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According to CTOnews.com, February 1, Corning today announced its financial results for the fourth quarter and full year of 2022, with an outlook for the first quarter and full year of 2023. Of this total, GAAP sales in the fourth quarter were $3.4 billion, with core sales of $3.6 billion; full-year GAAP sales were $14.2 billion, up 1 per cent from a year earlier; and core sales were $14.8 billion, up 5 per cent from the strong year-on-year 2021.

Fourth quarter of 2022

Fourth-quarter GAAP sales were $3.4 billion, with core sales of $3.6 billion.

Fourth-quarter GAAP earnings per share were-$0.04, with core earnings per share of $0.47. *

Free cash flow was $377 million in the fourth quarter.

The whole year 2022

Full-year GAAP sales were $14.2 billion, up 1 per cent from a year earlier, while core sales were $14.8 billion, up 5 per cent from a strong year in 2021.

Full-year GAAP earnings per share were $1.54, with core earnings per share of $2.09. *

The annual free cash flow is $1.24 billion.

* the main difference between GAAP and core earnings per share comes from costs arising from the restructuring of the company and non-cash, mark-to-market adjustments related to the company's currency hedging contracts and yen-denominated debt.

Highlights of annual financial performance in 2022

Corning said that thanks to its advantages in optical communications and solar energy, the company's core sales grew to $14.8 billion in 2022, and the overall business performance continued to outperform the end market.

Business highlights in 2022

Corning improves the anti-falling performance of the equipment on rougher surfaces such as concrete by developing a new glass component, Corning Gorilla Glass Victus 2. Samsung Electronics will use the new glass on the next generation of Galaxy's flagship smartphones, the S23 series. In addition, the front and back of Samsung Galaxy S22 devices also use Corning high-end cover glass, and all five rear cameras of Samsung Galaxy S22 Ultra use Corning DX products.

Corning partnered with LG Electronics to promote automotive connectivity and partnered with CarUX, an automotive display company owned by Qunchuang Optoelectronics, to create future-oriented automotive displays. As India promotes the use of gasoline particulate filters, Corning continues to expand its gasoline particulate filter business into new markets.

Corning works with Nokia and Secco to solve operators' labor and supply challenges by providing products that accelerate and simplify the deployment of rural broadband. To meet European demand, Corning opened a new optical fiber manufacturing plant in Poland.

Corning expands its advanced optics plant in Fairport, New York, to strengthen its supply chain.

Corning expanded its supply of key materials to the solar industry, submitted carbon reduction targets and expanded the use of renewable energy. Corning has also developed chemical recycling methods that can significantly reduce the consumption of disposable plastics and waste in the life sciences industry.

Corning's optical technology played a vital role in the first successful fusion ignition experiment in human history. Corning designed and manufactured key optical instruments for NASA's James Webb Space Telescope.

Looking ahead, Corning expects core sales of between $3.2 billion and $3.4 billion in the first quarter of 2023, and will build on that in the second quarter, CTOnews.com learned. Despite the decline in sales, the company's recent measures will improve the company's profitability, so first-quarter core earnings per share are expected to be between $0.35 and $0.42.

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