Corning Incorporated has entered into a new $1.5 billion Credit Agreement, effective July 28, 2025, which replaces its previous agreement from June 6, 2022. This agreement allows borrowings in multiple currencies, with the potential to increase the commitment amount by up to $500 million, subject to lender commitments. The interest rates are variable, based on market indices and Corning's debt ratings, and the agreement is set to terminate on July 28, 2030, with options for extension.
The Credit Agreement includes several covenants that Corning must adhere to, such as maintaining a specific debt-to-capital ratio and restrictions on subsidiary indebtedness and mergers. At the time the new agreement was executed, there were no outstanding borrowings under the previous agreement, and no amounts are currently outstanding under the new Credit Agreement. The agreement also outlines events of default that could lead to the acceleration of repayment obligations.
linkJul 30, 2025 16:30:59
Corning Incorporated announced its financial results for the second quarter of 2025, reporting core sales of $4.05 billion, a 12% increase year-over-year. Core earnings per share (EPS) rose to $0.60, reflecting a 28% growth. The company also noted a significant increase in adjusted free cash flow, which grew by 28% to $451 million. The positive performance was attributed to strong demand in Optical Communications, particularly for new Gen AI products, and an expansion of core operating margins by 160 basis points to 19%.
Looking ahead, Corning anticipates continued strong performance in the third quarter, expecting core sales to reach $4.2 billion and core EPS to range between $0.63 and $0.67. The guidance includes considerations for the impact of tariffs and temporarily higher costs associated with ramping up production for new products. The company emphasized its ongoing commitment to executing its Springboard plan, which aims to drive further growth across various sectors, including mobile consumer electronics and automotive applications.
linkJul 29, 2025 07:02:03
Wendell P. Weeks, Chairman and CEO of Corning Incorporated, will speak at the J.P. Morgan 53rd Annual Global Technology, Media and Communications Conference on May 14, 2025, at 9:20 AM (ET). He will provide updates on the Company's recent Springboard plan upgrade, as well as developments in the Optical Communications segment and Solar business. Investors can access a live audio webcast of the presentation on the company's investor relations website, with a replay and transcript available for 12 months after the event.
The information shared during this presentation will not be considered 'filed' under the Securities Exchange Act of 1934 and will not incur any liabilities under that section. This announcement follows the requirements set by the Securities Exchange Act of 1934 and has been duly authorized by the company.
linkMay 12, 2025 17:43:40
Corning Incorporated announced its first-quarter 2025 financial results, reporting core sales of $3.7 billion, a 13% increase year over year, and core earnings per share (EPS) of $0.54, up 42% from the previous year. The company's operating margin improved to 18%, reflecting a 250 basis point year-over-year expansion. Notably, sales in the Optical Communications segment grew 106% due to strong demand for new products related to Generative AI. The company is also ramping up production of U.S.-made solar products to meet increasing demand.
Looking ahead, Corning expects core sales for the second quarter of 2025 to reach approximately $3.85 billion, with core EPS projected to grow to between $0.55 and $0.59. The guidance accounts for potential impacts from enacted tariffs and increased production costs. The company emphasized its confidence in the ongoing Springboard plan, which aims to capitalize on trends in the market, particularly in the areas of Generative AI and solar technologies.
linkApr 29, 2025 07:11:50
Corning Incorporated will hold an Investor Event on March 18, 2025, at the New York Stock Exchange, where management will discuss the Springboard plan, financial performance, and market leadership. CEO Wendell Weeks is also scheduled to participate in a CNBC interview on the same day, providing additional insights and updates on the business.
The press release includes a live audio webcast of the Investor Event available on the company's investor website, along with a replay and further information for 12 months. The document clarifies that the information shared is not to be considered 'filed' under the Securities Exchange Act and will not be incorporated into other filings.
linkMar 17, 2025 08:31:20
Corning Incorporated announced its fourth-quarter and full-year 2024 results, highlighting notable growth in core sales, which reached $3.9 billion, a year-over-year increase of 18%. The company's core EPS also saw significant growth, rising 46% to $0.57. The Optical Communications segment experienced remarkable success, with a 93% increase in sales in its Enterprise business, driven by the adoption of new optical-connectivity products. Additionally, the company reported a free cash flow of $1.25 billion for the year, up 42% compared to 2023, indicating strong cash generation capabilities.
However, Corning faced some challenges, particularly in its Environmental Technologies segment, which reported a 7% decline in sales year-over-year due to weaker global heavy-duty diesel markets. Overall net income for the fourth quarter was $310 million, down from $506 million in the previous year, reflecting a 15% decrease. The company also noted that GAAP gross margin for the full year was 32.6%, slightly lower than the previous year's 33.0%, indicating margin pressures in certain areas.
linkJan 29, 2025 07:12:11
Corning Incorporated has announced impressive financial results for the third quarter of 2024, with core sales increasing by 8% to $3.73 billion and core earnings per share (EPS) rising by 20% to $0.54. A significant driver of this growth was the Optical Communications segment, which saw a remarkable 36% increase in sales, particularly in its Enterprise business, which grew by 55%. The company is making notable progress on its 'Springboard' plan, aiming to add over $3 billion in annualized sales and achieve a 20% operating margin by 2026. Management also highlighted a successful price increase strategy in Display Technologies, projecting strong net income for that segment in 2025. Additionally, Corning secured a multiyear supply agreement with AT&T worth over $1 billion to support fiber network expansion.
However, not all segments performed equally well. The Environmental Technologies segment reported an 11% decrease in sales, reflecting ongoing challenges in the North American truck market. Similarly, the Life Sciences segment experienced a slight dip in sales compared to the previous quarter, although it did show year-over-year growth. Despite these challenges, Corning remains optimistic about its future performance, expecting accelerated sales growth and a strong increase in EPS for the fourth quarter, indicating a solid overall outlook.
linkOct 29, 2024 07:13:48
Corning Incorporated has provided an optimistic update on its 'Springboard' plan, aiming to achieve over $3 billion in annualized sales by 2026. The company is confident about improving its profit margins, targeting a 20% operating margin by the end of 2026. Notably, Corning is implementing price increases in its Display Technologies segment, expecting significant net income growth of up to $950 million in 2025. The company also anticipates a remarkable 40% year-over-year growth in Enterprise sales for Optical Communications in the upcoming quarter, driven by the demand for AI-related products.
During an investor meeting, Corning's leadership showcased their competitive advantages and the successful launch of new products designed for AI-enabled data centers. While the company is making strides in its growth strategy, it remains cautious about potential risks such as economic fluctuations and supply chain disruptions that could impact future performance. Overall, the positive momentum in sales and product innovation highlights Corning's commitment to capturing significant market opportunities.
linkSep 19, 2024 08:16:56
Corning Incorporated is set to host an investor and analyst event at its Optical Fiber Manufacturing Facility in Concord, North Carolina, on September 19, 2024. The event will begin at 8:30 AM (ET) and will feature business updates and technical demonstrations, providing attendees with valuable insights into the company's operations. A live audio webcast will be accessible for those unable to attend in person, ensuring broad participation and transparency for investors.
The company will also offer a replay of the webcast and additional presentation materials on their investor website for a duration of 12 months. This initiative reflects Corning's commitment to keeping its stakeholders informed and engaged. However, the press release includes a legal disclaimer regarding the information shared, indicating that it is not to be considered as formally filed under certain securities regulations, which could be seen as a cautious approach to managing investor expectations.
linkSep 16, 2024 16:59:32
Corning Incorporated has announced that its Chief Financial Officer, Edward A. Schlesinger, will speak at the Citi 2024 Global TMT Conference on September 5, 2024. This presentation will provide important business updates, and interested parties can access a live audio webcast on the company's investor website, ensuring transparency and engagement with stakeholders. A replay and transcript will also be available for a year, allowing for continued access to the information shared during the event.
The press release emphasizes the company's commitment to keeping investors informed while clarifying that the information shared during the presentation will not be considered officially filed under certain securities regulations. This distinction may indicate a cautious approach in communicating financial information, potentially affecting how investors perceive the company's overall transparency and accountability. Overall, the announcement reflects Corning's proactive stance in investor relations, despite the regulatory disclaimers.
linkSep 03, 2024 10:53:09