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Corning | 10-Q: Q2 2024 Earnings Report

Corning | 10-Q: Q2 2024 Earnings Report

康寧 | 10-Q：2024財年二季報
美股SEC公告 ·  2024/08/03 04:28

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Corning reported Q2 2024 net sales of $3.25 billion, relatively flat compared to Q2 2023, while net income declined 63% to $104 million. The results were impacted by $138 million in restructuring charges primarily related to a display manufacturing plant closure. Core sales increased 4% to $3.6 billion, driven by growth in Display Technologies, Specialty Materials and Optical Communications segments.Display Technologies segment sales rose 9% on higher panel maker utilization and pricing actions, while Specialty Materials grew 18% on strong demand for premium mobile device glass. Optical Communications increased 4% due to AI-related connectivity solutions, though carrier demand remained soft as customers continued inventory drawdowns.Management expects Q3 2024 core sales of approximately $3.7 billion and outlined a "Springboard" plan targeting over $3 billion in annualized core sales growth over three years. The growth strategy focuses on opportunities in AI-driven optical demand, larger display screens, automotive glass expansion, and U.S. solar supply chain development leveraging the Inflation Reduction Act.
Corning reported Q2 2024 net sales of $3.25 billion, relatively flat compared to Q2 2023, while net income declined 63% to $104 million. The results were impacted by $138 million in restructuring charges primarily related to a display manufacturing plant closure. Core sales increased 4% to $3.6 billion, driven by growth in Display Technologies, Specialty Materials and Optical Communications segments.Display Technologies segment sales rose 9% on higher panel maker utilization and pricing actions, while Specialty Materials grew 18% on strong demand for premium mobile device glass. Optical Communications increased 4% due to AI-related connectivity solutions, though carrier demand remained soft as customers continued inventory drawdowns.Management expects Q3 2024 core sales of approximately $3.7 billion and outlined a "Springboard" plan targeting over $3 billion in annualized core sales growth over three years. The growth strategy focuses on opportunities in AI-driven optical demand, larger display screens, automotive glass expansion, and U.S. solar supply chain development leveraging the Inflation Reduction Act.
康寧報告2024年第二季度淨銷售額爲32.5億元，相比2023年第二季度基本持平，而凈利潤下降63%至10400萬元。業績受到13800萬元重組費用的影響，這主要與一個顯示製造工廠的關閉有關。核心銷售額增長4%至36億元，得益於顯示技術、特種材料和光通信部門的增長。顯示技術部門銷售額因面板製造商的利用率和定價措施上升9%，而特種材料因對高端移動設備玻璃的強勁需求增長了18%。光通信因與人工智能相關的連通解決方案增長4%，儘管運營商需求仍然疲軟，因爲客戶繼續減少庫存。管理層預計2024年第三季度核心銷售額約爲37億元，並提出了一個"跳板"計劃，目標是在三年內實現超過30億元的年化核心銷售增長。該增長策略着眼於人工智能驅動的光需求、較大顯示屏、汽車玻璃擴張以及利用《通貨膨脹削減法》推動美國太陽能供應鏈的發展。
康寧報告2024年第二季度淨銷售額爲32.5億元，相比2023年第二季度基本持平，而凈利潤下降63%至10400萬元。業績受到13800萬元重組費用的影響，這主要與一個顯示製造工廠的關閉有關。核心銷售額增長4%至36億元，得益於顯示技術、特種材料和光通信部門的增長。顯示技術部門銷售額因面板製造商的利用率和定價措施上升9%，而特種材料因對高端移動設備玻璃的強勁需求增長了18%。光通信因與人工智能相關的連通解決方案增長4%，儘管運營商需求仍然疲軟，因爲客戶繼續減少庫存。管理層預計2024年第三季度核心銷售額約爲37億元，並提出了一個"跳板"計劃，目標是在三年內實現超過30億元的年化核心銷售增長。該增長策略着眼於人工智能驅動的光需求、較大顯示屏、汽車玻璃擴張以及利用《通貨膨脹削減法》推動美國太陽能供應鏈的發展。
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