January 29, 2025 13:31 GMT
TECHNOLOGY: Corning Q4 Results
TECHNOLOGY
GLW Baa1[N]/BBB+[N]
Results ahead of consensus. Equity +6% pre-market.
- Q4 sales +18% YoY (+3.5% vs. cons). Q4 op income +34% (+1.1 vs. con).
- Q4 OCF USD 623mn from USD 713mn in Q423. FY USD 1.9bn from USD 2bn in FY23.
- Q4 FCF USD 409mn from USD 487mn in Q423. FY USD 1.2bn from USD 0.9bn.
- Leverage looks lower YoY; BS debt less cash is USD ~0.3bn lower YoY while post-retirement benefits and other LT liabilities also moved lower. EBITDA looks +24% YoY (our calcs).
- “Based on our outperformance, we plan to upgrade this high-confidence plan at our investor event in March.”
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