Corning Incorporated announced an upgrade to its Springboard plan, along with details on the key milestones achieved across the company, at an investor event in New York City.
Wendell P. Weeks, chairman and chief executive officer, said, “Today, we upgraded our high-confidence Springboard plan to now add more than USD 4 billion in annualized sales, and to achieve operating margin of 20 percent, by the end of 2026. We expect our upgraded sales to come with higher EPS and stronger cash flow and ROIC than we originally anticipated at the start of Springboard.”
Weeks continued, “Overall, we’re making great progress on Springboard across the company. Our strategies are working, and our customers are loving our innovations. As a result, in addition to upgrading our Springboard plan, we are raising our first-quarter guidance. We are also excited to launch a new Solar Market-Access Platform, which we expect to be a USD 2.5 billion business by 2028, with a positive impact on sales, profit, and cash flow later this year.”
Ed Schlesinger, executive vice president and chief financial officer, said, “When we introduced Springboard one year ago, we laid out a compelling financial plan to deliver robust sales, profit, and cash flow. Since the start of Springboard, we have grown core sales 18 percent and core EPS 46 percent, while expanding core operating margin to 18.5 percent. We also expanded core ROIC 390 basis points. Additionally, we grew adjusted free cash flow by 42 percent for full-year 2024.”
Schlesinger continued, “Today, we’re providing a significant upgrade to what was already a quite attractive investment thesis. We’ve upgraded our high-confidence Springboard plan by USD 1 billion. We now expect to add more than USD4 billion in annualized sales, and to achieve a 20 percent operating margin, by the end of 2026.”
The full report is available here.