Corning Incorporated has announced that it expects its second-quarter 2024 core sales to exceed previous guidance, coming in at approximately $3.6 billion compared to the previously guided $3.4 billion. This represents a strong return to year-over-year core sales growth. Additionally, the company anticipates its core earnings per share (EPS) to be at the high end of or slightly above the guided range of $0.42 to $0.46.
The outperformance in core sales is attributed to the strong adoption of new optical connectivity products for generative AI. Corning's "Springboard" framework, aimed at adding more than $3 billion in annualized sales over the next three years, is expected to contribute significantly to this growth. The company also anticipates strong incremental profit and cash flow as it captures this growth.
Chairman and CEO Wendell Weeks expressed confidence in the "Springboard" plan, highlighting the company's position to capture significant growth with incremental profit and cash flow. This confidence is reflected in the company's decision to initiate share buybacks in the second quarter.
Corning plans to provide more detailed information on its outlook and second-quarter 2024 results on July 30, 2024, at 8:30 a.m. EDT.
It's important to note that the company's news release includes non-GAAP financial measures, with reconciliations available on its website for those interested in analyzing the financial performance without the impact of certain items. As a result of these announcements, the company's shares have moved 0.1% on the market, and are now trading at a price of $38.44. Check out the company's full 8-K submission here.
