CORNING, N.Y. (WETM) — Corning Incorporated announced its second-quarter 2022 results, reporting sales of $3.8 billion with “continued growth and improved profitability”.
Corning’s listed financial highlights include:
GAAP sales at 3.62 billion and core sales at $3.6 billion. Corning states a year-over-year growth of 7% for core sales. Corning says that sales growth was primarily driven by Optical Communications, solar sales in Hemlock, and emerging growth businesses. Display Technologies sales are reported to have declined 8% sequentially as “volume declined in line with the market and lower panel maker utilization.
Corning also stated that free cash flow was $440 million for the quarter. Total first-half cash flow is reported to have been $611 million. Corning states that the company is on pace for another year of “strong cash generation.”
The company said that they expect $3.65 billion to $3.85 billion in core sales for the third quarter, with core EPS of $0.51 to $0.55. Management expects Display Tech volume to be down sequentially by a mid-teen percentage.
The financial report says that Corning management now expects full-year core sales to slightly exceed $15 billion.
Ed Schlesinger, executive vice president and chief financial officer said about the report ” We’re pleased with our results for the quarter and first half of the year. In the second quarter, we delivered sales of $3.8 billion and EPS of $0.57. Our companywide pricing actions and operational focus drove margin improvement. We’re executing well, and our financial priorities remain the same: a strong balance sheet, solid free cash flow generation, and a highly disciplined approach to investment decisions,”
“In the third quarter, we expect the challenges we’re seeing in three of our largest markets to continue, and this is reflected in our guidance. Based on the opportunities and initiatives we have underway for the second half, we now expect sales to slightly exceed $15 billion this year, growing in a range of 6% to 8%, with EPS growing in line with sales,” Schlesinger continued.
The full report can be found on Corning Inc’s website by clicking/tapping on this link.