Corning Inc. announced strong third-quarter earnings, driven by robust demand for its products in the generative AI and fiber optic markets. The company also highlighted significant progress in its “Springboard” plan and a major deal with AT&T.
Corning Inc. reported strong third-quarter earnings on Wednesday, driven in part by the growing demand for its products in the generative AI market.
The company’s Optical Communications segment saw a significant 55% year-over-year increase in sales, fueled by the adoption of its new products designed for AI applications. This surge in demand contributed to record-breaking growth in the segment’s enterprise business.
Corning also announced a multi-year supply agreement worth over $1 billion with AT&T. This deal will see Corning provide next-generation fiber, cable, and connectivity solutions to support AT&T’s expansion of its fiber network and bring high-speed internet to more Americans.
Overall, Corning’s core sales grew by 8% to $3.73 billion. The company also highlighted significant progress in its “Springboard” plan, a strategic initiative aimed at adding over $3 billion in annualized sales and achieving a 20% operating margin by the end of 2026.
Looking ahead to the fourth quarter, Corning expects continued momentum, with year-over-year sales growth accelerating and earnings per share (EPS) growing faster than sales. The company projects core sales of approximately $3.75 billion, representing a 15% year-over-year increase, and core EPS in the range of $0.53 to $0.57, a 40% year-over-year increase.
