Investing.com -- Corning Inc (NYSE:GLW). has projected its core sales for the first quarter to exceed $3.6 billion. The forecast aligns with the company’s previous expectations, which also saw core sales of about $3.6 billion.
The company also anticipates its core earnings per share (EPS) to be at the higher end of the 48 cents to 52 cents range, which is consistent with its previous forecast. The estimated core EPS is 50 cents.
In addition to its first quarter forecast, Corning has raised its 2023-2027 sales compound annual growth rate (CAGR) from 25% to 30% for its Optical Communications’ Enterprise business. The company has also announced the launch of a new Solar Market-Access Platform, which is expected to enhance sales, profit, and cash flow starting in the third quarter of the year.
Corning’s management has upgraded its high-confidence Springboard plan, aiming to add more than $4 billion in annualized sales and achieve an operating margin of 20% by the end of 2026. The internal Springboard plan has also been upgraded with a goal to add $6 billion in annualized sales by 2026.
The newly launched Solar Market-Access Platform is expected to expand from a revenue stream of approximately $1 billion in 2024 to a $2.5 billion revenue stream by 2028.
Finally, the company’s management remains optimistic that the Display segment will deliver net income ranging from $900 million to $950 million this year, and achieve a net income margin of 25%.
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