Corning Incorporated · NYSE:GLW
Corning — UBS Global Technology Conference 2023
18 slides from Corning's conference presentation, Nov 28, 2023
Slide 1: Corning
CORNING
Slide 2: UBS Global Technology Conference
UBS Global Technology Conference Dr. Jeffrey Evenson Executive Vice President & Chief Strategy Officer November 28, 2023
Slide 3: Forward-Looking and Cautionary Statements
Forward-Looking and Cautionary Statements The statements contained in this presentation and related comments by management that are not historical facts or information and contain words such as “will,” “believe,” “anticipate,” “expect,” “intend,” “plan,” “seek,” “see,” “would,” “target,” “estimate,”
Slide 4: Use of Non-GAAP Financial Information
Use of Non-GAAP Financial Information Corning has included non-GAAP financial measures in this presentation to supplement Corning’s consolidated financial statements presented on a GAAP basis. In managing the Company and assessing our financial performance, we adjust certain measures provided by our
Slide 5: UBS Global Technology Conference
UBS Global Technology Conference Dr. Jeffrey Evenson Executive Vice President & Chief Strategy Officer November 28, 2023
Slide 6: Long-Term Strategy
VALUE CREATION MODEL Long-Term Strategy Capturing synergies among them creates ✓ Breakthrough products and processes ✓ Improved return on innovation investment ✓ Reduced capital intensity © 2023 Corning Incorporated 6
Slide 7: "More Corning"
“More Corning” © 2023 Corning Incorporated 7
Slide 8: Long-Term Strategy
VALUE CREATION MODEL Long-Term Strategy © 2023 Corning Incorporated 8
Slide 9: Improving Profitability and Cash Flow
NEAR TERM EXECUTION Improving Profitability and Cash Flow • Executing plans to improve profitability and cash flow in current period of lower volume • Confident markets will normalize • Expect improving leverage on volume growth © 2023 Corning Incorporated 9
Slide 10: Third Quarter Results
NEAR TERM EXECUTION Third Quarter Results • Gross Margin expanded by 340 basis points versus fourth quarter of 2022, on almost $200M less in sales • Free cash flow grew $156M sequentially and $211M year over year • Results driven by gross margin improvements, lower inventory, and lower capital spend
Slide 11: © 2023 Corning Incorporated
© 2023 Corning Incorporated
Slide 12: Optical Communications
OPTICAL COMMUNICATIONS © 2023 Corning Incorporated 12
Slide 13: Display Technologies
DISPLAY TECHNOLOGIES © 2023 Corning Incorporated 13
Slide 14: Mobile Consumer Electronics
MOBILE CONSUMER ELECTRONICS © 2023 Corning Incorporated 14
Slide 15: Automotive
AUTOMOTIVE © 2023 Corning Incorporated 15
Slide 16: Life Sciences
LIFE SCIENCES © 2023 Corning Incorporated 16
Slide 17: Looking Ahead
Looking Ahead • Ability to deliver another $3B+ in sales with powerful incrementals and minimal cash investments • On the right track ✓ Enhancing profits ✓ Improving cash generation ✓ Delivering new products ✓ Maintaining market positions and ability to capture upside © 2023 Corning Incorporated 17
Slide 18: Corning
CORNING