Every material Form 8-K Corning filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Corning reported third-quarter 2024 GAAP net sales of $3.39 billion and a GAAP net loss attributable to Corning of $117 million, or $(0.14) per share, compared with net income of $164 million a year earlier. Core sales rose 8% to $3.73 billion and core EPS rose 20% to $0.54, led by Optical Communications, and management expects fourth-quarter core sales of about $3.75 billion and core EPS of $0.53 to $0.57.
Q3 2024 GAAP net loss attributable to Corning was $117 million, or $(0.14) per share, versus $164 million, or $0.19 per share, a year earlier
Core sales were $3.73 billion, up 8% year over year; core EPS was $0.54, up 20%
Optical Communications sales rose 36% to $1.2 billion, with Enterprise sales up 55%
Fourth-quarter 2024 outlook: core sales of about $3.75 billion and core EPS of $0.53 to $0.57
Corning said directors Hansel E. Tookes II and Kurt M. Landgraf will retire and resign from the Board effective November 1, 2024, as part of the company's regular board refreshment process. The company states the departures are not due to any disagreement with Corning on its operations, policies, or practices.
Directors Hansel E. Tookes II and Kurt M. Landgraf informed the Board on October 2, 2024 of their intention to retire.
Resignations take effect November 1, 2024.
Filing says the departures are part of the regular board refreshment process and not due to any disagreement.
Corning reported second-quarter 2024 GAAP sales of $3.25 billion, up 9% from the first quarter but flat year over year, while GAAP diluted EPS fell to $0.12 from $0.33 a year earlier. Core sales of $3.60 billion and core EPS of $0.47 both rose 4% year over year, and management guided third-quarter core sales to about $3.7 billion with core EPS of $0.50 to $0.54. The company also said it reached an agreement with Lumen Technologies to reserve 10% of its global fiber capacity for each of the next two years.
GAAP net income attributable to Corning was $104 million, down 63% year over year, and GAAP diluted EPS was $0.12 versus $0.33 in Q2 2023.
Core sales were $3.60 billion, up 4% year over year, and core EPS was $0.47, up from $0.45.
Third-quarter outlook: core sales of approximately $3.7 billion and core EPS of $0.50 to $0.54.
Corning and Lumen Technologies agreed to reserve 10% of Corning's global fiber capacity for each of the next two years for AI-enabled data center networks.
Corning said it now expects second-quarter 2024 core sales of about $3.6 billion, up from prior guidance of about $3.4 billion, with core EPS at the high end of or slightly above its $0.42 to $0.46 range. The company credited strong adoption of new optical connectivity products for generative AI and said it began buying back shares in the second quarter. The figures are preliminary and subject to change until closing and review procedures are complete, and full results are due July 30, 2024.
Q2 2024 core sales now expected at about $3.6 billion, versus prior guidance of about $3.4 billion
Core EPS expected at the high end of or slightly above the guided range of $0.42 to $0.46
Company expects a return to year-over-year core sales and core EPS growth in the second quarter
Full second-quarter results and outlook to be reported July 30, 2024, at 8:30 a.m. EDT
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