Benzinga - by Anusuya Lahiri, Benzinga Editor.
Corning Inc (NYSE: GLW) reported a third-quarter FY23 core sales decline of 6% year-on-year to $3.46 billion, missing the consensus of $3.5 billion. Core EPS of 45 cents missed the consensus of 47 cents. Display Technologies sales grew by 42% Y/Y and 5% Q/Q to $972 million.
Optical Communications sales declined by 30% Y/Y and 14% Q/Q to $918 million due to lower volume.
Specialty Materials sales increased by 8% Y/Y and up by 33% Q/Q % to $563 million, reflecting higher Gorilla Glass sales and continued solid demand for semiconductor materials.
Life Sciences sales decreased by 26% Y/Y and flattish Q/Q to $230 million, reflecting lower demand for COVID-related products.
Environmental Technologies sales grew by 6% Y/Y and declined by 2% Q/Q to $449 million, driven by ongoing gasoline particulate filter adoption growth in China.
Core gross margin increased by 90 bps to 37%, primarily due to Display Technologies' pricing actions.
The free cash flow improved to $466 million, up by $211 million yearly.
Corning "once again worked with Apple Inc (NASDAQ: AAPL) to advance the state of the art for smartphones, delivering durable color-infused glass — a first for any smartphone — for the iPhone 15 and iPhone 15 Plus," CEO Wendell P. Weeks said.
Outlook: Corning sees Q4 core sales of $3.25 billion (consensus $3.56 billion) and core EPS of 37 cents - 42 cents (consensus 42 cents).
Price Action: GLW shares traded lower by 4.38% at $25.75 premarket on the last check Tuesday.
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