GLW - Corning Incorporated (GLW) Q4 2023 Earnings Call Transcript
2024-01-30 11:47:03 ET
Corning Incorporated (GLW)
Q4 2023 Earnings Call Transcript
January 30, 2024, 08:30 AM ET
Company Participants
Ann Nicholson - VP of IR
Wendell Weeks - Chairman & CEO
Ed Schlesinger - EVP & CFO
Jeff Evenson - EVP & CSO
Conference Call Participants
Mehdi Hosseini - SIG
Wamsi Mohan - Bank of America
Asiya Merchant - Citi
Meta Marshall - Morgan Stanley
Martin Yang - Oppenheimer
Samik Chatterjee - JPMorgan
Josh Spector - UBS
Matt Niknam - Deutsche Bank
Presentation
Operator
Welcome to the Corning Incorporated Quarter Four 2023 Earnings Call. [Operator Instructions] It is my pleasure to introduce to you Ann Nicholson, Vice President of Invest Relations.
Ann Nicholson
Thank you, Shannon, and good morning. Welcome to Corning's fourth quarter 2023 earnings call. With me today are Wendell Weeks, Chairman and Chief Executive Officer; Ed Schlesinger, Executive Vice President and Chief Financial Officer; and Jeff Evenson, Executive Vice President and Chief Strategy Officer.
I'd like to remind you that today's remarks contain forward-looking statements that fall within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that could cause actual results to differ materially. These factors are detailed in the company's financial reports. You should also note that we'll be discussing our consolidated results using core performance measures unless we specifically indicate our comments relate to GAAP data. Our core performance measures are non-GAAP measures used by management to analyze the business. For the fourth quarter, the difference between GAAP and core EPS primarily reflected constant currency adjustments, realized gains and unrealized non-cash mark-to-market losses on translated earnings contracts and non-cash translation losses on Japanese yen denominated debt as well as restructuring and asset write-off charges. As a reminder, these mark-to-market accounting has no impact on our cash flow. A reconciliation of core results to the comparable GAAP value can be found in the investor relations section of our website at corning.com. You may also access core results on our website with downloadable financials in the Interactive Analyst Center. Supporting slides are being shown live on our webcast and we encourage you to follow along. They're also available on our website for downloading.
And now, I'll turn the call over to Wendell.
Wendell Weeks
Thank you, Ann. Good morning, everyone. Today we reported fourth quarter and full year 2023 results. Sales for the fourth quarter were $3.3 billion and EPS was $0.39, in line with expectations. Free cash flow was $0.5 billion. Gross margin was 37%, consistent with the third quarter despite lower sequential sales....
Corning Incorporated (GLW) Q4 2023 Earnings Call Transcript