Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission file number: 1-3247 CORNING INCORPORATED (Exact name of registrant as specified in its charter) New York 16-0393470 (State or other ju ...

Financial Data and Key Metrics - Q4 2022 sales were $3.6 billion, at the high end of the guided range, with EPS of $0.47 [5] - Full-year 2022 sales grew 5% to $14.8 billion, with EPS increasing 1% to $2.09 [5] - Gross margin for the year was 36%, and free cash flow was $1.24 billion [5] - Q4 gross margin was 34%, down 250 basis points sequentially, and operating margin was 14%, down 290 basis points sequentially [19] - Core earnings in Q4 were increased by $256 million due to restructuring charges and noncash mark-to-market adjustments [3] Business Line Performance - **Optical Communications**: Q4 sales were $1.2 billion, down $122 million sequentially, with net income of $130 million, down $53 million sequentially [20] - **Display**: Q4 sales grew 14% sequentially to $783 million, with net income up 28% to $171 million [22] - **Specialty Materials**: Q4 sales were $505 million, down 3%, with full-year sales flat at $2 billion [25] - **Environmental Technologies**: Q4 sales were $394 million, up 12% year-over-year, with net income up 28% to $69 million [26] - **Life Sciences**: Q4 sales were $294 million, down sequentially and year-over-year, impacted by lower demand for COVID-related products [26] - **Hemlock and Emerging Growth Businesses**: Q4 sales were $462 million, up 22% year-over-year, with full-year sales up 34% to $1.7 billion [27] Market Performance - China's COVID-related disruptions in December impacted consumer sentiment and labor availability, affecting demand for products in Display, Environmental, and Specialty Materials [9] - Panel maker utilization in Display declined in January, delaying the industry recovery by at least a quarter [29] - Automotive Glass Solutions saw strong growth in 2022, with a focus on increasing content per car to $100 [12] Strategic Direction and Industry Competition - The company is focused on long-term growth opportunities in Optical Communications, solar, and automotive, driven by secular trends like broadband, 5G, and renewable energy [11][12] - In Optical Communications, the company is in the early phases of a multiyear build cycle driven by broadband, 5G densification, and cloud computing [11] - The company is leveraging the Inflation Reduction Act to grow its solar business and contribute to a sustainable U.S.-based solar supply chain [11] - In Display, the company expects to emerge from the industry correction with strengthened customer relationships and refreshed manufacturing capabilities [11] Management Commentary on Operating Environment and Future Outlook - The company expects Q1 2023 sales to decline more than normal seasonality, but margins to increase sequentially due to recent pricing and productivity actions [8] - Management anticipates sequential sales growth in Q2 and year-over-year growth in the second half of 2023 [10] - The company is confident in its ability to deliver durable, multiyear growth with improved margins and cash generation [16] Other Important Information - The company has hedged most of its foreign currency exposure for 2023 and 2024, with a core rate of 107 yen [30] - Capital expenditures for 2023 are expected to be consistent with 2022 levels [29] - The company plans to recommend a dividend increase from $1.08 to $1.12 per share [32] Q&A Summary Question: Impact of yen hedging on 2023 and 2024 [34] - The company has hedged most of its yen exposure for 2023 and 2024, with a core rate of 107 yen [35] Question: Corning's role in bendable and augmented reality [34] - The company is investing in innovations for bendable displays and augmented reality, with new products expected in the coming years [37][38] Question: Sequential growth in EPS and margin improvement [39] - Margins are expected to improve sequentially in Q1, with a significant increase in profitability despite a lower tax rate [40][41] Question: Growth in Automotive Glass Solutions [42] - The company is seeing strong growth in exterior automotive glass, driven by trends in electric vehicles and laminated technologies [44] Question: Display industry recovery and TV sales outlook [45] - Panel maker utilization is expected to recover, with retail market recovery anticipated later in the year [49] Question: Long-term opportunity in Hemlock and margin potential [51] - The company aims to build a $1 billion solar business, with Hemlock's gross margin around the corporate average [52][53] Question: Productivity ratio improvements [54] - The company has taken significant actions to improve productivity and reduce costs, aiming to return to pre-pandemic operational levels [56][57] Question: New content wins in Specialty Materials [58] - The company expects new content wins to drive outperformance in 2023, depending on the success of new product launches [59] Question: Optical Communications revenue and profitability [64] - The weakness in Optical Communications was driven by multiple carriers pacing projects, with profitability impacted by inflation and lower volumes [65][66] Question: EPS trajectory and Optical Communications recovery [67] - The company expects to return to a $2 EPS run rate when revenues reach Q4 2022 levels, with Optical Communications recovery expected later in the year [68][70] Question: Free cash flow and share buybacks [71] - The company aims to improve operating cash flow by reducing inventory, with share buybacks remaining a priority after completing the Samsung preferred share conversion [72][74]

Corning Incorporated (NYSE:GLW) Barclays 2022 Global Technology, Media and Telecommunications Conference December 8, 2022 12:50 PM ET Company Participants Edward Schlesinger - EVP and Chief Financial Officer Conference Call Participants Timothy Long - Barclays Timothy Long Tim Long here, Barclays IT hardware, comm equipment analyst. Happy to have Corning with us. We have Ed Schlesinger, EVP, CFO. Relatively new to the role within a year. It's been done a pretty good job in some tumultuous times so far this ...

Corning Incorporated (NYSE:GLW) Credit Suisse 26th Annual Technology Conference November 29, 2022 10:15 AM ET Company Participants Jeffrey Evenson - Executive Vice President & Chief Strategy Officer Conference Call Participants Shannon Cross - Credit Suisse Shannon Cross Okay, great. So hi, everyone. Thank you for joining us. My name is Shannon Cross, and I'm the IT Hardware Analyst at Credit Suisse. So anyway, today I'm joined by Dr. Jeff Evenson, Chief Strategy Officer at Corning. So I think before we get ...