Corning Reports Mixed Q3 Results with 7% Revenue Growth, Net Loss

Corning Incorporated reported its financial results for the third quarter and the first nine months of 2024, highlighting a mixed performance in revenue and profitability compared to the previous fiscal period. For the three months ended September 30, 2024, net sales reached $3,391 million, a 7% increase from $3,173 million in the same period of 2023. For the nine months, net sales slightly rose to $9,617 million from $9,594 million year-over-year.

The gross margin for the third quarter improved to $1,137 million, up 13% from $1,004 million in 2023, while for the nine months, it increased to $3,079 million from $3,020 million. However, operating income for the third quarter was $302 million, compared to $236 million in the prior year, but the nine-month operating income decreased to $742 million from $812 million.

Despite the revenue growth, Corning reported a net loss of $(95) million for the third quarter, a significant decline from a net income of $182 million in the same quarter of 2023. For the nine months, net income was $252 million, down from $676 million in the previous year. The loss attributable to Corning Incorporated for the third quarter was $(117) million, compared to a profit of $164 million in 2023.

The company’s performance was influenced by various factors, including a notable increase in telecommunication product sales, which rose by $328 million in the third quarter. However, this was offset by declines in environmental substrate and filter products, as well as polycrystalline silicon sales. For the nine months, increases in telecommunication and specialty glass product sales were countered by decreases in polycrystalline silicon and environmental substrate sales.

Corning's total assets decreased to $28,322 million as of September 30, 2024, from $28,500 million at the end of 2023. Shareholders’ equity also fell to $11,103 million from $11,551 million. The company reported total current liabilities of $4,637 million, up from $4,319 million at the end of 2023.

In terms of strategic developments, Corning has been actively managing its capital expenditures, which totaled $711 million for the nine months, with expectations for lower full-year expenditures compared to 2023. The company also repurchased 3.8 million shares for approximately $135.4 million during the nine months, with about $3.2 billion remaining under its share repurchase authorization.

Overall, while Corning experienced revenue growth in certain segments, the net losses and declines in profitability reflect ongoing challenges in specific product lines and market conditions.