Corning (GLW) Q4 2024 earnings summary

Executive summary

• Q4 core sales reached $3.87B, up 18% year-over-year, with core EPS up 46% to $0.57 and core operating margin expanding 220 bps to 18.5%.

• FY 2024 core sales were $14.5B, up 7% year-over-year, and core EPS was $1.96, up 15%.

• Free cash flow for 2024 was $1.25B, up 42% year-over-year.

• $2.4B was added to the annualized sales run rate in year one of the Springboard plan, with an upgrade planned for March.

• Strong adoption of new optical connectivity products and successful price increases in Display Technologies drove results.

Financial highlights

• Q4 core sales: $3.87B (+18% YoY); core EPS: $0.57 (+46% YoY); core operating margin: 18.5% (+220 bps YoY).

• FY 2024 core sales: $14.5B (+7% YoY); core EPS: $1.96 (+15% YoY); core gross margin: 38.2% (+190 bps YoY).

• Q4 core gross margin: 38.6%; Q4 core net income: $497M; FY 2024 core net income: $1.7B.

• Adjusted free cash flow for 2024: $1.25B (+42% YoY); Q4 adjusted free cash flow: $409M.

• Q4 core ROIC: 12.7% (+390 bps YoY); FY 2024 core ROIC: 11.2%.

Outlook and guidance

• Q1 2025 core sales expected to grow ~10% YoY to ~$3.6B; core EPS expected to grow ~30% to $0.48–$0.52.

• Display Technologies segment net income expected at $900M–$950M in 2025 with a 25% margin.

• Company is tracking ahead of the Springboard plan, with an upgrade expected in March.

• Optical Communications expected to see continued growth in 2025 and beyond.