Corning (GLW) Q4 2024 earnings summary

Executive summary

• Q4 2024 core sales grew 18% year-over-year to $3.87B, with core EPS up 46% to $0.57 and core operating margin expanding 220 bps to 18.5%.

• FY 2024 core sales reached $14.5B, up 7%, with core EPS up 15% to $1.96 and free cash flow up 42% to $1.25B.

• The company added $2.4B to annualized sales run rate in year one and is ahead of its Springboard plan, planning to upgrade its $3B high-confidence plan at the March investor event.

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

Financial highlights

• Q4 2024 core gross margin was 38.6%, up 170 bps YoY; FY 2024 core gross margin was 38.2%, up 190 bps.

• Q4 core net income was $497M; FY 2024 core net income was $1.7B.

• Q4 core ROIC was 12.7%, up 390 bps YoY.

• Adjusted free cash flow for FY 2024 was $1.25B, up 42% YoY.

Outlook and guidance

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

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

• The company is on track to deliver $3B+ in annualized sales by end of 2026 under its high-confidence Springboard plan.

• Management plans to upgrade the Springboard plan at the March 2025 investor event.