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Corning Q2 In Line With Pre-Announcement; Q3 Guidance Slightly Soft But Not A Spread Mover

TECHNOLOGY

Rating: Baa1[N]/BBB+[N] EUR Spreads 1bp tighter

  • Q2 revenues in line with pre-announcement with a beat on op income. Q2 cash flow slightly soft but still seeing growth half-on-half. Q3 guidance very slightly soft though this could be conservative. Not a spread mover.

  • Q2 core sales +4% YoY to USD 3.6bn (in-line with consensus and pre-announcement) driven by net sales growth of 4% in Optical Comms and 9% in Display Tech (roughly a quarter of the business each, Display Tech looks like a 7% beat). Op income was +2.3% YoY (+5.3% vs. consensus).
  • OCF was -15.8% YoY for Q2 though was +8.2% YoY for H1. Q2 FCF of USD 353mn up from USD 310mn in Q223 while H1 FCF of USD 291mn was up from USD -73mn in H123.
  • The Q3 outlook doesn’t look so soft as first glance; core sales guidance of USD 3.7bn against consensus of USD 3.74bn and core EPS of 50-54c against consensus of 54c (though we note that this quarter Corning pre-announced an EPS beat ahead of these results so guidance here could also be conservative).
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