Corning Upgrades and Extends Springboard Plan, Outlines New Phase of Accelerating Growth
Corning Incorporated is holding an investor event at the New York Stock Exchange to upgrade and extend its Springboard plan. This plan is focused on growth through its Market-Access Platforms (MAP). The event aims to highlight the next phase of Corning's accelerating growth strategy.
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Corning Incorporated (NYSE: GLW) will hold an investor event at the New York Stock Exchange today to upgrade and extend its Springboard plan, driven by growth across its Market-Access Platforms (MAP).
The company expects to reach its target of a $20 billion annualized sales run rate by the end of 2026, delivering a 15% sales CAGR from Q4 2023 to Q4 2026. Entering 2027, Corning will begin a new phase of accelerating growth, and the company expects a significantly higher sales CAGR of 19% from Q4 2026 to Q4 2030.
Wendell P. Weeks, chairman, chief executive officer, and president, said, "As we enter a new phase of accelerating growth in 2027, we expect important contributions and milestones in each of our Market-Access Platforms. At today's event, we will focus on our overall corporate outlook for this exciting period. We will also take a deeper dive on the technical trends driving our new Photonics MAP, as well as stronger growth in our Enterprise Networks MAP."
Weeks continued, "In our Enterprise MAP, we expect to capture strong growth as AI data center cluster size increases in scale out, and optical scale up takes hold. In our new Photonics MAP, we plan to build a $10 billion revenue stream by 2030. Our newly announced partnership with NVIDIA to strengthen U.S. manufacturing for AI infrastructure highlights our opportunity with Gen AI OEM customers."
Highlights:
- Corning expects to achieve its 2026 internal Springboard plan, which it upgraded in January, to add $6.5 billion in incremental annualized sales, from its Q4-2023 starting point, reaching a $20 billion annualized sales run rate by the end of 2026.
- The company is upgrading its 2028 Springboard plan:
- Corning is upgrading its internal Springboard plan to now grow sales to a $30 billion annualized run rate by the end of 2028, as it captures a $17 billion spring versus the $11 billion spring it outlined in January.
- The company is now also providing a high-confidence plan to grow sales to a $27 billion annualized run rate by the end of 2028.
- Corning extends Springboard through 2030:
- Corning is extending its internal Springboard plan to grow sales to a $40 billion annualized run rate by the end of 2030.
- The company is also providing a high-confidence plan to grow sales to a $35 billion annualized run rate by the end of 2030.
Ed Schlesinger, executive vice president and chief financial officer, said, "When we launched Springboard in Q4 2023, we set out a very compelling growth plan, and we're clearly outperforming our original expectations. The plan has been a tremendous success, and we have dramatically enhanced our return profile over the first two years of Springboard."
Schlesinger continued, "As we look ahead, not only do we plan to deliver strong growth, but we will also appropriately share the risk of our investments through our long-term customer agreements. We plan to continue growing free cash flow throughout the plan while investing to capture growth. Therefore, we expect to deliver a new phase of accelerating growth on a significantly enhanced financial profile."
Investor Event Call Information
Corning Incorporated will host investors and analysts today at the New York Stock Exchange, starting at 9 a.m. ET. To register for the webcast of the call, click here.
About the company
Corning (www.corning.com) is one of the world's leading innovators in materials science, with a 175-year track record of life-changing inventions. Corning applies its unparalleled expertise in glass science, ceramic science, and optical physics, along with its deep manufacturing and engineering capabilities to develop category-defining products that transform industries and enhance people's lives. Corning succeeds through sustained investment in RD&E, a unique combination of material and process innovation, and deep, trust-based relationships with customers who are global leaders in their industries. Corning's capabilities are versatile and synergistic, which allows the company to evolve to meet changing market needs, while also helping its customers capture new opportunities in dynamic industries. Today, Corning's markets include optical communications, mobile consumer electronics, display, automotive, solar, semiconductors, and life sciences.
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