Thank you, good Wendell everyone. and morning,
were extend investing XXXX, support XXXX Our customers to our we’ll leadership. continue our results In outstanding. and
$XX core expect or on about grow currency constant billion approximately to basis. a X% to sales We
want I our results, segment results, two GAAP reform. about tax and to accounting reviewing Before items FX talk affecting
current contracts periods GAAP end quarter, even settled recorded of those before, accounting the will in in translation discussed be each earnings at settling contracts current not we’ve the requires quarter. to As though and mark-to-market be future hedge at value
our mark-to-market quarter after-tax flow. For million on $XXX full the for and the us, cash has this a for clear, no be this $X loss of resulted gain To year. in impact of million fourth accounting GAAP
currency our and invest Our exchange growth economically protected for our foreign ability our from earnings fluctuations provide higher distributions. future flow, and and shareholder are cash hedges for to certainty
program receive and pleased hedging five very cash contracts last the in under years. hedge it over our delivers. We We’re economic with certainty billion our $X.X
currency with by also and reflect our do adjusting Our additional for operations fixed provide rate non-GAAP items or by translation not yen transparency into hedges operations. using other [indiscernible] results that core aligned a ongoing and
currency constant the the of a For use at US X,XXX XX dollar. yen dollar rate yen to XXXX our to to XXXX, core reporting US
hedges XXXX XXXX For our to we expected established XX% of display for earnings. approximately
to rate expect We these three yen we result that use to our core average to of hedges next reporting and plan the the dollar rate over in for years. XXX
which Additionally, beyond dollar yen XXXX current to we hedges. will Korean won foreign break to is already dollar. all approximately of rate portfolio estimates the cost covering closely and to of are XXX currency aligned the yen Corning XXXX the exchange Nearly the of at of a use analysts publishing won for our
rates to to I our yen XXXX recast at will the rates. on per XXXX comments the [indiscernible]. based our be comparison. recast XXXX discussion rate results full new results XXX and dollar present today's For core quarter XXXX on My and and core will will core in We fourth outlook provided year new results be for XXXX XX
So, operating on you basis. apples to can results an compare update your models and apples
results unremitted of taxes, $X.X is foreign $X.X to exclude almost have year our a to cash toll items The foreign our to of credit earnings. cost charge offset entirely XXXX tax billion by non-cash $X.X the been full related billion billion fourth The tax core majority US on and approximately carry Turning quarter onetime is reform. in adjusted forward.
revalued liabilities. We have our deferred and assets tax also
the XX%. and we projected grows, our provision. previously tax Longer on on still lower greater our effective our we impact benefit the tax offset for lower further the XXXX new our reform of are the tax planning. our anti-base we as term initiatives rate increase execute already XXXX finalizing to to between of expected net Near In tax accessing reflect not does XX% will tax provides The we flexibility. have impact replace our by cash term benefit rate will United in credit rate While rate from available tax benefited fully the in States. and income erosion reform and US growth that flexibility non-US foreign from we
As are reforms. capital XXXX-XXXX impacted a by the shareholder final note our distribution not target framework investment in tax in in allocation strategy
Now let's at and outlook. our look results
apples with X% reflects Silicom's year core Full up $X.X excluding year was and XXXX. were first by fourth the consistent Corning core that EPS year. X% XX% shows from X% EPS An apple a year strategic the Dell and up quarter earnings half grew the were sales $X.XX. of $X.XX. sales comparison to XXXX For over equity Core was billion over of rose realignment that year earnings earnings to
As Wendell XXXX, and and mentioned primarily more in investments. capacity grew back These the half cable. sales operating dollars very optical growth fiber than growth attractive expansions slowly of planned include because for margins of in
ready quite gorilla dive glass, Valor display gas and Heisei glass, other a publicly. XX.X Gen Our into for that development plus filters not for few projects capacity to we're particulate
ended the billion $X.X cash Allocation the by we tax brought Capital was billion to back created the track cash to flow in and with sheet flexibility goals for already US our operating Turning four-year this States month. year the cash. to we of meet keeps on new of balance year the United us $X with Adjusted plan. billion reform the $X.X
than Display and exceeding market. at results Now and slightly slightly $XXX our Sequential core look in decline billion outlook were sequentially up sales and $X.X were Technologies. QX and LCD segment Fourth Display's guidance than XXXX core $XXX beginning billion pricing the was line with million. let's earnings glass with better better quarter expected. detailed were
with Pricing expectations. QX. and and line improved was up digits year-over-year digit QX For in the mid-single decline volume in single reached our both our year, full
turn XXXX. to Let’s
XXXX. goal We expect communicated an we and investors in declines reaching pricing stabilizing is improvement digit. of view favorable mid-single more earlier Display view further year-over-year pricing environment. a our mid-single drive the our returns June annual factors to occurring is milestone digit with declines in Reaching toward important of Three than
First, we expect balanced be supply glass to even or tight.
expected [indiscernible] our dedicated pace Gen ensure the supports We plant balanced growth glass of customer TVs to XX.X large with tandem sized demand. BOE. in to capacity Gen Our our with XX.X to and underlying is supply BOE
indicates continues We planned XX.X expect glass public growth Gen balance tighten below glass because little further by information there grow XXXX this while in makers. to to in supply demand is demand segment capacity
Second, as price our try profitability to to declines we at price expect remain their challenges competitors with fall current further continue face declines. they Therefore, profitable.
In be will ongoing quarter. sequential support returns glass further. the on favorable new than manufacturing to acceptable growth in largest quarter’s first pricing quarterly requires XXXX. glass to investment first Third, the recent changes declines again favorable and LCD need years. generate change glass we sum, in XXXX, improve expect be in to in will investments; current price capacities to see even We more price price pricing In and sequential QX moderate typically
to turn Let’s volume.
grow growth We expect continues. to mid-single size television glass LCD market screen volume as digits
in Hefei. grow than demand XX.X with tandem as Gen to production volume market our expect We faster in we BOEs ramp the
first the low digit climb glass normal For and single both market to quarter line sequentially the expect by seasonality. LCD with of our volume in XXXX, we
will quarter gross quarter volume up We on be year-over-year a will Display's margin Two first the year. of margin volume improve price feel basis. in throughout good digits single First and factors should about dampen and gross percentage XXXX. the low
are Hefei facility. starting up we First, our
of plant our during always staffing startup and ramp cost ahead and production. fixed As
tanks advantage Display with volume optimize the of to taking fleet in be latest Second, and and we’ll seasonally Gorilla technology. rebuild wider our the
optimal strong third recall, XXXX, of range tanks you demand. to ran handful and we As outside fourth quarters may in of meet a of the our
happening margin at summary, in improve especially fully productivity plan the of first We half the year. XXXX The in returns. very with optimization contract. the the we and gross progress all display We of in higher under be essentially our dynamics business will and utilization our second current the of In will half. remain correcting volume had this maintaining our pleased the stable and
XXXX beyond. XX% up quarter to grew over were sales last year. Fourth Full earnings as move XX% up Optical $X.X Communications. were growth sales earnings invested Let’s quarter year in slightly core and decline to support billion, we XX%. Fourth and
fiber Telecom. products capacity, invested In to and supply cable addition in chain new Saudi for building and we
during sales first required Our quarter costs. and significant occurred the some setup
any begins for Saudi In the it to sales and first XX% Telecom support largest as capacity network to be XXXX, bring honored new year-over-year of of that excluding Kingdom. the expect the include build Key history Communications growth carrier full the enterprise we will up about from we as customers strong We’re online. it quarter contribution from XM’s pending in demand the year Markets fill acquisition division. drivers
our customer year We plans the expect committed to as ramp to of the through we course profitability improve demand. meet
For purposes, in middle we expect costs. about XXXX. XXXX add The close XM to to neutral due EPS in transaction $XXX million sales to in the your be of will modeling integration the and transaction
previously XXXX As we’re back, $X.X growth worldwide in to the additional excited we XX%. will additional XXXX X% for Optical it auto-market than the from winning up sales of business, earnings to technologies, were Environmental market. have in expect rising ahead us billion, opportunities Stepping grew us. with and announced, year-over-year faster about accretive pleased core allowed XX% grow potential which driven Communications growth be XXXX’s by quarter Fourth and and beyond. sales
X% North half growth and in market the of the heavy-duty improved the our America XXXX. in sales for anticipated year As second diesel driving
in business sales the comeback In regulations we In addition, its platforms. our September additional the the delivered quarter gasoline third XXXX. VI phase Euro want first initial additional to commercial quarter, and we as fourth particulate sales filter of in had
by our to engineering the have for to-date. sales. We growth, earnings we in core in was offset improvements from and launch. of increasing million the auto strength XXXX $XXX high-single-digit of GPF platforms awarded select expect sales majority business partially last driven were support continued investments In were the in sales In the core diesel year quarter year XXXX, and and market and earnings materials the of XX% over heavy-duty GPF specialty XX%. sales first XXXX benefits ongoing won ramp capacity as up the full
rapid benefiting adaption backs the the from glass of We’re clearly X Glass Gorilla on devices. and trend for
most quarter also We earnings cover as is launch Sales XX% pull-in emerging with Overall, about Gorilla down material their core and year-over-year. our in worldwide. materials. areas aggressively Glass building XX% remain innovations watches on XX% other used the Fourth up the increased our including in progress XXXX were sales smart made benefitted reason quarter very performance This demand year-over-year. specialty to brands we first support be pleased sales widely to from cycles. expect we primary with
in introduction Glass. grow with of as to needs expect to XXXX. full expect then second our adoption for strong our will new customer The following the including and were and their strong launches Gorilla XXXX, rate, sales meet continue on the new customers earnings In XXXX market the growth to were of growth half core of $XXX sciences, depend of electronic year-over-year and outpace consumer we In quarter year XXXX as innovations. model $XX innovations launch We million million mobile products our fourth growth. generation new announce life we next we sales the XXXX as
we to the expect year full grow mid-single For digits. XXXX, sales
single should sales be quarter year-over-year. First up digits high
on my are XXXX of XX.XX reminder, rates. on XXX and based a a As new comments outlook our
to rates. comparing new result quarter While to our XXXX recast
have $XX year up about our sales expect momentum full and of businesses of we billion For all XXXX, positive X%.
similar XXXX. exceed We XX% full gross margin to year to the expect
will quarter the for be low point first the year. The
second of with We particular and the in XX.X second Quarterly XX% about half fiber quarter. gas sales the gross In our exit as should operating the will of in the expenses plant Gen should filter a year expect remain Annual facility last investments startup example consistent and cable phase half. fourth sales. XX% be sales. gross margin of for new to capacity, in result with margin consistent exceed percentage XXXX, and XXXX’s new
approximately quarter quarter For XX%. a other expected to expense give XX% other sales to $XXX you net items, The XXXX about we remain year. be expected first question $XX about in equity total with QX. showing to slides be to earnings similar growth fourth typical expense our [ph] XXXX the or consistent other to and hemlock are XX of at seasonality. million the million for $XXX and In the million at approximately run is rate, full year income, first for year are semiconductor, to generating predominantly year, million XX of we about $XX from expect SG&A at additional the for with Full about XXXX, details RD&A
and allocation goals. the expectations. of I fourth our at point quarter will and In conclude our had the expenditures ramp provide framework slightly As progress In progresses. with for been much dimensions a of marked our on our rate and In How the to and XX% we quarter. in how programs some generation for framework, more We’ll four-year should our brief, every between target. than capital on strategy all XXXX, the tax depend access half has all we our accomplishments to $X expect and investments. we the quickly years way of our on will reminder, two year the information capital spend expect market look a billion year first and first excellent platform. cash our be the with as deliver on of on Stepping more more XX% been back,
We our $X more have to billion have dividend. and extend shareholders share and $X.X leadership grow invested investments repurchases billion we returned in from planned and than to
our Over dividend and initiatives least $X.X of and repurchasing plan additional the the billion in two continue paying billion totally the next an additional invest the of growth program. years to plan $X.X we to over we remainder framework, shares at
investors shareholders. it Putting to rewarding are billion growth compounds drive than increase invest of benefit our our together, dividend least more leadership to expect $XX.X We at future which $XX again by and week billion in and long-term the by extend the our XX% returning for least we all our as XX% at growth board XXXX. next we
positive are with very pleased We momentum. continued our
and to heading allocation opportunities deliver excited momentum and of goals about our track the that, capital strategy on We’re ahead. into are ridge We framework stand XXXX. of remained Q&A. move on With to let’s keeping the Ann? focused that
