
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

<a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.corning.com%2Fworldwide%2Fen.html&amp;esheet=54529880&amp;newsitemid=20260505616158&amp;lan=en-US&amp;anchor=Corning+Incorporated&amp;index=1&amp;md5=76d16ed91ca15ae22f70815441a3912d" shape="rect">Corning Incorporated</a> (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/GLW">GLW</a>) 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:

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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.

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The company is upgrading its 2028 Springboard plan:
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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.

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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.

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Corning extends Springboard through 2030:
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Corning is extending its internal Springboard plan to grow sales to a $40 billion annualized run rate by the end of 2030.

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The company is also providing a high-confidence plan to grow sales to a $35 billion annualized run rate by the end of 2030.

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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, <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fvimeo.com%2Fevent%2F5855418%2Fregister&amp;esheet=54529880&amp;newsitemid=20260505616158&amp;lan=en-US&amp;anchor=click+here&amp;index=2&amp;md5=e8027fdf77fe838cfa2f2f0d65eccdb9" shape="rect">click here</a>.


Presentation of Information in this News Release
 This news release includes non-GAAP financial measures. Non-GAAP financial measures are not in accordance with, or an alternative to, GAAP. Corning's non-GAAP financial measures exclude the impact of items that are driven by general economic conditions and events that do not reflect the underlying fundamentals and trends in the company's operations. The company believes presenting non-GAAP financial measures assists in analyzing financial performance without the impact of items that may obscure trends in the company's underlying performance. Definitions of these non-GAAP financial measures and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found on the company's website by going to the Investor Relations page and clicking "Quarterly Results" under the "Financials and Filings" tab. These reconciliations also accompany this news release. With respect to the outlook for future periods, it is not possible to provide reconciliations for these non-GAAP measures because management does not forecast the movement of foreign currencies against the U.S. dollar, or other items that do not reflect ongoing operations, nor does it forecast items that have not yet occurred or are out of management's control. As a result, management is unable to provide outlook information on a GAAP basis.


Caution Concerning Forward-Looking Statements
 The statements contained in this release and related comments by management that are not historical facts or information and contain words such as "will," "believe," "anticipate," "expect," "intend," "plan," "seek," "see," "would," "target," "estimate," "forecast" or similar expressions are forward-looking statements. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include estimates and assumptions related to economic, competitive and legislative developments. Such statements relate to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements relate to, among other things, the Company's Springboard plan, projected financial and operating performance, anticipated sales opportunities, long-term growth strategy, expected capital deployment, innovation and commercialization plans, and anticipated impacts of customer agreements. These forward-looking statements also relate to the expected benefits, scope, and timing of the Company&#39;s strategic partnership with NVIDIA, including planned expansions of U.S.-based optical connectivity and fiber manufacturing capacity, the construction and operation of new manufacturing facilities, anticipated job creation, and projected customer demand driven by AI infrastructure deployments.


Although the company believes that these forward-looking statements are based upon reasonable assumptions regarding, among other things, current estimates and forecasts, general economic conditions, its knowledge of its business and key performance indicators that impact the company, there can be no assurance that these forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws.


Some of the risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements include, but are not limited to: global economic trends, competition and geopolitical risks, or an escalation of sanctions, tariffs or other trade tensions between the U.S. and other countries, and related impacts on our businesses' global supply chains and strategies; changes in macroeconomic and market conditions and market volatility, including developments and volatility arising from health crisis events, inflation, interest rates, the value of securities and other financial assets, precious metals, oil, natural gas, raw materials and other commodity prices and exchange rates (particularly between the U.S. dollar and the Japanese yen, South Korean won, Chinese yuan, New Taiwan dollar, Mexican peso and euro), decreases or sudden increases of consumer demand, and the impact of such changes and volatility on our financial position and businesses; the availability of or adverse changes relating to government grants, tax credits or other government incentives; the duration and severity of health crisis events, such as an epidemic or pandemic, and its impact across our businesses on demand, personnel, operations, our global supply chains and stock price; possible disruption in commercial activities or our supply chain due to terrorist activity, cyber-attack, armed conflict, political or financial instability, natural disasters, international trade disputes or major health concerns; loss of intellectual property due to theft, cyber-attack, or disruption to our information technology infrastructure; ability to enforce patents and protect intellectual property and trade secrets; disruption to Corning's, our suppliers' and manufacturers' supply chain, equipment, facilities, IT systems or operations; product demand and industry capacity; competitive products and pricing; availability and costs of critical components, materials, equipment, natural resources and utilities; new product development and commercialization; our solar business development, including manufacturing facility construction, ramp, and operations, and the achievement of solar revenue and profitability targets; order activity and demand from major customers; the amount and timing of our cash flows and earnings and other conditions, which may affect our ability to pay our quarterly dividend at the planned level or to repurchase shares at planned levels; the amount and timing of any future dividends; the effects of acquisitions, dispositions and other similar transactions; the effect of regulatory and legal developments; ability to pace capital spending to anticipated levels of customer demand; our ability to increase margins through implementation of operational changes, pricing actions and cost reduction measures; rate of technology change; adverse litigation; product and component performance issues; retention of key personnel; customer ability to maintain profitable operations and obtain financing to fund ongoing operations and manufacturing expansions and pay receivables when due; loss of significant customers; changes in tax laws, regulations and international tax standards; the impacts of audits by taxing authorities; the potential impact of legislation, government regulations, and other government action and investigations; and other risks detailed in Corning's SEC filings.


For a complete listing of risks and other factors, please reference the risk factors and forward-looking statements described in our annual reports on Form 10-K and quarterly reports on Form 10-Q.


Web Disclosure
 In accordance with guidance provided by the SEC regarding the use of company websites and social media channels to disclose material information, Corning Incorporated ("Corning") wishes to notify investors, media, and other interested parties that it uses its website <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.corning.com%2Fworldwide%2Fen%2Fabout-us%2Fnews-events.html&amp;esheet=54529880&amp;newsitemid=20260505616158&amp;lan=en-US&amp;anchor=%28https%3A%2F%2Fwww.corning.com%2Fworldwide%2Fen%2Fabout-us%2Fnews-events.html&amp;index=3&amp;md5=c2703809d0568ef9f0338c94b41ac3c6" shape="rect">(https://www.corning.com/worldwide/en/about-us/news-events.html</a>) to publish important information about the company, including information that may be deemed material to investors, or supplemental to information contained in this or other press releases. The list of websites and social media channels that the company uses may be updated on Corning's media and website from time to time. Corning encourages investors, media, and other interested parties to review the information Corning may publish through its website and social media channels as described above, in addition to the company's SEC filings, press releases, conference calls, and webcasts.


About Corning Incorporated
 Corning (<a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.corning.com%2Fworldwide%2Fen.html&amp;esheet=54529880&amp;newsitemid=20260505616158&amp;lan=en-US&amp;anchor=www.corning.com&amp;index=4&amp;md5=5c21e4a2b12a82cb239faae54945100a" shape="rect">www.corning.com</a>) 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&amp;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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Media Relations Contact: 
 Gabrielle Bailey
 (607) 684-4557
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Investor Relations Contact: 
 Christopher Keenan
 (607) 974-6716
 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:keenanct@corning.com" shape="rect">keenanct@corning.com</a>

Corning Upgrades and Extends Springboard Plan, Outlines New Phase of Accelerating Growth

Corning Upgrades Growth Targets, Projects $40 Billion Sales Run Rate by 2030

Corning has significantly upgraded its sales targets within its Springboard plan, expecting to hit a $20 billion run rate by 2026 and $40 billion by 2030. This acceleration is buoyed by growth in its Market-Access Platforms, especially through its partnership with NVIDIA aimed at AI infrastructure. This revised outlook suggests strong growth potential that could attract investor interest.

Corning Upgrades and Extends Springboard Plan, Outlines New Phase of Accelerating Growth

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