Corning (GLW) Tops Q1 EPS by 2c, Offers Guidance

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Go back to Corning (GLW) Tops Q1 EPS by 2c, Offers Guidance

Corning Reports First-Quarter 2023 Financial Results

April 25, 2023 7:10 AM EDT

First-quarter sales and EPS were as expected, reflecting the impact of anticipated recession-level demand in several key markets and overall weakness in China; Pricing and productivity-improvement actions drove sequential increases in both gross and operating margin percentages despite lower sales; Display Technologies volume increased late in the quarter as conditions improved and panel maker utilization resumed its recovery; Management expects second-quarter improvement in sales, profitability, and cash flow, with core sales in the range of $3.4 billion to $3.6 billion and core EPS in the range of $0.42 to $0.49

CORNING, N.Y., April 25, 2023 (GLOBE NEWSWIRE) --... More