CORNING, N.Y. (WETM) – Corning Inc. has announced that in 2022, its sales amounted to almost $15 billion, increasing over 2021 numbers.
Corning released its 2022 4th-Quarter numbers, which said that core sales reached $14.8 billion in 2022. The company said this was a 5% increase from 2021.
Specifically, the glassworks company said its Optical Communications sales surpassed $5 billion, an all-time high.
Looking at the first quarter for 2023, Corning said it expects core sales to reach between $3.2 and $3.4 billion. It also said sales may decrease more than normal seasonal levels because of COVID-19 outbreaks in China.
“I’m pleased with the sales growth we continue to deliver despite recession-level demand in markets constituting about half of our sales,” said CEO and Chairman Wendell Weeks. “However, our profitability and cash flow have lagged sales growth as a number of pandemic-driven effects continue to ripple across the global economy. In response, we took significant additional price and productivity improvement actions in the fourth quarter that will improve margins and cash generation starting this year.”