Corning raised its fourth-quarter outlook after third-quarter results exceeded expectations, with demand for optical components used in artificial-intelligence infrastructure driving the company’s strongest growth. The company expects fourth-quarter core earnings of 96 cents to $1 per share and core sales of $5. 2 billion to $5. 3 billion. The earnings range is above the 93-cent analyst average cited in the supplied reporting, while the sales range brackets the $5. 21 billion consensus estimate. Corning shares rose about 3% before the market opened and had gained 41% during the year through the period described.
Third-quarter core earnings increased 36% from a year earlier to 91 cents per share, exceeding the 88-cent estimate.
Optical Communications was the main growth engine. Corning said sales of products for generative-artificial-intelligence applications more than doubled from a year earlier. The company’s chief executive, Wendell Weeks, said faster adoption of its optical innovations helped GenAI sales grow faster than graphics-processing-unit shipments.
The quarter also showed uneven performance across the broader portfolio. Corning said it secured four long-term, multibillion-dollar customer agreements during the quarter, including agreements with Verizon and AT&T.
The results support Corning’s Springboard growth plan, which targets a $20 billion annualized sales run rate by the end of 2026, $30 billion by the end of 2028 and $40 billion by the end of 2030. The company upgraded and extended those targets in May, when it also outlined a projected 19% sales compound annual growth rate from the fourth quarter of 2026 through the fourth quarter of 2030. Management expects earnings to grow faster than sales, with higher returns on invested capital and more free cash flow.
Corning is expanding capacity to meet demand and says long-term customer agreements are helping share the cost and risk of those investments. Analysis: the raised quarterly range and accelerating optical sales strengthen the near-term evidence behind the Springboard plan, while the slower solar ramp and continued capacity spending remain execution issues for investors to monitor.