Broadcom named strategic vendor for Walmart virtualization solutions
Investing.com - Corning Inc (NYSE:GLW) reported fourth-quarter earnings that exceeded analyst expectations, driving its shares up 3.43% in early trading.
The specialty glass and ceramics manufacturer posted adjusted earnings per share (EPS) of $0.57, surpassing the analyst estimate of $0.56, while revenue came in at $3.5 billion, below the consensus of $3.75 billion.
Despite the revenue miss, Corning’s core sales, which exclude certain items, reached a record $3.9 billion, representing an 18% YoY increase. The company’s core operating margin expanded by 220 basis points YoY to 18.5%, demonstrating improved profitability.
Looking ahead, Corning provided an optimistic outlook for the first quarter of 2024. The company expects core sales to grow approximately 10% YoY to $3.6 billion, with core EPS projected to increase by about 30% to a range of $0.48 to $0.52.
Wendell P. Weeks, Chairman and CEO, commented on the results, stating, "We delivered strong fourth-quarter results that exceeded our guidance. Our businesses performed well, and we’re carrying that momentum into 2024."
For the full year 2024, Corning reported GAAP sales of $13.1 billion, with a gross margin of 32.6% and operating margin of 8.7%. The company’s GAAP EPS for the year was $0.58, with operating cash flow reaching $1.9 billion.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.