Corning Incorporated (NYSE:GLW) delivered better-than-expected fourth-quarter earnings. The specialty glass and ceramics company reported adjusted earnings per share of $0.57, slightly surpassing analyst forecasts of $0.56. However, revenue came in at $3.5 billion, falling short of the projected $3.75 billion.
Despite missing revenue estimates, Corning’s core sales—excluding certain items—reached a record $3.9 billion, marking an 18% year-over-year increase. The company also saw improved profitability, with its core operating margin expanding by 220 basis points to 18.5%.
Looking ahead, Corning remains optimistic about its performance in early 2024. Management forecasts core sales to climb approximately 10% year-over-year to $3.6 billion in the first quarter, with core earnings per share expected to rise by roughly 30% to a range of $0.48 to $0.52.
For the full year 2024, the company reported GAAP revenue of $13.1 billion, a gross margin of 32.6%, and an operating margin of 8.7%. Corning posted GAAP earnings per share of $0.58 and generated $1.9 billion in operating cash flow, reinforcing confidence in its financial strength heading into the new year.