NYSE$GLW
Corning Inc · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Corning's first-quarter sales and EPS met expectations, reflecting recession-level demand in key markets and weakness in China. Pricing and productivity actions drove sequential increases in gross and operating margin percentages despite lower sales. Management anticipates improvement in sales, profitability, and cash flow for the second quarter.
Corning's first-quarter results showed solid execution on outlined priorities, with pricing actions offsetting inflation and productivity ratios being adjusted effectively. Profitability improved despite lower sales due to recession-level demand and weakness in China. The company expects improved results in the second quarter and remains focused on profitability and cash flow.
- First-quarter GAAP sales were $3.2 billion, while core sales reached $3.4 billion, both declining 7% sequentially.
- Optical Communications' sales decreased 6% sequentially due to normal seasonal volume decline.
- Management expects second-quarter sales, EPS, and cash flow to increase sequentially, with core sales in the range of $3.4 billion to $3.6 billion and core EPS in the range of $0.42 to $0.49.
- Gross margin was 35.2%, and operating margin was 15.5%, demonstrating meaningful improvements from the fourth quarter.
Headline financials
Revenue & EPS history
Corning · Revenue · Quarterly
$3.18B
Revenue by segment
Corning · $2.53B total across 4 segments · Q1 2023
- Optical Comm$1.1B-8.3%43.6%
- Display$763M-20.4%30.2%
- Specialty Materials$406M-17.6%16.1%
- Life Sciences$256M-17.4%10.1%
Forward guidance
Management expects second-quarter sales, EPS, and cash flow to increase sequentially, with core sales in the range of $3.4 billion to $3.6 billion and core EPS in the range of $0.42 to $0.49.
Tailwinds
- Management expects second-quarter sales, EPS, and cash flow to increase sequentially.
- Core sales are expected to be in the range of $3.4 billion to $3.6 billion.
- Core EPS is expected to be in the range of $0.42 to $0.49.
- Profit-improvement initiatives are expected to drive increased profitability.
- Continued recovery in Display Technologies is expected.
Headwinds
- Conditions remain weak in multiple markets.
- Sales impacted by recession-level demand in several key markets.
- Overall weakness in China impacted sales.
- Greater-than-normal seasonal volume decline associated with the pacing of customer projects.
- Glass price declined slightly.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
+0.1%
Avg return
Earnings day
-0.1%
Avg return
5 days after
+2.1%
Avg return
30 days after
49%
36 / 73 earnings
Positive
+14.9%
Q4 2021
Best reaction
-9.9%
Q2 2014
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.8% | -5.8% | +9.0% | |
| Q4 2025 | -5.0% | +0.6% | +37.0% | |
| Q3 2025 | -3.3% | -0.3% | -6.5% | |
| Q2 2025 | -1.9% | +1.2% | +6.0% | |
| Q1 2025 | +0.8% | +3.8% | +13.3% | |
| Q4 2024 | -2.8% | +0.2% | -2.1% | |
| Q3 2024 | +2.6% | +3.2% | +2.9% | |
| Q2 2024 | -6.3% | -8.8% | -1.9% | |
| Q1 2024 | +5.3% | +6.1% | +16.3% | |
| Q4 2023 | +4.3% | +3.5% | +3.5% | |
| Q3 2023 | -0.6% | -1.3% | +4.6% | |
| Q2 2023 | +3.6% | +1.7% | -3.7% | |
| Q1 2023 | -4.2% | -1.3% | -7.8% | |
| Q4 2022 | -3.1% | -1.8% | -5.2% | |
| Q3 2022 | +0.2% | +0.5% | +4.9% | |
| Q2 2022 | +4.2% | +6.6% | +3.9% | |
| Q1 2022 | +4.8% | +2.2% | +2.3% | |
| Q4 2021 | +14.9% | +19.1% | +16.4% | |
| Q3 2021 | -8.3% | -7.9% | +1.1% | |
| Q2 2021 | -0.5% | +1.9% | -2.1% | |
| Q1 2021 | -3.7% | -4.0% | -6.0% | |
| Q4 2020 | -2.0% | -3.4% | +2.9% | |
| Q3 2020 | -7.4% | -6.7% | +8.9% | |
| Q2 2020 | +3.2% | +1.2% | +4.9% | |
| Q1 2020 | +3.9% | -4.5% | +6.6% | |
| Q4 2019 | -1.1% | -3.9% | -14.8% | |
| Q3 2019 | -0.7% | -3.4% | -4.1% | |
| Q2 2019 | -9.8% | -14.1% | -18.7% | |
| Q1 2019 | -4.2% | -5.2% | -13.5% | |
| Q4 2018 | +10.4% | +9.0% | +14.7% | |
| Q3 2018 | -1.7% | -0.5% | -0.4% | |
| Q2 2018 | +12.7% | +10.4% | +10.6% | |
| Q1 2018 | -1.6% | -1.0% | -0.6% | |
| Q4 2017 | -8.8% | -8.7% | -17.1% | |
| Q3 2017 | +5.1% | +5.0% | +6.0% | |
| Q2 2017 | -8.2% | -9.3% | -10.8% | |
| Q1 2017 | +3.2% | +4.8% | +7.4% | |
| Q4 2016 | +7.7% | +7.7% | +11.3% | |
| Q3 2016 | -3.6% | -5.1% | +1.3% | |
| Q2 2016 | +2.7% | +2.7% | +4.4% | |
| Q1 2016 | -8.0% | — | — | |
| Q4 2015 | +6.9% | — | — | |
| Q3 2015 | +8.7% | — | — | |
| Q2 2015 | +0.5% | — | — | |
| Q1 2015 | -4.6% | — | — | |
| Q4 2014 | +1.3% | — | — | |
| Q3 2014 | +5.5% | — | — | |
| Q2 2014 | -9.9% | — | — | |
| Q1 2014 | +0.6% | — | — | |
| Q4 2013 | -5.8% | — | — | |
| Q3 2013 | -2.4% | — | — | |
| Q2 2013 | -1.3% | — | — | |
| Q1 2013 | +8.4% | — | — | |
| Q4 2012 | -1.2% | — | — | |
| Q3 2012 | -9.8% | — | — | |
| Q4 2011 | +1.7% | — | — | |
| Q2 2012 | -7.0% | — | — | |
| Q1 2012 | +7.1% | — | — | |
| Q3 2011 | +8.4% | — | — | |
| Q2 2011 | -2.3% | — | — | |
| Q1 2011 | -0.9% | — | — | |
| Q4 2010 | -1.9% | — | — | |
| Q3 2010 | +0.3% | — | — | |
| Q2 2010 | +5.5% | — | — | |
| Q1 2010 | +1.0% | — | — | |
| Q4 2007 | +1.1% | — | — | |
| Q2 2009 | +1.1% | — | — | |
| Q4 2009 | +1.1% | — | — | |
| Q3 2008 | -0.1% | — | — | |
| Q3 2009 | -0.1% | — | — | |
| Q1 2009 | +0.2% | — | — | |
| Q4 2008 | +0.2% | — | — | |
| Q2 2008 | +0.2% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro