and Thank you, good morning. Wendell,
a Our first results strong provide start XXXX. quarter to
exceeded businesses each our in performance Our of expectations. or met our
to We continue leadership. growth and long-term and near support market our investing to extend
sales our quarter way line with and full for plan in the earnings year. in were to first and capacity investments on strong us operating set in our delivering expenses solidly Our growth
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affecting to item Now results, primary before talk reviewing about I want mark-to-market segment our accounting. results, the GAAP
in even accounting quarter, mark-to-market of not As before, be requires though contracts in end current we settling recorded to contracts at at quarter. translations discussed will those value and future be hedge settled the periods GAAP earning current the each
clear, impact For mark-to-market no loss on an resulted cash first us, million accounting has $XXX GAAP our in quarter. of this this be flow. after-tax To for the
certainty higher growth hedges and currency from shareholder rate cash invest provide for distributions. economically exchange our foreign and Our our to fluctuations flow, earnings for future our ability us protect and
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and results our at look let's Now outlook.
For up and sales the was were EPS core first $X.XX. quarter, year-over-year X%
display publicly. and operating particulate ready optical glass Valor our plant, XX.X other lots devices constrained fiber projects, gross investments for we that As to filters, mobile expected, cable, few the were growth Glass of quite for expansions projects for planned quarter. gas the and automotive, dive a into Gorilla progress. in investments include not the capacity for development margin Gen projects and is and capacity our Hefei The percentages for plus there Across
new in Newton, in shipping we're Carolina, start-up and Our glass display, are profitability is filters. and cable the opened North The XX.X of communications these Gen facility short-term. projects technologies gas we producing suppressing environmental particulate optical
see exit phase, we we'll improved the start-up profitability. As
that see financial the You'll this back year. our in beginning in half results of
flow the than U.S. Turning balance the million. our the cash $X of of for reform, more the new With half here. we United was to cash sheet, created quarter billion States we and brought ended during tax Adjusted cash $XXX billion the with quarter by $X.X quarter back cash. have in flexibility now operating to
detailed at segment look outlook. and results let's Now
tax the XX%. rate As Ann we've noted, to updated segment
with net income stable million returns were $XXX We're Technologies. towards start great quarter Let's first million. progress and Display's $XXX in was making Display sales maintaining display.
first in expectations, sequential Gen were at quarter a it been the XXXX. our the for results best line new decade, declines in price quarter has XX.X since with production is is first best pricing schedule the Our and environment on plant
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to continue. important Three single-digit price expect annual improving We factors percentage in reach favorable environment milestone pricing that drive view will more of to our declines mid this a the XXXX.
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to quarter volume, first with was market single-digit sequentially, the Turning in seasonality. glass low by volume line down normal in
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quarter, As last factors. being we by affected our two is half described first
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fixed a staffing optimize with plant As ahead production. to seasonally technology. rebuild of ramp and to always our lighter we're and of volume advantage start-up, And fleet and in tanks second, continuing Gorilla latest display during the the take cost
returns. naturally will plant pleased increase dynamics and our second Display at progress margin optimization As year. in This business we stable Hefei the in we productivity will the the very with the our gross the maintaining half forward, in summary, remain improve utilization current of In fleet be completed. move will in the and
Let's to Communications. Optical move
demand planned growing we're $XXX our capacity expansions businesses. consistent new our we sales are capacity with the from the and driven was sales were $XXX and by and in related million. year-over-year center online. with First data X.X% associated at up investments million, are carrier was Cost customer Sales the growth profits keeping net Committed making quarter investments short-term. and supports income bringing
second year-over-year. quarter teens expect low be to up We sales
XXXX, full sales expect we continue about be up year For XX%. to to
improve ramps. the We expect half capacity new as profitability in to second the
the communication division later from growth We expect XM markets sales acquisition this year. additional closing
For be in purposes, due in sales it middle add XXXX. about to of your transaction of and integration neutral EPS to costs. The modeling as million closing XXXX in the will think $XXX
previously be excited it we're in As back, business. in Stepping announced, beyond. Environmental up about and will growth were expect accreted we Technologies’ we're quarter million, seeing Optical first Communications XXXX XX%. the $XXX sales our
auto to volume XX% as as up was income increased well net in by diesel, driven improved manufacturing in quarter First million, performance our and operations. $XX
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quarter. year-over-year As sales expected, we and expect decline down for X% were a second the similar
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in sales the see half. increasing shipments expect We in second to growth year-over-year
the of second build customer growth track XXXX on full year. launches for the lunch half Corning's the we depend and strong remains the of generation XXXX Glass, timing model result, the Corning The by next adoption for Gorilla growing on of very will a during extent of in on expect As again which new to and including innovations, XXXX. growth
expect in Sciences, net $XXX strong second Life million, demand. were to million by $XX driven and first We lead the quarter was half. growth sales this to net strong income earnings In
continue We outpace to growth. market
digits. Second year high be at mid-single up expected full year XXXX over to are last quarter sales sales single-digits and
positive about which So for have billion, up sales our full XXXX, $XX to is X%. of businesses all year of expect continue and momentum, we
I'll details. Now some additional outlook share
We margin expect XX% the similar full year exceed to gross XXXX. to
second should cable the QX and plans quarter will of expect from second investing for for fiber we sales We will year Annual technology. latest exit XXXX, our gross second and example the remain the to expenses filter gross XX.X as the facility, XX% consistent with operating investments, also tanks benefit exceed margin sales. in of Gen start-up in the consistent be percentage particulate running capacity with display with new margin the Quarterly half gas phase, growth. should continue as a last half. In
is slides RD&E The the and For in the year we're showing about of we the and reiterate for second be full that X%. SG&A additional XX% to sales quarter full January. outlook year, expected about gave give detail you
run to as we first billion with between to how approximately expense rate, some platform. should remain be expected programs a and for We just quarter the much market other $XXX to for $XXX slightly second expenditures typical and our at to million million more be total access at In year seasonality. $XX XXXX reminder, And quarter. consistent more other XXXX, $XX million, year a XX% on of at with rate capital Hemlock from similar depend about income, for Full in million year will are with the $XX quarter XXXX on XX% tax generating the equity our ramp quickly we expect than or How $X spend every predominantly net in investments. of to over second the Semiconductors, approximately expect million earnings QX. gross to expense our million, $XX
show, second We we're closing, will half and capital the year solid posted of progresses. our as start first strategy off continue quarter to keep framework. on a four-year allocation the results you our to In
sales for a track on half expectations in we're are capacity with XXXX margin year and Our $XX unchanged, second billion reach expansion. strong and full to approximately
the Life Optical the We reach segments. environment decade, mid Science best and expect Environmental year-over-year Specialty a and declines expect single-digit And Materials, in said, continued in of growth price in Communications, we the display we important as Technologies XXXX. pricing to milestone is
$XX million Our businesses first long-term position progress to for billion to on total Putting benefit we investing billion, that, investors meet the future and $XX sales long-term We're since all compounds of quarter together, to With extend our invest move growth Ann? framework's of our than and the leadership, $XXX framework the are we also short to rewarding in a XXXX introduction. to returning of let's billion drive shareholders. $XX.X more returning Q&A. growth included as for growth the by opportunities. it shareholders which
