Corning Incorporated (NYSE:GLW) Q2 2024 Earnings Conference Call July 30, 2024 8:30 AM ET
Company Participants
Ann Nicholson - Vice President, Investor Relations
Wendell Weeks - Chairman & Chief Executive Officer
Ed Schlesinger - Executive Vice President & Chief Financial Officer
Conference Call Participants
Asiya Merchant - Citi
Samik Chatterjee - JPMorgan
Steven Fox - Fox Advisors LLC
Martin Yang - OpCo
Ruplu Bhattacharya - Bank of America Securities
Mehdi Hosseini - Susquehanna International Group
James Cannon - UBS
Meta Marshall - Morgan Stanley
Tim Long - Barclays
George Notter - Jefferies
Operator
Welcome to the Corning Incorporated Quarter Two 2024 Earnings Call. [Operator Instructions]
It is my pleasure to introduce to you, Ann Nicholson, Vice President of Investor Relations.
Ann Nicholson
Thank you, and good morning, everybody. Welcome to Corning's second quarter 2024 earnings call. With me today are Wendell Weeks, Chairman and Chief Executive Officer; and Ed Schlesinger, Executive Vice President and Chief Financial Officer.
I'd like to remind you that today's remarks contain forward-looking statements that fall within the meaning of 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 relate to GAAP data.
Our core performance measures are non-GAAP measures used by management to analyze the business. For the second quarter, the difference between GAAP and core EPS, primarily reflected constant currency adjustments, translated earnings contract gains and translation gains on Japanese yen-denominated debt as well as restructuring and primarily non-cash asset write-off charges.
As a reminder, GAAP 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. We encourage you to follow along. We are 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 announced strong second quarter 2024 results. We returned to year-over-year growth, and we exceeded the sales and EPS guidance we shared going into the quarter in April. The outperformance was driven primarily by the strong adoption of our new optical connectivity products for generative AI. So why don't we start today with a quick explanation of why this application provides a great growth opportunity for our shareholders.