Corning reports fourth-quarter and full-year 2023 financial results
Fourth-quarter results demonstrate continued progress restoring productivity ratios to historical levels and raising price to offset inflation; despite lower sales, fourth-quarter gaap and core gross margin each improved by more than 300 basis points year over year and cash generation significantly improved; company has an opportunity to add more than $3 billion in annualized sales and deliver strong incremental profit and cash flow as markets normalize; management expects first-quarter core sales of approximately $3.1 billion and core eps in the range of $0.32 to $0.38 and anticipates the first quarter to be the low quarter of the year fourth-quarter results demonstrate continued progress restoring productivity ratios to historical levels and raising price to offset inflation; despite lower sales, fourth-quarter gaap and core gross margin each improved by more than 300 basis points year over year and cash generation significantly improved; company has an opportunity to add more than $3 billion in annualized sales and deliver strong incremental profit and cash flow as markets normalize; management expects first-quarter core sales of approximately $3.1 billion and core eps in the range of $0.32 to $0.38 and anticipates the first quarter to be the low quarter of the year
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