Corning Incorporated announced its third-quarter 2024 results.
Third-Quarter 2024 Financial Highlights
- GAAP sales were USD 3.39 billion. Core sales were USD 3.73 billion.
- GAAP EPS was USD (0.14). Core EPS was USD 0.54. The difference between GAAP and core EPS primarily reflected mainly non-cash, mark-to-market adjustments associated with the company’s translated earnings contracts and Japanese-yen-denominated debt; constant currency adjustments; and non-cash asset write-off charges.
- GAAP gross margin was 33.5 percent, and core gross margin was 39.2 percent, reflecting 190-basis-point and 220-basis-point year-over-year improvement, respectively.
- GAAP operating cash flow was USD 699 million, and adjusted free cash flow was USD 553 million.
Wendell P. Weeks, chairman and chief executive officer, said, “We delivered another strong quarter of year-over-year growth. Third-quarter core sales grew 8 percent to USD 3.73 billion, and core EPS grew 20 percent – more than double the rate of sales – to USD 0.54, with core operating margin expanding 160 basis points to 18.3 percent. These results demonstrate the powerful incrementals embedded in our ‘Springboard’ plan to add more than USD 3 billion in annualized sales – and achieve operating margin of 20 percent – by the end of 2026.”
Ed Schlesinger, executive vice president and chief financial officer, said, “We had an outstanding third quarter. Our outperformance was led by Optical Communications, with 36 percent year-over-year sales growth – and 55 percent sales growth in the Enterprise portion of the segment, driven by continued strong adoption of our new optical connectivity products for generative AI. We also demonstrated progress on the powerful incremental profit and cash flow embedded in our ‘Springboard’ plan – we saw significant operating margin expansion and generated USD 553 million of adjusted free cash flow.”
The full report is available here.