2023-04-25 07:11:34 ET
- Corning press release ( NYSE: GLW ): Q1 Non-GAAP EPS of $0.41 beats by $0.02 .
- Revenue of $3.37B (-9.9% Y/Y) beats by $20M .
- Display Technologies’ sales declined 3% sequentially as both volume and glass price declined slightly. Volume increased significantly in March as conditions in China improved and panel maker utilization resumed its recovery.
- Optical Communications’ sales decreased 6% sequentially as pricing actions partially offset a greater-than-normal seasonal volume decline associated with the pacing of customer projects.
- Environmental Technologies’ sales increased 9% sequentially. Increased gasoline particulate filter adoption helped drive the sequential improvement.
- Management expects second-quarter sales, EPS, and cash flow to increase sequentially, with core sales in the range of $3.4 billion to $3.6 billion ($3.6B consensus) and core EPS in the range of $0.42 to $0.49 vs $0.48 consensus.
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Corning Non-GAAP EPS of $0.41 beats by $0.02, revenue of $3.37B beats by $20M