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Core sales increased 7% year-on-year to $3.
8 billion; core earnings per share increased 8% year-on-year to $0.
57
Optical communications sales increased 22% year-on
-year Free cash flow in the second quarter was $440 million, and the company is expected to continue this year Strong Cash Flow
Company management expects full-year core sales of just over $15 billion, with growth of between 6% and 8%
NY, Corning Corning Incorporated Earnings Highlights8 billion; core earnings per share increased 8% year-on-year to $0.
57
Optical communications sales increased 22% year-on
-year Free cash flow in the second quarter was $440 million, and the company is expected to continue this year Strong Cash Flow
Company management expects full-year core sales of just over $15 billion, with growth of between 6% and 8%
- GAAP sales were $3.
62 billion and core sales were $3.
76 billion; core sales increased 7% year over year
.- The increase in sales was primarily driven by the Optical Communications business, sales of Hemlock Solar Materials and the Emerging Growth business
. - Display Technology sales fell 8% sequentially due to a decline in sales due to a decline in the market and lower capacity utilization by panel makers; glass prices edged up sequentially
.
- The increase in sales was primarily driven by the Optical Communications business, sales of Hemlock Solar Materials and the Emerging Growth business
- GAAP EPS was $0.
66; core EPS was $0.
57, up 8% year over year
.- The primary difference between GAAP and core EPS stems from non-cash, mark-to-market gains related to the company's currency-hedging contracts
.
- The primary difference between GAAP and core EPS stems from non-cash, mark-to-market gains related to the company's currency-hedging contracts
- Core gross margin and core operating margin improved by 90 and 120 basis points, respectively, sequentially from the first quarter of 2022, primarily driven by earnings following previously announced company-wide execution pricing initiatives
.
- Free cash flow in the second quarter was $440 million; free cash flow in the first half was $611 million, and the company is expected to continue to maintain strong cash flow this year
.
- Corning expects third-quarter core sales to be between $3.
65 billion and $3.
85 billion and core earnings per share to be between $0.
51 and $0.
55
.- Based on market conditions and panel makers' lower capacity utilization, management expects display technology sales to correspondingly decline sequentially at a mid-teen digit rate
.
- Based on market conditions and panel makers' lower capacity utilization, management expects display technology sales to correspondingly decline sequentially at a mid-teen digit rate
- Company management now expects full-year core sales of just over $15 billion, an increase of between 6% and 8%, with core earnings per share growing in line with sales
.
- Continue to improve the resilience of the U.
S.
semiconductor supply chain and invest in expanding capacity in New York State
.
New York Governor Kathy Hochul announced that the expertise of Corning's Advanced Optics business will support the growing semiconductor industry
.
- Pushing more Corning products into the mobile devices people buy, Samsung's Galaxy S22 devices, which were launched earlier this year, feature Corning's high-end cover glass on the front and back
.
All five rear cameras of the Samsung Galaxy S22 Ultra feature Corning's DX products
.
- To support more broadband deployments, as access to Internet resources is increasingly seen as a fundamental human right, Corning has joined forces with AT&T to launch a training program that aims to empower thousands of Industry technicians are equipped with the key skills needed to design and manufacture fiber-optic broadband networks
.
In addition, Corning has partnered with Safe NetAccess to create a highly interconnected infrastructure for remote areas
.
- Applying advanced solutions to help humans explore the deepest parts of the universe, Corning designs and manufactures key optical instruments for NASA's James Webb Space Telescope
.
- Continue to advance global health care by partnering with West Pharmaceutical Services to provide advanced injectable drug packaging and shipping systems to the pharmaceutical industry
.
The partnership is designed to help biopharmaceutical developers accelerate their commercialization process
.
- Expanding expertise in the mobile consumer electronics market to further advance the automotive industry
.
Corning's Automotive Glass Solutions business was named "Supplier of the Year" by Continental for its AutoGrade™ Corning Gorilla Cover Glass technology
.
- Continuing its commitment to contributing to all stakeholders, Corning has been awarded the U.
S.
Environmental Protection Agency's ENERGY STAR® Partner of the Year certification for the ninth consecutive year
.
Calendar Years
(In millions of dollars except per share)
| Q2 2022 | Q1 2022 | % Variety | Q2 2021 | % Variety | |||||
| GAAP net sales | $ | 3,615 | $ | 3,680 | (2%) | $ | 3,501 | 3% | |
| GAAP Net Income (1) | $ | 563 | $ | 581 | (3%) | $ | 449 | 25% | |
| GAAP earnings per share | $ | 0. 66 |
$ | 0. 68 |
(3%) | $ | (0. 42) |
* | |
| Core Sales (2) | $ | 3,762 | $ | 3,744 | — | $ | 3,504 | 7% | |
| Core Net Income (1)(2) | $ | 489 | $ | 465 | 5% | $ | 459 | 7% | |
| Core EPS (2) | $ | 0. 57 |
$ | 0. 54 |
6% | $ | 0. 53 |
8% | |
(1) Represents net income attributable to Corning Incorporated
(2) Core performance measures are non-GAAP financial measures
.
Reconciliations between GAAP and non-GAAP measures can be found in the table accompanying the press release or on Corning's website
.
* Meaningless optical communication
| Q2 2022 | Q1 2022 | % Variety | Q2 2021 | % Variety | ||||
| net sales | $ | 1,313 | $ | 1,198 | 10% | $ | 1,075 | twenty two% |
| Net income before tax | $ | 233 | $ | 211 | 10% | $ | 188 | twenty four% |
| net income | $ | 182 | $ | 166 | 10% | $ | 148 | twenty three% |
| Q2 2022 | Q1 2022 | % Variety | Q2 2021 | % Variety | ||||
| net sales | $ | 878 | $ | 959 | (8%) | $ | 939 | (6%) |
| Net income before tax | $ | 287 | $ | 299 | (4%) | $ | 312 | (8%) |
| net income | $ | 228 | $ | 236 | (3%) | $ | 248 | (8%) |
| Q2 2022 | Q1 2022 | % Variety | Q2 2021 | % Variety | ||||
| net sales | $ | 485 | $ | 493 | (2%) | $ | 483 | — |
| Net income before tax | $ | 115 | $ | 95 | twenty one% | $ | 103 | 12% |
| net income | $ | 91 | $ | 75 | twenty one% | $ | 81 | 12% |
| Q2 2022 | Q1 2022 | % Variety | Q2 2021 | % Variety | ||||
| net sales | $ | 356 | $ | 409 | (13%) | $ | 407 | (13%) |
| Net income before tax | $ | 78 | $ | 94 | (17%) | $ | 102 | (twenty four%) |
| net income | $ | 62 | $ | 74 | (16%) | $ | 81 | (twenty three%) |
| Q2 2022 | Q1 2022 | % Variety | Q2 2021 | % Variety | ||||
| net sales | $ | 312 | $ | 310 | 1% | $ | 312 | — |
| Net income before tax | $ | 47 | $ | 53 | (11%) | $ | 66 | (29%) |
| net income | $ | 37 | $ | 42 | (12%) | $ | 52 | (29%) |
| Q2 2022 | Q1 2022 | % Variety | Q2 2021 | % Variety | ||||
| net sales | $ | 418 | $ | 375 | 11% | $ | 288 | 45% |
| Net income before tax | $ | 35 | $ | (7) | * | $ | (18) | * |
| Net gain (loss) | $ | 25 | $ | (8) | * | $ | (15) | * |
