Corning reports Q4 adjusted EPS 47c, consensus 44c

Reports Q4 revenue $3.41B, consensus $3.55B. Wendell P. Weeks, chairman and CEO, said: "In 2022, Corning grew core sales to $14.8 billion as we built on our strong positions in optical communications and solar – and our businesses continued outperforming their end markets. I’m pleased with the sales growth we continue to deliver despite recession-level demand in markets constituting about half of our sales. However, our profitability and cash flow have lagged sales growth as a number of pandemic-driven effects continue to ripple across the global economy. In response, we took significant additional price and productivity improvement actions in the fourth quarter that will improve margins and cash generation starting this year."