Morning, you, Thank everyone. Wendell.
both of end For improvements $X.X the were the the fourth XX.X%, billion margin expectations. first and quarter, we margin delivered from quarter. higher operating EPS $X.XX. our was was was results and at XX.X% Gross meaningful Sales
flow quarter was million. cash the free Our for $XXX negative
quarter first flow negative to due The cash cyclicality. typically is
saw overall in This demand several reflecting flow impacted also our and quarter, recession-level free China. cash by the lower sales, of weakness markets was we
Looking forward, the demonstrated the operational Overall, during free cash we flow of and XXXX. our remainder in rigor second quarter. starting team the for positive quarter expect
adjusting to environment. to to productivity inflation make our by weather our historical to We demand progress prices align structure successfully closer continue ratios levels, we continue improving to cost raising offset and on will help by the our profitability and
long-term global Corning and profitable capture are in trends approach, as we well to our We to economy durable improves. more secular the confident remain and growth our positioned relevance
Now let's turn our to first quarter results. segment
as customer In billion, sequentially down Optical volume price offset Communications, partially a projects. decline X% of greater-than-normal seasonal increases pacing were sales $X.X with the associated
to actions taken the Despite million, XXXX. net driven pricing in decline grew in productivity primarily in late XX% income by sales, sequentially $XXX
continue to intact. underlying believe We growth are drivers the industry's
offer much supported help larger Long-term private the connect computation investments bring strongly broadband our We're ever population. range the for trends and cloud. each share XG public secular to a innovation advantages connected and economic significant underway beyond broader for optical and before. of by got three is and trends: solutions for than a customers category, programs to infrastructure by pursuing demand Broadband, We've major connectivity and of in networks
on sales call, income on technology million, Net million, was declined X% quarter $XXX glass both maker $XXX in On panel first dynamics. Display sales. X% sequentially last utilization price slightly. you down were our lower the volume and down I as sequentially updated
retail beginning China. its January, due December to pandemic-related disruptions back increase persisted low below driving but to began the it of and from utilization in utilization the in leveled in QX, off At And disruptions point, down demand.
therefore, they to volume in quarter two makers increased first from their improved. And Subsequently, Favorable than and by the anticipate increased We're a panel February levels the second In significantly. conditions our sequential in January expecting run increase China did glass primarily makers utilization panel our utilization. in we levels. factors. pricing result, driven is March, volume quarter. And higher at to as
maintenance flash been first tanks taking supply have The improving and the additional makers balance. repairs. factor demand offline and Glass for is
previously, As to technology, we've restarts our we're our tank with upgrade latest and supply managing taking the this timing opportunity noted to our to we align demand. of fleet actively are
at two remain The it profitability. In reinforcing to have that glassmakers is high competitors factor QX, losses, is net reported our for current costs major levels. pricing view who glassmakers profitable challenging our second
Demand for equipment time our lead long Materials. strong. Specialty to remains semiconductor Moving products
weak. market smartphone and demand However, end IT remains
million, were with First million, Net lower XX% sales the due sequentially, $XX seasonality. to $XXX sequentially typical sales. consistent income was down quarter down
the to Victus our and as new in of in Gorilla We X formulations markets. expect smartphone offset XXXX IT and glass of continued half the glass the introduction continued innovations second the adoption softness of latest Glass help such
that augmented Environmental long-term new believe $XXX million. Technologies, we sales like contribute will innovation quarter reality were and first emerging devices opportunities and Additionally, bendable to growth. technologies
adoption X% in XX% driven higher increased increased by a in quarter, sales saw drive income GPF which productivity. sales. We and improved Net sequentially, helped the sequential improvement
us help in that our is auto the year the are and sales our current growth the a below strategy continues full content-driven projecting the to levels, of second quarter market in remain outperform recovery but We automotive not pre-pandemic market. view
Life Sciences. to Turning
First quarter to million, lower XX% sales the sales inventory. their were was and our by for actions Net quarter. $XXX drawing down reduce lower driven products sequentially, demand by customers down COVID-related $X and million, the in impact levels production income driven
what to challenges. XXXX In Let year. the customers minute driven me ordered market take largely and the growth pandemic-related of this describe over dynamics due we XXXX, a to demand was expect for impacting by half and chain business the and first supply
in and half left tapering the elevated the industry began with demand Pandemic-related was inventory XXXX of levels. second
to We the industry and ratios we back profitability as models. to sales pre-pandemic restore corrects, improve expect our productivity and
polysilicon. in were semiconductor by Net up down businesses, sequentially, Finally, growth increased million, primarily year-over-year the sequentially. and seasonally emerging driven sales $XXX Hemlock income first volumes lower quarter and in in
seeing are glass traceable pharmaceutical technologies. solar demand in a strong meet growth in for And supply U.S. solutions and see sustainable to and we transparent, automotive the polysilicon market. in strong opportunities additional for the We chain need continue to solar-grade continued
outlook. to Now our turn let's
sequential quarter, industry on total the led quarter For as grow optical or second second continues we sales materials. specialty to in We're to web display strong not sciences communications, sales sales improvements the sequentially recover. company expect by planning
Turning profitability. to
improved levels. productivity expect to historical and We first profitability to return ratios on offset by the and from build driven efforts progress quarter our to inflation further our
flow free of $X.XX I sales range of second the and normal in in higher $X.XX. billion And the the said EPS And cash cash due cyclicality to strongly to to expect earlier, flow quarter. range billion expect positive will improve we We sales. $X.X $X.X and in free as
the most second that versus case increase quarter. likely is The for the half earnings and sales second
be to continued given demand impact global spending. uncertainty, its on consumer early too infrastructure it's and and economic Although definitive,
research through like capital allocation also greater. reiterate I'd and We growth target our opportunities investment capital generate XX% priorities. to we a organic ROIC expenditures. and development or prioritize The
We expect expenditures XXXX full be XXXX. lower year capital to slightly than
raised for two in prioritizing is dividends, which We cash years in excess rewarding with row. XX our are ways: also shareholders we've First a
is is strength XXXX, to appropriate maintain about top in opportunistic. of share back continue Preserving buybacks. a provides financial bought be flexibility. sheet and a and our the we'll company Second balance strong the of shares that We We X% outstanding priority. always durability
to I'm one maintained of the proud in longest debt the And XXX. S&P Corning say tenants
Our with some In of average debt [indiscernible] come no growth. position us positioned maturity are actions well financially taking this the significant for to and is strong we period in XX given years you. about of any a out return to uncertainty,
Now I'd like with wrap takeaways. up few key a to
profit the profitability and in quarter, actions, second sales, cost and to by In improve, controls, improvement continued we our expect generation display cash recovery driven technologies.
conditions maintaining occurs. flexibility market focused capture while strong on it highly our our investment We're maintaining and the We're environment the particularly to while disciplined aligning approach to structure address as decisions to sheet. a executing changing cost a upside balance demand
drivers and out Our trends with long-term Q&A. as over tied And to capturing such secular remain growth and well turn the solar optical continue I'll all markets. playing those Ann we're for key growth it to intact, to back that, communications positioned in
