Q2 2024 Corning Inc Earnings Call Transcript
Key Points
- Corning Inc (GLW) exceeded sales and EPS guidance for Q2 2024, driven by strong adoption of new optical connectivity products for generative AI.
- Sales grew 11% sequentially to $3.6 billion, marking a return to year-over-year growth.
- The enterprise portion of the optical business saw record sales, growing more than 40% year-over-year.
- Gross margin improved sequentially and year-over-year by 110 basis points and 170 basis points, respectively.
- Corning Inc (GLW) generated strong free cash flow of $353 million in Q2 2024.
- Carrier sales were down 10% year-over-year due to customers continuing to draw down their inventory.
- Environmental Technologies sales decreased by 6% year-over-year, reflecting the impact of the Class 8 truck down cycle in North America.
- Hemlock and Emerging Growth businesses saw a 21% year-over-year decline in sales, primarily due to lower pricing for solar-grade polysilicon.
- The company faces risks and uncertainties related to forward-looking statements and market dynamics.
- Negotiations for currency-based price adjustments in the display segment are ongoing, adding uncertainty to future profitability.
Welcome to the Corning Incorporated quarter two 2024 earnings call. (Operator Instructions)
It is my pleasure to introduce to you, Ann Nicholson, Vice President of Investor Relations.
Thank you, and good morning, everybody. Welcome to Corning's second quarter 2024 earnings call. With me today are Wendell Weeks, Chairman and Chief Executive Officer; and Ed Schlesinger, Executive Vice President and Chief Financial Officer.
I'd like to remind you that today's remarks contain forward-looking statements that fall within the meaning of 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
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