and Wendell We Thank morning. a quarter. had third very you, good strong
highlighted, led and the Sales sheet demonstrating and are Wendell margin further adjustments expansion As balance our challenges. despite healthy actions sequential macroeconomic operational growth bolstered working. executed strong effectively our we we to that cost have ongoing
adjustments continues to flow We Corning to In and cost and has demonstrate prudent significant extend we align and generation on our plan excellence, have made anticipated cash resources that operational total, sales. operating to our as capital it continue the our with focus lower commitments the to allocation. leadership on deliver
September of money shareholders. transactions for critical certain results, I cover didn’t raw producer of changes position about any the long-time good Corning’s excited into details that payments. Hemlock’s upfront of In backed very QX the is XX.XX% and ownership by second and majority get low customer core are Hemlock cash. the a good polysilicon DuPont’s a manufacturing contracts our ultra-pure DuPont the of On long-term interest ownership lot I thereby Hemlock Hemlock gained differences results. redeemed transaction, and company, are And GAAP for put Group leading and the transaction attractive, leadership assets between material, want call into generates these a into in We control transforms which Before purchased Hemlock performance with and cost Hemlock Corning our from during the the X, Hemlock, a becoming semiconductor industry. to good we take-or-pay position. out at and to in Semiconductor for
we back cash Corning for consolidated improves Hemlock and annual consolidation earnings. million details. Hemlock. Please quarter, third by So, of our the adding approximately in mostly recognized will In from add X newly disclosure in paid it’s sales see the $XX million is $XXX web sales year. helpful financials debt flow. its And
between and Hemlock GAAP which mark-to-market hedge are currency non-cash adjustment differences are largest contracts. primarily ongoing third the a with gain transaction, core quarter non-cash GAAP, results associated a our the for to on Now restructuring our and charges,
a foreign the GAAP to settling be will quarter. debt translation be mark-to-market even requires end at the and future adjustments, of contracts value each the accounting in quarter to reported with earnings periods though current in settled Now, and respect mark-to-market not contracts current those hedge
earnings this accounting this by cash no in has QX our million. clear, us, To reduced impact flow. mark-to-market $XXX For GAAP be on
distributions. rate certainty for our our our future earnings Our from economically provides and exchange highest and growth shareholder for cash foreign and hedges invest to ability currency fluctuations us flow, protect
a results the core using provide transparency underlying transactions. with rate into by economics or of operations additional our currency non-GAAP constant Our aligned
with are certainty economic and the it our We provides. program very pleased hedging
contracts $X.X X in have hedge our their billion cash than more We inception received ago. under since years
with Now, through the you told we outset even we our align while we the to third significant We and adjustments. our resumed, that we financial to and impacts production we stronger. inventory we by economic uncertainty of to expect down At company responding and and operational spend anticipated positioning reducing making were improved strength sales. margins, preserving growth are QX, reduced lower pandemic, emerge And said I the quarter QX profitability. performance. sales walk cost capital said when committed ramping In to
we margin sequentially. expanded XX% $X looking quarter, million the in – EPS Now, grew resulted by XXX XX.X%. income sequentially at sales and operating of billion to sequentially $X.XX, of This third to our net points $XXX XX% grew and XX% basis up
cash would free and million. strong million. cash was free and cash flow to we We maintain free we for Cumulative cash generate quarter. quarter third balance positive a said flow billion the also for quarters We the expect In free fourth with flow the three cash the balance cash the grew $XXX quarter, $X.X in to flow year. additional generate of first a positive $XXX ended
continue inventory execute and we well cost, control to As reduce overall.
actions cash are clearly have goals. working. a free our we confident we I actions succeed that will the As These – taken flow on am result,
results We in and started great to accelerated QX. improvements, which have delivered operational really show in QX
the We contributing these to continue strong quarter. in to expect actions of QX another benefit
has for fourth business consumers panel in $XXX that price Technology, in-home resulting appears demand the the incrementals. markets, IT home sales are XX% expected. developed been XX% moderate quarter makers income from were trends growing. end-market XX% segments. let’s Sequential sequentially utilization, are and volume steady Glass sequentially. Display up In net from prioritizing COVID-XX million, review sequentially Now, increasing increase Globally, as From million, In as products. declines impact work an and up it a was $XXX and TV were entertainment. strong approximately Display This positive. perspective, grew is
of hand, glass other been In measured mid down. demand single-digits the feet in as total, the market retail up On August. through square smartphone has is year-to-date
will remain continue TVs at how of XX.X, XX year. confident course, gen the efficient TV size actually that TV out factor growth retail majority with year-to-date capture most we upcoming we be which is season a for size screen inches large to to Of holiday will big for the in are or that larger through August the term, market Longer the Gen grow. and plays grew the XX% manufacturing. full well-positioned
to glass pricing decline single-digit mid to continue pricing XXXX. favorable environment. drive display percentage We We a that three believe by expect in factors
First, to we down be tight. expect glass supply demand to
For makers XX.X Corning, our align Gen we ramping to panel tanks are schedules. with
challenges face capacity grew periodic manufacturing grew $XXX to spending Net slightly. sales grew driven carrier to third, remain improving as and or on requires Second, sales sequentially to at million In Glass $XX current levels. stable in our million performance. XX% third those and $XXX XX% quarter income by deployments display enterprise competitors to cost by glass existing And investments. profitability maintain acceptable prices must support returns continue investments Optical Communications, operations. pricing million
continued all-time recovery Technologies at the recover I and million enterprise ability demand were as and operations for before, Looking headroom COVID-related of on normal the factors expansion income and we Currently, quarter focusing and operators did million, vehicle and X% to sales year-over-year. strong production, sequentially network predict additional than Large truck the forward, operators capital will markets quarter, is continued down operators. sales always We controlling sequentially but continue saw Automotive year-over-year. are Environmental it’s In production to of the our XX% the last networks doubled as basis. The with in offerings. $XX cyclical America positive China. year-over-year. invest expand improved, and broadly shutdown Europe down third and strong begin OEMs year-over-year carrier capacity downturn a up OEMs restart GPS hard North on pace year-over-year to increased were the improved XX% said on net quarter, helped breakeven investments flexibility. team adjusted of with but but inevitable, delivered vehicle XX% market the hamper bottlenecks. a from reestablish slightly still to believe job in an compared more great capacity effectively in to are which projects adopt the cost months efforts as in high heavy-duty performance North in market over seeing reacting network in declined network the $XXX on up in the statements a auto exceed China, quarter. XX% X we business European and declined X% second to We GPS and The adoption maintaining to market time. rapid X% but Diesel remains second by and production are us production sales year-over-year. American addressing
year doubt, adoption heavy-duty in content of challenging China exceed vehicles sales a levels advanced automotive preparation for our in increased of China, platform. quarter continue and regulations. however, for VI No Third to access has XXXX market been it
primarily products. and to faster GPS However, market advanced than recovering content, increasing due we are the heavy-duty
of million sciences, Ceramic as and utilization pandemic diagnostic market, continues the for we the driving up strong income lab in well. grew Net material be driven growth strength is for specialty to the XX% increasing for results. contrast from our in ceramic is which quarter, XX% strategy laboratory innovations consumables. that iPhone year-over-year premium drive in on for home $XXX tablet sales third content-driven sales were In year-over-year the XX and to strong Specialty advanced glass year-over-year America declined. support brief, to trends Sales the was in and of as smartphone to sharp Our sales, Shield, our well products. IT year demand life strong expect true new-to-the-world our $XXX glass adoption and testing as million. by third work XXXX results commercialization materials and quarter optic North produced full In and glass
needed larger we summer difficult sequentially. growth result, the line July, ability a in which needs long-term our XX% in enhance are customers’ carried quarter to of our a up declined our with pandemic In declined around sales. to we world. Sales products. to constrained volume. support address Net for more than Starting our distribution our seeing new proved this income demand As lower a expected, be center increased increased X% middle we ramp out plan and the the to third
recovery added and resources QX. support implemented We in where will output are required, plans have that confident operations the required
As a sequential in result, the we life expect strong quarter. science fourth growth
stewardship. sheet financial will our I and to turn balance to our Now, dedication
of emerge the committed our a cash and maturity a cash sheet I unique. also design note is to have at is have $X.X Today, As and we we improvements position the important strong the quarter that debt generation. of It XX balance S&P outset to financial to that in flow discussed structure and company we about to debt conservative I maintain billion stronger. implemented at strength the the is preserving by positioning XXX. end pandemic, at have even years, a mentioned the free operational our relatively we longest strong the average our with the conservative continue and
next years. with over only due due. total debt time, is year the XX we during single $XX there is of have repayments $XXX our this months, no than million debt the Over coming million. half XX And next within Less
sheet is for these. Our like built balance times
maintain positive the to year As free I And cash our position we dividend. have previously cash quarter. we a strong mentioned, to the expect flow also fourth maintain generally expected in for and
carrying potential the prices up duration the solid recovery set quarter we remain strong safe we EPS of operational closing initiatives and the from growth global tensions. is out sequential the significant free with growth in leaders the serve. net have of financial sales, to how year. slowdown. economic In end financial effectively In successfully the important industries during flow, the its are with of quarter stay continue improvement and the Corning income, We aware the And needed expect another long recession, we outstanding drivers guarding resources unrest performance. financial we we civil goals We and geopolitical what in the for demonstrated intact. are of at or pandemic, cash impacts operational advancing takes, Regardless shape our strength, we the
Ann? our to positions the We uncertainty are global leadership move With confident emerge and current from market let’s Q&A. execution us even stronger. that that, to in