Corning Reports Third-Quarter Results Highlighted by

CORNING, N.Y., Oct. 25, 2022 (GLOBE NEWSWIRE) — Corning Incorporated (NYSE: GLW) today announced third-quarter 2022 results and provided its outlook for fourth-quarter 2022.

“In the third quarter, our core sales were up slightly year over year, reaching $3.7 billion, with core EPS of $0.51 – all while display panel maker utilization reached its lowest level since 2008; smartphone, tablet, and notebook retail unit sales declined significantly; and automotive production remained constrained. We offset the effects of these factors by delivering 16% year-over-year growth in Optical Communications and by capturing ongoing demand in the solar market that contributed to 33% year-over-year growth in Hemlock and Emerging Growth Businesses,” said Wendell P. Weeks, chairman and chief executive officer.

“While three of our key demand drivers are down, our cohesive and focused portfolio is providing strategic resilience in the current environment. We remain well positioned to deliver profitable multiyear growth. We’ll continue to execute with discipline, invest where we see strength, and pace to demand,” Weeks continued. 

Financial Highlights:

• GAAP sales were $3.5 billion. Core sales were $3.7 billion, up slightly from a strong third-quarter 2021.
  • Optical Communications, Environmental Technologies, Life Sciences, and Hemlock and Emerging Growth Businesses delivered year-over-year growth; sales in Specialty Materials increased sequentially and declined year over year.
  • Display Technologies’ sales declined 22% sequentially and 28% year over year, as volume declined in line with the market; glass price was consistent sequentially.
• GAAP EPS was $0.24; core EPS was $0.51.
  • The primary difference between GAAP and core EPS was from non-cash charges associated with capacity optimization and non-cash, mark-to-market adjustments associated with the company’s currency-hedging contracts.
• Core gross margin and core operating margin of 36.1% and 16.9%, respectively,…