Shulou(Shulou.com)11/24 Report--

According to CTOnews.com, April 27, Corning announced its financial results for the first quarter of 2023 on April 26 and made an outlook for the second quarter of 2023. CTOnews.com summarizes the important data as follows:

GAAP sales in the first quarter were $3.2 billion (currently about 22.176 billion yuan), with core sales of $3.4 billion. Both GAAP and core sales are down 7 per cent month-on-month.

GAAP earned 20 cents a share in the first quarter, with core earnings per share of 41 cents. Core earnings per share in the last quarter were 0. 5 per cent. Forty-seven dollars.

Despite low sales, Corning's core gross profit margin and core operating margin rose 160 and 150 basis points respectively from the previous quarter to 35.2% and 15.5%, respectively, driven by price and productivity improvement measures.

Affected by the normal periodicity of cash flow and low sales, the company's free cash flow was-$383 million in the first quarter.

Corning management expects second-quarter sales, earnings per share and free cash flow to grow month-on-month. Core sales are expected to be between $3.4 billion and $3.6 billion, and core earnings per share between $0.42 and $0.49.

Ed Schlesinger, executive vice president and chief financial officer of ▲ Corning Gorilla Glass Corning, said: "in the first quarter, we achieved core sales of $3.4 billion and core earnings per share of $0.41, with a gross profit margin of 35.2% and an operating margin of 15.5%. This is a significant improvement compared to the fourth quarter of 2022. Driven by profit improvement measures and showing a continued recovery in the technology business, we expect sales, profit margins and cash revenue to grow in the second quarter. "

In terms of mobile phone cover glass, Corning said it will continue to improve the performance and large-scale production of cover glass for bendable equipment.

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