Corning sees Q1 core EPS 32c-38c, consensus 38c

Sees core sales $3.1B, consensus $3.17B. Anticipates the first quarter to be the low quarter of the year. Ed Schlesinger, executive vice president and chief financial officer, said, “In the fourth quarter, we grew core gross margin by 330 basis points versus the fourth quarter of 2022, and adjusted free cash flow improved to $487 million. Our results in the quarter – and throughout 2023 – reflect the benefits of our actions to increase price, improve our productivity ratios, and reduce inventory. For the first quarter of 2024, we expect core sales of approximately $3.1 billion and EPS in the range of $0.32 to $0.38. We anticipate the first quarter to be the low quarter of the year and to drive profitable, durable growth over the long term.”