CORNING INCORPORATED Reports Second Quarter FY2023 Earnings Results on June 30, 2023
August 4, 2023
🌥️Earnings Overview
On June 30, 2023, CORNING INCORPORATED ($NYSE:GLW) reported their second quarter FY2023 financial results, with total revenue of USD 3243.0 million, representing a 10.3% year-over-year decline. The company’s reported net income for the quarter was USD 281.0 million, a decrease of 50.1% compared to the same quarter of the prior year.
Price History
The company’s stock opened at $33.7 and closed at $34.0, representing a 2.4% increase from the previous closing price of $33.2. This increase has been driven by strong performances in the company’s markets around the globe. The company also announced that it has returned $1 billion to shareholders through dividend payments and stock buybacks, and plans to launch additional initiatives to increase returns to shareholders during FY2023.
In conclusion, CORNING INCORPORATED had a successful reporting of its second quarter FY2023 earnings results with increases in revenue, operating income, net income, and diluted earnings per share being reported. The company also announced that it plans to return more money to shareholders this fiscal year, which is sure to please investors. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Corning Incorporated. More…
| Total Revenues | Net Income | Net Margin |
| 13.31k | 629 | 3.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Corning Incorporated. More…
| Operations | Investing | Financing |
| 1.89k | -1.3k | -635 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Corning Incorporated. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 28.64k | 16.93k | 13.92 |
Key Ratios Snapshot
Some of the financial key ratios for Corning Incorporated are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 7.6% | 49.1% | 9.1% |
| FCF Margin | ROE | ROA |
| 1.9% | 6.5% | 2.6% |
Analysis
At GoodWhale, we conducted an analysis regarding CORNING INCORPORATED‘s wellbeing. After a thorough review, our Risk Rating algorithm rated CORNING INCORPORATED as a medium risk investment. This means that CORNING INCORPORATED has both financial and business risks. In our analysis, we detected two risk warnings in its income sheet and balance sheet. If you want to take a closer look at the findings, you can register with us to gain access to the details. More…
Peers
Corning Incorporated is one of the world’s leading innovators in materials science, with a more than 165-year track record of life-changing inventions. Corning applies its unparalleled expertise in glass science, ceramic science, and optical physics along with its deep manufacturing and engineering capabilities to develop category-defining products that transform industries and enhance people’s lives.
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Summary
CORNING INCORPORATED reported their Q2 FY2023 earnings results on June 30, 2023, which showed total revenue of USD3243.0 million, representing a 10.3% decrease from the same quarter a year prior. Net income was USD281.0 million, a decrease of 50.1%. Investors should take this into account when considering the company as an investment opportunity. They should further be aware of the company’s business model and competitive advantages, as well as potential risks in the market before making a decision.
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