The company introduced plans to improve profitability and cash flow at the start of 2023, taking actions to restore productivity ratios and raise prices to share inflation with customers.

The company remains confident in key industry growth drivers such as wireless, broadband, 5G, cloud computing, and advanced artificial intelligence in Optical communications, and increased screen sizes in Display Technologies.

The company expects core net sales of approximately $3.1 billion for the first quarter of 2024, indicating a focus on near-term performance.

Management took actions throughout 2023 to restore productivity ratios to historical levels and to raise prices to share inflation with customers, demonstrating a proactive approach to addressing challenges.

The company is entering 2024 operationally strong and remains confident that key industry growth drivers are intact, indicating a focus on building a solid foundation.

Management believes the company is well-positioned with production capacity and technical capabilities, emphasizing technology leadership and low-cost production in its markets.

The company acknowledges the risk of inflationary price pressures, uncertain availability of commodities, raw materials, utilities, labor, and instability in logistics, which could increase costs and negatively impact profitability.

The company cites factors such as supply chain disruptions, manufacturing interruptions or delays, and the failure to accurately forecast customer demand as risks that could affect its ability to meet customer demand and lead to higher costs.

The company acknowledges that health crisis events, including epidemics or pandemics such as COVID-19, have impacted and may further impact the economy and could have additional impacts on supply chains and operations.

Corning maintains leadership positions in its principal product groups, including carrier and enterprise networks, as well as being the largest worldwide producer of glass substrates for flat panel displays.

The company notes that the competitive landscape includes industry consolidation, pricing pressure and competition for innovation, which are likely to persist.

Corning strives to maintain and improve its market position through technology and product innovation, deep customer relationships, reliability of supply, product quality, superior customer service and technical specification of products.

Throughout 2023, actions were taken to improve profitability, including raising prices, restoring productivity levels, and normalizing inventory levels.

The company is focused on cost optimization, with actions taken to restore productivity ratios to historical levels and to raise prices to share inflation with customers.

The company relies on the timely supply of raw materials, precious metals, natural resources, utilities, equipment, and services to meet changing customer requirements, depending in part on suppliers and contract manufacturers.

The company emphasizes its innovation model of research and development as a key driver for developing products that customers demand and lowering manufacturing costs.

Each business segment possesses a patent portfolio that provides certain competitive advantages in protecting innovations, with approximately 12,975 unexpired patents worldwide.

The company's sustained investment in research, development and engineering capabilities is highlighted as a key factor in its ability to solve challenges alongside its customers.

The company's major sources of funding include operating cash flow, existing cash balances, and proceeds from debt issuances, with a focus on generating cash from operations.

The company has a remaining authorization of $3.3 billion for share repurchases under its 2019 Authorization, indicating a commitment to returning value to shareholders.

The company expects to continue to declare quarterly dividends and fund payments with cash from operations, demonstrating a commitment to shareholder returns.

The company has an extensive program to ensure facilities comply with state, federal and foreign pollution-control regulations, with capital expenditures for pollution control estimated at $20.1 million in 2024.

The company is focused on building globally diverse teams and creating an inclusive environment, with a global workforce comprised of 64% men and 36% women.

The company emphasizes the health and safety of its workforce, with safety standards that meet or exceed local regulatory standards and a focus on wellness programs.

The company acknowledges exposure to risks associated with an uncertain, recessionary and inflationary global economy, which could impact operating results.

The company notes that health crisis events, including epidemics or pandemics, have impacted and may further impact the economy and could have additional impacts on supply chains and operations.

The company is subject to both U.S. laws and local laws where it operates, including data privacy requirements, employment and labor laws, tax laws, anti-competition regulations, and import and trade restrictions.