From Nasdaq:

Corning Incorporated reported mixed Q4 results, with top line beating Zacks Estimate but bottom line missing. Net income was $339 million or 39 cents per share, down from $402 million or 47 cents per share last year. GAAP net sales declined to $2.99 billion from $3.4 billion reported last year.

In 2023, GAAP net sales were $12.58 billion, down 11% from the previous year’s $14.18 billion. Core sales decreased to $13.58 billion from $14.8 billion in 2022. Optical Communications generated $903 million in revenues, down 24% from the year-ago quarter.

During Q4 2023, Corning generated $713 million of net cash from operating activities, up from $617 million in the prior-year period. The company registered an adjusted free cash flow of $487 million compared with the prior year’s figure of $377 million.

For Q1 2024, core sales are estimated at $3.1 billion. Core EPS is projected to be in the range of 32-38 cents. The first quarter EPS is anticipated to be the lowest of fiscal 2024. Corning currently carries a Zacks Rank #3 (Hold).



Read more: Corning (GLW) Q4 Earnings Miss Estimates on Lower Revenues