Corning Reports 4% Net Sales Increase to $13.1 Billion for Fiscal Year 2024

Corning Incorporated reported a net sales increase of 4% for the fiscal year ending December 31, 2024, reaching $13.1 billion, compared to $12.6 billion in 2023. The growth was primarily driven by a $645 million increase in sales from its Optical Communications segment, which benefited from heightened demand for telecommunications products, particularly those related to artificial intelligence. The company also saw a rise in specialty glass products, contributing an additional $146 million to sales. However, this growth was partially offset by declines in sales from polycrystalline silicon products and environmental technologies, which decreased by $149 million and $95 million, respectively.

In terms of profitability, Corning's gross margin improved to 33% in 2024, up from 31% in the previous year, reflecting a $345 million increase in gross profit to $4.3 billion. This improvement was attributed to management's strategic actions, including price increases and productivity enhancements. Despite these gains, income before income taxes remained relatively flat at $813 million, compared to $816 million in 2023, largely due to increased non-operating expenses, including significant foreign currency translation losses.

Strategically, Corning has initiated its three-year Springboard plan, aiming to add over $3 billion in annualized sales by the end of 2026. The company has already begun implementing price increases in its Display Technologies segment and is focusing on expanding its Optical Communications offerings to capture the growing demand for AI-related connectivity solutions. Additionally, Corning's employee headcount stood at approximately 56,300 as of the end of 2024, reflecting its commitment to maintaining a robust workforce to support its growth initiatives.

Geographically, Corning's international markets accounted for 64% of total net sales in 2024, down from 67% in 2023. The company continues to invest in its manufacturing capabilities, operating 124 plants across 15 countries. The Optical Communications segment represented 32% of total segment net sales, while Display Technologies accounted for 27%. The company also reported a significant increase in capital expenditures, totaling $797 million in 2024, as it continues to enhance its production capacity.

Looking ahead, Corning anticipates core net sales of approximately $3.6 billion for the first quarter of 2025, as it continues to leverage its existing production capacity and technical capabilities to meet growing market demands. The company remains optimistic about its growth trajectory, driven by a convergence of cyclical and secular trends across its various business segments.