Corning reports third-quarter 2023 financial results with continued improvement in profitability and cash flow
Gross margin percentage expanded sequentially on consistent sales and year over year on lower sales; operating and free cash flow both grew sequentially and year over year; profitability and free cash flow sequential increases were driven by pricing actions, primarily in display technologies, and companywide productivity gains; for the fourth quarter, management expects similar core gross margin and another quarter of strong free cash flow – despite sequentially lower core sales of $3.25 billion gross margin percentage expanded sequentially on consistent sales and year over year on lower sales; operating and free cash flow both grew sequentially and year over year; profitability and free cash flow sequential increases were driven by pricing actions, primarily in display technologies, and companywide productivity gains; for the fourth quarter, management expects similar core gross margin and another quarter of strong free cash flow – despite sequentially lower core sales of $3.25 billion
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