Corning Beats On Q4: AI Boom Powers 51% Optical Sales Surge, Stock Climbs

Corning Beats On Q4: AI Boom Powers 51% Optical Sales Surge, Stock Climbs

Corning Inc (NYSE:GLW) shares are trading higher after the company reported fourth-quarter 2024 results.

Core sales grew 18% year-on-year to $3.87 billion, beating the analyst consensus estimate of $3.76 billion.

The Apple glass supplier’s core EPS of 57 cents beat the analyst consensus estimate of 56 cents.

Display Technologies’ sales grew by 12% Y/Y to $971 million. Optical Communications sales increased by 51% Y/Y to $1.368 billion, led by continued strong adoption of Corning’s new Gen AI products.

Specialty Materials sales rose 9% to $515 million in the quarter. Life Sciences sales increased by 3% to $250 million.

Environmental Technologies sales declined by 7% to $397 million. Hemlock and Emerging Growth Businesses sales increased 5% to $373 million in the quarter.

The core gross margin was 38.6%, and the adjusted free cash flow was $409 million in the quarter.

Ed Schlesinger, executive vice president and chief financial officer, said, “We also successfully implemented double-digit price increases in Display Technologies to ensure we can maintain stable U.S. dollar net income in a weaker yen environment, and we expect to deliver segment net income of $900 million to $950 million in 2025 and to maintain net income margin of 25%.”

Outlook: Corning expects first-quarter core sales growth of 10% Y/Y to $3.6 billion (vs. consensus of $3.53 billion) and core EPS of $0.48-$0.52 vs. street view of $0.48.

On March 18, Corning plans to provide an update to its “Springboard” plan, aiming to generate over $3 billion in additional annualized sales and achieve a 20% operating margin by the end of 2026.

Investors can gain exposure to GLW via ProShares Smart Materials ETF (NYSE:TINT) and Professionally Managed Portfolios Otter Creek Focus Strategy ETF (NYSE:OCFS).

Price Action: GLW shares are up 5.39% at $53.99 premarket at the last check Wednesday.

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