning.com) is one of the world’s leading
innovators in materials science, with a 170-year track record of
life-changing inventions. Corning applies its unparalleled
expertise in glass science, ceramic science, and optical physics
along with its deep manufacturing and engineering capabilities to
develop category-defining products that transform industries and
enhance people’s lives. Corning succeeds through sustained
investment in RD&E, a unique combination of material and
process innovation, and deep, trust-based relationships with
customers who are global leaders in their industries. Corning’s
capabilities are versatile and synergistic, which allows the
company to evolve to meet changing market needs, while also helping
its customers capture new opportunities in dynamic industries.
Today, Corning’s markets include optical communications, mobile
consumer electronics, display, automotive, solar, semiconductors,
and life sciences.
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version on businesswire.com: https://www.businesswire.com/news/home/20240707865092/en/
Media Relations: Michael A. West Jr. (607) 684-1167
westm4@corning.com
Investor Relations: Ann H.S. Nicholson (607) 974-6716
nicholsoas@corning.com
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