Corning Incorporated reported strong financial results for the fourth quarter and full-year 2024, marking the first year of its "Springboard" plan. Fourth-quarter GAAP sales were $3.5 billion, while core sales reached a record $3.9 billion, up 18% year over year. Core earnings per share rose 46% to $0.57, and core operating margin expanded by 220 basis points to 18.5%. The company generated $623 million in operating cash flow for the quarter and $1.25 billion in adjusted free cash flow for the full year.

For 2024, Corning reported GAAP sales of $13.1 billion and core sales of $14.47 billion, reflecting a 7% annual increase. Core EPS increased 15% year over year to $1.96. The company highlighted significant growth in its Optical Communications segment, where Enterprise sales surged 93% year over year in Q4. Display Technologies also implemented successful price increases, with expectations to generate segment net income between $900 million and $950 million in 2025 while maintaining a 25% margin.

For Q1 2025, Corning projects core sales growth of 10% year over year to approximately $3.6 billion, with core EPS rising around 30% to a range of $0.48 to $0.52. Management will update its Springboard plan at an investor event in March, with an upgraded target to add more than $3 billion in annualized sales and achieve a 20% operating margin by 2026.

CEO Wendell P. Weeks emphasized Corning’s ability to capture growth opportunities driven by cyclical and secular trends, while CFO Ed Schlesinger highlighted the company’s strong incremental profit and cash flow performance. The company will provide further financial updates at upcoming investor events.