Corning Incorporated has announced its fourth-quarter and full-year 2023 results and provided its outlook for first-quarter 2024.
Wendell P. Weeks, chairman and chief executive officer, said, “Overall, our results in the quarter – and throughout 2023 – demonstrate that we continue to make solid progress advancing our market leadership, strengthening our profitability and improving our cash-flow generation even in the lower-demand environment we’ve experienced.”
Weeks continued, “We are entering 2024 operationally strong, and we have an opportunity to increase our sales by more than (USD) 3 billion in the medium term as our markets normalize. As we capture that growth, we expect to deliver powerful incremental profit and cash flow – which is a terrific opportunity for our shareholders.”
Highlights
- Fourth-quarter results demonstrate continued progress restoring productivity ratios to historical levels and raising price to offset inflation
- Despite lower sales, fourth-quarter GAAP and core gross margin each improved by more than 300 basis points year over year and cash generation significantly improved
- Company has an opportunity to add more than USD 3 billion in annualized sales and deliver strong incremental profit and cash flow as markets normalize
- Management expects first-quarter core sales of approximately USD 3.1 billion and core EPS in the range of USD 0.32 to USD 0.38 and anticipates the first quarter to be the low quarter of the year
The full report is available here.