Corning Inc GLW reported a fourth-quarter FY23 core sales decline of 10% year-on-year to $3.27 billion, beating the consensus of $3.25 billion. Core EPS of $0.39 was in line with the consensus.
Display Technologies sales grew by 11% Y/Y to $869 million. The sales declined 11% Q/Q due to a sequential volume decline.
Optical Communications sales declined by 24% Y/Y to $903 million. The sales decreased by 2% Q/Q due to temporarily lower demand from carrier customers.
Specialty Materials sales decreased by 6% Y/Y to $473 million. The 16% Q/Q decline followed strong third-quarter sales of smartphone cover materials for customer product launches.
Life Sciences sales decreased by 18% Y/Y to $242 million. The sales grew by 5% Q/Q, as customers in North America and Europe are completing their inventory drawdowns.
Environmental Technologies sales grew by 9% Y/Y to $429 million. The sales declined by 4% Q/Q, reflecting normal seasonality.
Core gross margin increased by 330 bps to 37%. The free cash flow improved to $487, up from $377 million a year ago.
Chair and CEO Wendell P. Weeks continued, “We are entering 2024 operationally strong, and we have an opportunity to increase our sales by more than $3 billion in the medium term as our markets normalize.”
Outlook: Corning sees first-quarter core sales of $3.10 billion (consensus $3.17 billion) and core EPS of $0.32 – $0.38 (consensus $0.38) and anticipates the first quarter to be the low quarter of the year.
Price Action: GLW shares traded higher by 6.50% at $33.18 on the last check Tuesday.
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