29-04-2025
Corning Announces Strong First-Quarter 2025 Financial Results(1) and Reiterates Confidence in Springboard Plan
CORNING, N.Y.--(BUSINESS WIRE)--Apr 29, 2025--
Corning Incorporated (NYSE: GLW) today announced its first-quarter 2025 results and provided its outlook for second-quarter 2025.
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Wendell P. Weeks, chairman and chief executive officer, said, 'Today, we announced strong first-quarter results that exceeded guidance. Core sales grew 13% year over year and core EPS grew three times faster. In Optical Communications, sales in our Enterprise business were up 106% year over year on continued strong demand for our new products for Gen AI.'
Weeks continued, 'We remain confident in our ability to deliver our Springboard plan. We're well positioned to maintain momentum despite a dynamic external environment because our growth is underpinned by powerful secular trends that are underway today. For example, we're seeing remarkable customer response to both our innovations for Gen AI data centers and our U.S.-made solar products, and we are accelerating our production ramps for both.'
Ed Schlesinger, executive vice president and chief financial officer, said, 'In the first quarter, we continued to improve our return profile. Year over year, core sales grew 13%, core EPS was up 42%, and we expanded operating margin 250 basis points and core ROIC 300 basis points. Our momentum is strong. In the second quarter, we expect to grow core sales to approximately $3.85 billion and to again grow core EPS significantly faster than sales to a range of $0.55 to $0.59. Our guidance factors in about $0.01 to $0.02 for the impact of currently enacted tariffs, along with $0.03 of temporarily higher cost as we ramp to meet increased demand for our Gen AI and solar products.'
First-Quarter 2025 Financial Highlights:
Second-Quarter 2025 Outlook:
In Optical Communications, first-quarter sales were $1.36 billion, up 46% year over year, primarily driven by continued strong adoption of Corning's new Gen AI products in the Enterprise portion of the business, which was up 106%. First-quarter net income was $201 million, up 101% year over year, driven by strong incremental profit on the higher volume.
In Display, first-quarter sales were $905 million, up 4% year over year, driven by volume and price increases. Net income was $243 million. Beginning in the first quarter, the company changed the Japanese yen constant-currency rate to 120 yen from 107 yen, to align with its new hedging instrument rates. Prior-year results are not recast and remain at 107 yen.
In Specialty Materials, first-quarter sales were $501 million, up 10% year over year, driven by continued strong demand for premium glass for mobile devices. Net income was $74 million, up 68% year over year.
In Automotive, first-quarter sales were $440 million, and net income was $68 million, both consistent with the previous quarter, primarily reflecting continued softness in European and North American light- and heavy-duty markets. As of Jan. 1, 2025, the company moved its Automotive Glass Solutions business out of Hemlock and Emerging Growth Businesses to be managed along with Environmental Technologies in a newly formed Automotive segment. Prior-period results have been recast for comparison purposes.
In Life Sciences, first-quarter sales were $234 million, down 1% year over year. Net income was $13 million.
In Hemlock and Emerging Growth Businesses, first-quarter sales were $244 million, reflecting normal seasonality. As of Jan. 1, 2025, the company moved its Automotive Glass Solutions business out of Hemlock and Emerging Growth Businesses to be managed along with Environmental Technologies in a newly formed Automotive segment. Prior-period results have been recast for comparison purposes.
With respect to the outlook for future periods, it is not possible to provide reconciliations for these non-GAAP measures because management does not forecast the movement of foreign currencies against the U.S. dollar, or other items that do not reflect ongoing operations, nor does it forecast items that have not yet occurred or are out of management's control. As a result, management is unable to provide outlook information on a GAAP basis.
Although the company believes that these forward-looking statements are based upon reasonable assumptions regarding, among other things, current estimates and forecasts, general economic conditions, its knowledge of its business and key performance indicators that impact the company, there can be no assurance that these forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws.
Some of the risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements include, but are not limited to: global economic trends, competition and geopolitical risks, or an escalation of sanctions, tariffs or other trade tensions between the U.S. and other countries, and related impacts on our businesses' global supply chains and strategies; changes in macroeconomic and market conditions and market volatility, including developments and volatility arising from health crisis events, inflation, interest rates, the value of securities and other financial assets, precious metals, oil, natural gas, raw materials and other commodity prices and exchange rates (particularly between the U.S. dollar and the Japanese yen, New Taiwan dollar, euro, Chinese yuan, South Korean won and Mexican peso), decreases or sudden increases of consumer demand, and the impact of such changes and volatility on our financial position and businesses; the availability of or adverse changes relating to government grants, tax credits or other government incentives; the duration and severity of health crisis events, such as an epidemic or pandemic, and its impact across our businesses on demand, personnel, operations, our global supply chains and stock price; possible disruption in commercial activities or our supply chain due to terrorist activity, cyber-attack, armed conflict, political or financial instability, natural disasters, international trade disputes or major health concerns; loss of intellectual property due to theft, cyber-attack, or disruption to our information technology infrastructure; ability to enforce patents and protect intellectual property and trade secrets; disruption to Corning's, our suppliers' and manufacturers' supply chain, equipment, facilities, IT systems or operations; product demand and industry capacity; competitive products and pricing; availability and costs of critical components, materials, equipment, natural resources and utilities; new product development and commercialization; order activity and demand from major customers; the amount and timing of our cash flows and earnings and other conditions, which may affect our ability to pay our quarterly dividend at the planned level or to repurchase shares at planned levels; the amount and timing of any future dividends; the effects of acquisitions, dispositions and other similar transactions; the effect of regulatory and legal developments; ability to pace capital spending to anticipated levels of customer demand; our ability to increase margins through implementation of operational changes, pricing actions and cost reduction measures; rate of technology change; adverse litigation; product and component performance issues; retention of key personnel; customer ability to maintain profitable operations and obtain financing to fund ongoing operations and manufacturing expansions and pay receivables when due; loss of significant customers; changes in tax laws, regulations and international tax standards; the impacts of audits by taxing authorities; the potential impact of legislation, government regulations, and other government action and investigations; and other risks detailed in Corning's SEC filings.
For a complete listing of risks and other factors, please reference the risk factors and forward-looking statements described in our annual reports on Form 10-K and quarterly reports on Form 10-Q.
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KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: OTHER MANUFACTURING OTHER SCIENCE CONSUMER ELECTRONICS TECHNOLOGY RESEARCH CHEMICALS/PLASTICS AUTOMOTIVE MANUFACTURING MANUFACTURING MOBILE/WIRELESS 5G CARRIERS AND SERVICES ENVIRONMENT SEMICONDUCTOR GREEN TECHNOLOGY ARTIFICIAL INTELLIGENCE TELECOMMUNICATIONS WEARABLES/MOBILE TECHNOLOGY INTERNET SCIENCE HARDWARE
SOURCE: Corning Incorporated
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PUB: 04/29/2025 07:10 AM/DISC: 04/29/2025 07:10 AM
