- Corning Inc (NYSE:GLW) reported second-quarter FY22 core sales growth of 7% year-on-year to $3.76 billion, slightly missing the consensus of $3.78 billion.
- Display Technologies sales declined 6% Y/Y to $878 million, as volume declined in line with the market and lower panel maker utilization.
- Optical Communications sales rose 10% Y/Y to $1.3 billion as 5G, broadband, and cloud computing continue to drive growth.
- Specialty Materials sales grew to $485 million, flat Y/Y. Life Sciences sales rose to $312 million, flat Y/Y.
- Environmental Technologies sales declined 13% Y/Y to $356 million, reflecting lower production levels in the automotive industry due to the semiconductor chip crisis.
- Margin: The core gross margin expanded by 90 bps.
- Core EPS of $0.57 was in line with the consensus, and it generated $440 million in free cash flow.
- Outlook: Corning sees Q3 core sales of $3.65 billion – $3.85 billion and core EPS of $0.51 – $0.55.
- Corning reiterated that FY22 sales exceeded $15 billion.
- Price Action: GLW shares traded lower by 4.61% at $32.90 in the premarket on the last check Tuesday.
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