Corning Shares Jump 7.8% as Fourth Quarter Sales Beat Estimates

The company said core sales declined 5% to $3.27 billion in the fourth quarter from a year earlier as Corning grappled with a lower-demand environment. That's better than the $3.26 billion expected by analysts surveyed by LSEG, according to Reuters.

"We are entering 2024 operationally strong, and we have the opportunity to increase our sales by more than $3 billion in the medium term as our markets normalize," Chairman and Chief Executive Officer Wendell Weeks said in the company's press release. "As we capture that growth, we expect to deliver powerful incremental profit and cash flow - which is a terrific opportunity for our shareholders."

Core earnings reached 39 cents per share during the quarter, matching analysts' estimates. Core earnings reflects constant currency adjustements, ranslation losses on Japanese yen-denominated debt, translated earnings contract gains, restructuring and asset write-off charges.

Corning expects first quarter 2024 core sales of $3.1 billion and core earnings per share of 32 cents to 38 cents and sees the three-month period to be the low quarter of the year.