Corning, Inc. (GLW) Q2 2023 Earnings Call Transcript

Corning, Inc. (NYSE:GLW) Q2 2023 Earnings Conference Call July 25, 2023 8:30 AM ET

Company Participants

Ann Nicholson - Vice President, Investor Relations
Wendell Weeks - Chairman and Chief Executive Officer
Edward Schlesinger - Executive Vice President and Chief Financial Officer

Conference Call Participants

Samik Chatterjee - JPMorgan
Meta Marshall - Morgan Stanley
Asiya Merchant - Citi
Mehdi Hosseini - SIG
Wamsi Mohan - Bank of America
Shannon Cross - Credit Suisse
Matthew Niknam - Deutsche Bank
Steven Fox - Fox Advisors, LLC
Joshua Spector - UBS
George Notter - Jefferies

Operator

Welcome to the Corning Incorporated Quarter 2 2023 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 second quarter 2023 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 difference between GAAP and core EPS stemmed primarily from restructuring charges and from non-cash mark-to-market adjustments associated with the company's currency hedging contracts and Japanese-yen-denominated debt. In total, these increased core earnings in the second quarter by $19 million. As a reminder, the mark-to-market accounting has no