CORNING ANNOUNCES IMPRESSIVE Q2 2023 FINANCIAL RESULTS AND OUTLOOK FOR Q3
Corning Incorporated has released its second-quarter 2023 financial results, showcasing progress in enhancing profitability and cash flow despite a challenging market environment. Core gross margin and free cash flow have shown significant growth, indicating Corning’s resilience and commitment to success.
Highlights of Q2 2023
- GAAP sales reached USD 3.2 billion, increasing by 2% sequentially.
- Core sales rose to USD 3.5 billion, up by 3% sequentially, primarily driven by Display Technologies.
- GAAP EPS was USD 0.33, up by 65% sequentially, while core EPS reached USD 0.45, indicating a 10% increase from the previous quarter.
- Core gross margin and core operating margin both improved sequentially, reflecting successful pricing and productivity enhancements.
- Free cash flow increased significantly to USD 310 million compared to the first quarter.
Outlook for Q3 2023
For the third quarter, management expects core sales to be approximately USD 3.5 billion, with core EPS on par with or slightly surpassing Q2 results. Despite the current sales outlook, Corning remains optimistic about its ability to improve profitability and cash generation in the second half of the year.
Ed Schlesinger, Executive Vice President and CFO, Confident About Future Growth
Ed Schlesinger, Executive Vice President and CFO of Corning, expressed confidence in the company’s growth prospects. While sales in Display Technologies increased, Optical Communications experienced a slight decline. However, Corning’s comprehensive plan to enhance profitability and cash flow delivered a 16% sequential increase in core operating income and USD 310 million in free cash flow.
Promising Future Ahead
Corning is well-positioned to capture future opportunities and drive strong operating leverage as sales grow. The company’s commitment to continuous improvement and resilience makes it an ideal candidate for upside potential.
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Source: Corning Incorporated with additional information added by Apazone