Corning Incorporated's (GLW) CEO Wendell Weeks On Q2 2022 Results - Earnings Call Transcript

Jul. 26, 2022 1:28 PM ETCorning Incorporated (GLW)1 Comment
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Corning Incorporated (NYSE:GLW) Q2 2022 Earnings Conference Call July 26, 2022 8:30 AM ET

Company Participants

Ann Nicholson – Vice President-Investor Relations

Wendell Weeks – Chairman and Chief Executive Officer

Ed Schlesinger – Executive Vice President and Chief Financial Officer

Jeff Evenson – Executive Vice President and Chief Strategy Officer

Conference Call Participants

Steven Fox – Fox Advisors

Wamsi Mohan – Bank of America

Samik Chatterjee – JPMorgan

Rod Hall – Goldman Sachs

Josh Spector – UBS

Mehdi Hosseini – SIG

Martin Yang – Oppenheimer

Matt Niknam – Deutsche Bank

Asiya Merchant – Citi

Timothy Long – Barclays

Meta Marshall – Morgan Stanley

Operator

Welcome to the Corning Incorporated Quarter Two 2022 Earnings Call. [Operator Instructions]

It is my pleasure to introduce to you, Ann Nicholson, Vice President of Investor Relations.

Ann Nicholson

Thank you and good morning, everybody. Welcome to Corning’s Q2 2022 earnings call. With me today are Wendell Weeks, Chairman and Chief Executive Officer; Ed Schlesinger, Executive Vice President and Chief Financial Officer and Jeff Evenson, Executive Vice President and Chief Strategy Officer.

I'd like to remind you that today's remarks contain forward-looking statements that fall within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties and other factors that could cause actual results to differ materially. These factors are detailed in the company's financial reports. You should also note that we'll be discussing our consolidated results using core performance measures, unless we specifically indicate our comments relate to GAAP data. Our core performance measures are non-GAAP measures used by management to analyze the business.

For the second quarter, the largest difference between GAAP and core results stems from noncash mark-to-market gains associated with the company's currency hedging contracts. This increased GAAP earnings in Q2 by $203 million. To be clear, this mark-to-market accounting has

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