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Corning | 10-Q: Q2 2024 Earnings Report

Corning | 10-Q: Q2 2024 Earnings Report

康宁 | 10-Q：2024财年二季报
美股SEC公告 ·  2024/08/02 16:28

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Corning reported Q2 2024 net sales of $3.25 billion, flat year-over-year, while net income fell 63% to $104 million. Core sales rose 4% to $3.6 billion and core net income increased 5% to $407 million. Display Technologies and Specialty Materials segments saw strong growth, offset by declines in Hemlock and Emerging Growth Businesses.The company generated $617 million in operating cash flow for the first half of 2024, up from $570 million last year. Capital expenditures were reduced to $0.5 billion. Corning maintained a strong liquidity position with $1.4 billion in cash and $1.5 billion available under its revolving credit facility.Management expects Q3 2024 core sales of approximately $3.7 billion. Corning outlined its "Springboard" plan to add over $3 billion in annualized core sales over the next three years, driven by growth opportunities across its segments including optical communications, display, automotive, and solar. The company anticipates Q1 2024 to be the lowest quarter and expects to deliver strong incremental profits and cash flow as it captures this projected growth.
Corning reported Q2 2024 net sales of $3.25 billion, flat year-over-year, while net income fell 63% to $104 million. Core sales rose 4% to $3.6 billion and core net income increased 5% to $407 million. Display Technologies and Specialty Materials segments saw strong growth, offset by declines in Hemlock and Emerging Growth Businesses.The company generated $617 million in operating cash flow for the first half of 2024, up from $570 million last year. Capital expenditures were reduced to $0.5 billion. Corning maintained a strong liquidity position with $1.4 billion in cash and $1.5 billion available under its revolving credit facility.Management expects Q3 2024 core sales of approximately $3.7 billion. Corning outlined its "Springboard" plan to add over $3 billion in annualized core sales over the next three years, driven by growth opportunities across its segments including optical communications, display, automotive, and solar. The company anticipates Q1 2024 to be the lowest quarter and expects to deliver strong incremental profits and cash flow as it captures this projected growth.
康宁报告2024年第二季度净销售额为32.5亿元，与去年持平，同时净利润下降63%至10400万元。核心销售额增长4%至36亿元，核心净利润增长5%至40700万元。苹果-显示屏技术和特种材料部门实现强劲增长，但在Hemlock和新兴增长业务方面有所下降。该公司在2024年上半年生成了61700万元的经营现金流，高于去年的57000万元。资本支出减少至5亿元。康宁维持了强劲的流动性，现金为14亿元，循环信贷额度可用15亿元。管理层预计2024年第三季度核心销售额约为37亿元。康宁概述了其“跳板”计划，计划在未来三年内新增超过30亿元的年化核心销售额，推动这一增长机遇的部门包括光通信、苹果-显示屏、汽车和太阳能。该公司预计2024年第一季度将是最低季度，并预计在捕捉这一预期增长的同时，能够实现强劲的增量利润和现金流。
康宁报告2024年第二季度净销售额为32.5亿元，与去年持平，同时净利润下降63%至10400万元。核心销售额增长4%至36亿元，核心净利润增长5%至40700万元。苹果-显示屏技术和特种材料部门实现强劲增长，但在Hemlock和新兴增长业务方面有所下降。该公司在2024年上半年生成了61700万元的经营现金流，高于去年的57000万元。资本支出减少至5亿元。康宁维持了强劲的流动性，现金为14亿元，循环信贷额度可用15亿元。管理层预计2024年第三季度核心销售额约为37亿元。康宁概述了其“跳板”计划，计划在未来三年内新增超过30亿元的年化核心销售额，推动这一增长机遇的部门包括光通信、苹果-显示屏、汽车和太阳能。该公司预计2024年第一季度将是最低季度，并预计在捕捉这一预期增长的同时，能够实现强劲的增量利润和现金流。
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