Corning Incorporated (GLW) Q4 2022 Earnings Call Transcript

Corning Incorporated (NYSE:GLW) Q4 2022 Results Conference Call January 31, 2023 8:30 AM ET

Company Participants

Ann Nicholson - VP, IR

Wendell Weeks - Chairman, CEO

Ed Schlesinger - EVP, CFO

Conference Call Participants

Asiya Merchant - Citi

Josh Spector - UBS

Matt Niknam - Deutsche Bank

Samik Chatterjee - JP Morgan

Shannon Cross - Credit Suisse

Steven Fox - Fox Advisors

Tim Long - Barclays

Wamsi Mohan - Bank of America

Martin Yang - Oppenheimer

Operator

Welcome to the Corning Incorporated Fourth Quarter 2022 Earnings Call. [Operator Instructions].

It is my pleasure to introduce to you, Ann Nicholson, Vice President of Investor Relations.

Ann Nicholson

Thank you, Crystal, and good morning, everybody. Welcome to Corning's fourth quarter 2022 earnings call. With me today are Wendell Weeks, Chairman and Chief Executive Officer; Ed Schlesinger, Executive Vice President and Chief Financial Officer; and Jeff Evenson, Executive Vice President and Chief Strategy Officer.

I'd like to remind you that today's remarks contain forward-looking statements that fall within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties and other factors that could cause actual results to differ materially. These factors are detailed in the company's financial reports.

You should also note that we'll be discussing our consolidated results using core performance measures, unless we specifically indicate our comments are related to GAAP data. Our core performance measures are non-GAAP measures used by management to analyze the business.

For the fourth quarter, the difference between GAAP and core EPS stemmed primarily from restructuring charges as well as noncash mark-to-market adjustments associated with the company's currency hedging contracts and foreign debt. In total, these increased core earnings in the fourth quarter by $256 million. As a reminder, the mark-to-market accounting has no impact on our cash flow.

A reconciliation of core results to the comparable GAAP value can be found in the Investor Relations section of our website at corning.com. You may also access core results on our website with downloadable financials in the Interactive Analyst Center. Supporting slides are being shown live on our webcast, and we encourage you to follow along. They're also available on our website for downloading.

And now I'll turn the call over to Wendell.

Wendell Weeks

Thank you, Ann, and good morning, everyone. Today, we reported fourth quarter and full year 2022 financial results. Throughout the year, a series of pandemic-driven effects continued to ripple across the global economy. Nevertheless, we executed well to grow sales and advanced strategic initiatives, while addressing the implications that the current environment poses for margins and cash generation.