Corning Shares Gain on Q4 Beat, Robust Outlook

January 26, 2022Updated: January 26, 2022

Corning Inc. reported fourth-quarter FY21 core sales growth of 12 percent year-on-year to $3.71 billion, above the consensus of $3.59 billion.

Display Technologies sales grew 12 percent Y/Y to $942 million due to a favorable glass pricing environment.

Optical Communications sales rose 24 percent Y/Y to $1.2 billion as 5G, broadband, and cloud computing continue to drive growth across the segment.

Specialty Materials sales declined 5 percent Y/Y to $518 million. Life Sciences sales rose 16 percent Y/Y to $317 million.

Environmental Technologies sales declined 21 percent Y/Y to $353 million, reflecting lower production levels in the automotive industry due to the semiconductor chip shortage.


The core gross margin contracted 180 basis points Q/Q to 36.5 percent. The below-normal automotive production, seasonally lower sales in Specialty Materials, and inflationary headwinds reduced profitability.

Core EPS of $0.54 beat the consensus of $0.52.

Corning generated $425 million in free cash flow.


Corning sees Q1 FY22 core sales of $3.5 billion – $3.7 billion, above the consensus of $3.42 billion. It sees core EPS of $0.48 – $0.53 versus the consensus of $0.48.

Corning sees FY22 sales of $15 billion and profit to grow faster than sales.

By Anusuya Lahiri

© 2021 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.

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