Corning has reported revenue of $3.5 billion (up 17 percent) in Q4 2024 and $13.118 billion (up 4 percent) in 2024.
Corning’s Optical Communications business sales were $1.4 billion (up 51 percent) in fourth-quarter and $4.66 billion (up 16 percent) for full-year, driven by strong adoption of Corning’s new Gen AI products. Optical Communications saw record sales in the Enterprise portion of the business, which were up 93 percent in the fourth quarter.
Corning’s Optical Communications business has introduced generative AI products in June 2024 and communicated expected sales CAGR for Enterprise Networks of 25 percent from 2023-2027. Demand for new generative AI products grew each quarter for the remainder of 2024. Sales in Enterprise Networks grew 93 percent in Q4 and 49 percent for the full year to a record $2 billion.
Corning’s Display Technologies business sales were $971 million (up 12 percent) in fourth-quarter. Corning raised glass prices in second half of 2024 to maintain stable U.S. dollar net income in a weaker yen environment.
Corning’s Specialty Materials sales were $515 million (up 9 percent) in fourth-quarter and $2 billion (up 8 percent) in full-year, driven by strong demand for the company’s premium glass innovations.
Corning’s Environmental Technologies sales were $397 million (down 7 percent) in Q4 and $1.67 billion (down 6 percent) in full-year, primarily driven by weaker global heavy-duty diesel markets, particularly in Europe.
Wendell P. Weeks, chairman and chief executive officer, said: “We’re off to a terrific start on our high-confidence ‘Springboard’ plan to add more than $3 billion in annualized sales, and to achieve operating margin of 20 percent, by the end of 2026.”
TelecomLead.com News Desk
