Results of operations

Summary

This summary has not passed every source check. Confirm figures against the original document.

• Corning grew third-quarter core sales 19% year over year to $5.08 billion and core EPS 36% to $0.91, while GAAP sales were $4.86 billion and GAAP EPS was $0.78.
• Optical Communications sales rose 44% to $2.38 billion, with Enterprise Networks sales up 84% and Gen AI product sales growing more than 100% year over year.
• Solar grew sales 37% year over year to $436 million but recorded a net loss of $7 million, as production ramped slower than anticipated.
• Core gross margin expanded 150 basis points to 40.5%, core operating margin expanded 310 basis points to 22.7%, and core ROIC expanded 330 basis points to 16.7%.
• For the fourth quarter, management expects core sales to grow approximately 19% year over year to a range of $5.2 billion to $5.3 billion and core EPS to grow approximately 36% year over year to a range of $0.96 to $1.00.
• In the third quarter, Corning secured four long-term, multibillion-dollar customer agreements, including with Verizon and AT&T.

Why it mattersThe results detail Corning's growth in optical and Gen AI products tied to its Springboard plan, which targets doubling the annualized sales run rate from $20 billion to $40 billion by the end of 2030. New multibillion-dollar agreements with Verizon and AT&T underpin that capacity expansion.