Corning Incorporated is a global materials science company with expertise in glass science, ceramic science, and optical physics. It develops and manufactures products that transform industries and enhance lives. The company's core business model revolves around combining materials science and manufacturing expertise to create innovative products. Corning's primary revenue streams come from optical communications, mobile consumer electronics, display, automotive, solar, semiconductor, and life sciences markets. The company has a strong market position and competitive advantages due to its deep manufacturing and engineering capabilities, and its sustained investment in research and development. Corning has a global presence with manufacturing operations in 15 countries.

• Employees: 49,800 (full and part-time)
• Geographic Footprint: 15 countries
• Number of locations/facilities: 124 manufacturing plants and processing facilities
• Revenue: $12.588 billion (FY2023)
• Year founded: 1851 (as a glass business), 1936 (present corporation)
• Headquarters: Corning, New York

• CEO: Wendell P. Weeks
• President & COO: Eric S. Musser
• CFO: Edward A. Schlesinger
• Chief Strategy Officer: Jeffrey W. Evenson
• Chief Technology Officer: Jaymin Amin
• Chief Human Resources Officer: Jordana D. Kammerud
• Chief Digital & Information Officer: Soumya Seetharam
• Chief Legal & Administrative Officer: Lewis A. Steverson
• Board Chair: Wendell P. Weeks

Key executives have extensive experience in their respective fields, with many having long tenures at Corning. For example, Wendell P. Weeks has been CEO since 2005 and Chairman since 2007. The leadership team has a diverse background in finance, operations, technology, and strategy.

• Annual Revenue: $12.588 billion (FY2023)
• Net Income: $581 million (FY2023)
• Total Assets: $28.5 billion (as of December 31, 2023)
• Number of Employees: 49,800 (as of December 31, 2023)
• Key Financial Highlights: Revenue decreased by 11% year-over-year, primarily due to a decline in segment sales for Optical Communications, Life Sciences, and Hemlock and Emerging Growth Businesses. Gross margin decreased by 13% year-over-year. Net income decreased by 56% year-over-year.

Corning's main product categories and services include:

• Optical Communications: Optical fiber, cable, and connectivity solutions for carrier and enterprise networks.
• Display Technologies: Glass substrates for flat panel displays, including LCDs and OLEDs.
• Specialty Materials: Gorilla Glass for mobile devices, semiconductor optics, aerospace and defense optics, and radiation shielding products.
• Environmental Technologies: Ceramic substrates and filter products for emissions control in mobile applications.
• Life Sciences: Laboratory products for drug discovery, bioproduction, and other research applications.
• Hemlock and Emerging Growth Businesses: High-purity polysilicon for the solar and electronics industries, pharmaceutical glass tubing and vials, and automotive glass solutions.

Corning operates through five reportable segments:

• Optical Communications: Represented 30% of total segment net sales in 2023.
• Display Technologies: Represented 26% of total segment net sales in 2023.
• Specialty Materials: Represented 14% of total segment net sales in 2023.
• Environmental Technologies: Represented 13% of total segment net sales in 2023.
• Life Sciences: Represented 7% of total segment net sales in 2023.
• Hemlock and Emerging Growth Businesses: Represented 10% of total segment net sales in 2023.

Corning's strategic priorities include driving profitable multiyear growth by inventing, making, and selling life-changing products. Key initiatives include:

• Improving profitability and cash flow through productivity improvements and pricing actions.
• Advancing market leadership in core technologies and markets.
• Investing in research, development, and engineering capabilities to meet changing market needs.
• Focusing on growth drivers such as wireless, broadband, 5G, cloud computing, advanced artificial intelligence, increased screen sizes, tighter emission regulations, and advanced cover materials.

Corning operates in several industries, including telecommunications, mobile consumer electronics, display, automotive, solar, semiconductor, and life sciences. Key market trends affecting the business include:

• Increasing demand for bandwidth and connectivity, driving growth in optical communications.
• Demand for larger, thinner, more flexible, and higher-resolution displays.
• Growing adoption of advanced materials in mobile devices and other applications.
• Tightening emissions control regulations, driving demand for environmental technologies.
• Increasing investment in life sciences research and development.

Major competitors include CommScope Holding Company, Prysmian Group S.p.A., AGC Inc., Nippon Electric Glass Co., Ltd., Schott AG, Heraeus, NGK Insulators, Ltd., Ibiden Co., Ltd., Thermo Fisher Scientific Inc., Avantor, Inc., Greiner AG, Eppendorf SE, Sarstedt AG & Co. KG and Danaher Corporation. Corning is the largest worldwide producer of glass substrates for flat panel displays. The company strives to maintain and improve its market position through technology and product innovation.

• Inflationary Pressures: Increases in the price of commodities, raw materials, utilities, labor, and logistics could negatively impact profitability.
• Supply Chain Disruptions: Manufacturing interruptions, delays, or the failure to accurately forecast customer demand could affect the ability to meet customer demand, lead to higher costs, or result in excess or obsolete inventory.
• Concentrated Customer Base: A relatively small number of end customers account for a high percentage of net sales, which subjects the company to risks including loss of sales or leverage in negotiating contracts.
• Intellectual Property Risks: Difficulties in enforcing intellectual property rights could result in loss of market share and decreased sales and profits, and the company may be subject to claims of infringement of the intellectual property rights of others.
• Cybersecurity Vulnerabilities: Information technology dependency and cybersecurity vulnerabilities could lead to reduced revenue, liability claims, competitive or reputational harm, and result in material adverse effects on operations and financial results.