Corning Incorporated (NYSE:GLW) has disclosed its financial results for the first quarter ending March 31, 2024, and provided an optimistic forecast for the upcoming quarter.
In the first quarter, Corning reported GAAP sales of $2.98 billion and core sales of $3.26 billion, marking a decline from the previous year due to challenging market conditions.
Despite lower sales, profitability improved, reflected by an increase in both GAAP and core gross margin.
Reviewing the quarter's performance, Wendell P. Weeks, chairman and CEO of Corning, expressed confidence in the company’s trajectory, stating, "Our first-quarter results were at the high end of our guidance...We are executing our plans to add more than $3 billion in annualized sales within the next three years."
Looking ahead to the second quarter of 2024, Corning expects core sales to reach approximately $3.4 billion, with core earnings per share (EPS) projected to be between $0.42 and $0.46.