Corning Inc. posted record fourth-quarter 2024 core sales of $3.9 billion, an 18% increase year over year, surpassing Wall Street expectations. The company’s stock reached a 52-week high after reporting core EPS growth of 46% and a 42% rise in free cash flow to $1.25 billion for the year.
CEO Wendell P. Weeks attributed the strong performance to growing demand for products in generative AI, particularly in Optical Communications, which saw a 93% sales surge. The company also implemented price increases in Display Technologies to offset currency challenges.
Corning expects first-quarter revenue of $3.6 billion, a 10% annual increase, with EPS projected to rise 30%. An investor event in March will outline updates to Corning’s ambitious “Springboard” growth plan.
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