康寧 (GLW) 2023 Q1 法說會逐字稿

Welcome to the Corning Inc. Quarter 1 2023 Earnings Call. (Operator Instructions) It is my pleasure to introduce to you, Ann Nicholson, Vice President of Investor Relations.

歡迎來到康寧公司 2023 年第一季度收益電話會議。 （操作員說明）很高興向您介紹投資者關係副總裁 Ann Nicholson。

Thank you, and good morning, everybody. Welcome to Corning's First 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 will contain forward-looking statements that fall within the meaning of the Private Securities Litigation Reform Act of 1995.

謝謝大家，早上好。歡迎來到康寧 2023 年第一季度財報電話會議。今天和我在一起的是董事長兼首席執行官 Wendell Weeks； Ed Schlesinger，執行副總裁兼首席財務官；和執行副總裁兼首席戰略官 Jeff Evenson。我想提醒您，今天的評論將包含前瞻性陳述，這些陳述屬於 1995 年《私人證券訴訟改革法案》的含義。

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.

這些陳述涉及可能導致實際結果出現重大差異的風險、不確定性和其他因素。這些因素在公司的財務報告中有詳細說明。您還應該注意，除非我們特別指出我們的評論與 GAAP 數據相關，否則我們將使用核心績效指標來討論我們的綜合結果。我們的核心績效指標是管理層用來分析業務的非 GAAP 指標。

For the first quarter, the primary differences between GAAP and core EPS stemmed 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 Q1 by $97 million. As a reminder, the mark-to-market accounting has no impact on our cash flow. A reconciliation of core results to the comparable GAAP value can be found in the Investor Relations section of our website at corning.com.

第一季度，GAAP 與核心每股收益之間的主要差異源於重組費用以及與公司貨幣對沖合約和日元計價債務相關的非現金市值調整。總的來說，這些使第一季度的核心收益增加了 9700 萬美元。提醒一下，按市值計算的會計對我們的現金流沒有影響。可以在我們網站 corning.com 的投資者關係部分找到核心結果與可比較的 GAAP 值的對賬。

You may also access core results on our website with downloadable financials in the Interactive Analyst Center. Supporting slides are being shown live on our webcast. We encourage you to follow along. They're also available on our website for downloading. And now I'll turn the call over to Wendell.

您還可以在我們的網站上訪問核心結果，並在交互式分析中心下載可下載的財務數據。支持幻燈片正在我們的網絡廣播中實時顯示。我們鼓勵您跟進。它們也可以在我們的網站上下載。現在我會把電話轉給溫德爾。

Thank you, Ann, and good morning, everyone. Last quarter, we told you that markets constituting about half of our sales. We're experiencing recession-level demand that are first quarter sales would decline by greater-than-normal seasonality due to pandemic-related disruptions, China that we would raise prices again to offset additional inflation and also begin to restore our productivity ratios to pre-pandemic levels. And as a result, our margins would increase 1 to 2 percentage points sequentially despite lower sales. And that is exactly how the first quarter played out.

謝謝你，安，大家早上好。上個季度，我們告訴您市場約占我們銷售額的一半。我們正在經歷衰退級別的需求，即由於大流行相關的中斷，第一季度銷售額將下降超過正常的季節性，中國我們將再次提高價格以抵消額外的通貨膨脹，並開始將我們的生產率恢復到之前的水平-大流行水平。因此，儘管銷售額下降，但我們的利潤率仍將連續增加 1 到 2 個百分點。這正是第一季度的結果。

First quarter sales were $3.4 billion, and EPS was $0.41. Our actions to raise prices and restore productivity ratios began delivering notable results. Despite a 7% sequential sales decline. Gross margin expanded 160 basis points sequentially to 35.2%. And operating margin expanded 150 basis points from the prior quarter to 15.5%. Although conditions remain weak in multiple markets, we expect our results to improve in the second quarter.

第一季度銷售額為 34 億美元，每股收益為 0.41 美元。我們提高價格和恢復生產率的行動開始產生顯著效果。儘管連續銷售額下降 7%。毛利率環比擴大 160 個基點至 35.2%。營業利潤率比上一季度擴大 150 個基點，達到 15.5%。儘管多個市場的情況仍然疲軟，但我們預計我們的業績將在第二季度有所改善。

We remain focused on profitability and cash flow, and we will continue to align our cost structure to demand. Now I wanted to provide some context on the dynamics we're experienced in our key markets. And then I'll discuss how we're continuing to build our long-term growth opportunities across our business. So let's dive in.

我們仍然專注於盈利能力和現金流，我們將繼續根據需求調整我們的成本結構。現在我想提供一些關於我們在主要市場所經歷的動態的背景信息。然後我將討論我們如何繼續在我們的業務中創造長期增長機會。所以讓我們開始吧。

In Display Technologies, sales declined 3% sequentially as both volume and glass price declined slightly. In March, panel maker utilization increased, and we expect our volume in the second quarter to increase significantly from the first quarter.

在顯示技術領域，由於銷量和玻璃價格均略有下降，銷售額環比下降 3%。 3 月份，面板製造商的利用率增加，我們預計第二季度的產量將比第一季度大幅增加。

As conditions continue to improve, we're optimistic the panel maker utilization is beginning to move beyond correction levels and little return to more normal levels in the coming quarters. In Optical Communications, sales declined 6% sequentially.

隨著情況繼續改善，我們對面板製造商的利用率開始超越修正水平持樂觀態度，並且在未來幾個季度幾乎不會回到更正常的水平。在光通信領域，銷售額環比下降 6%。

Our pricing actions partially offset a greater-than-normal seasonal volume decline in connectivity solutions, which is associated with the pacing of several large customer projects. Our pricing and productivity actions resulted in net income improving 22% sequentially despite the lower sales.

我們的定價行動部分抵消了連接解決方案超出正常的季節性銷量下降，這與幾個大客戶項目的節奏有關。儘管銷售額下降，但我們的定價和生產力行動導致淨收入環比增長 22%。

Government commitments to connect the unconnected are contributing to robust cable and fiber demand, and we continue to advance our leadership. Last month, we officially opened an optical cable manufacturing campus in North Carolina to help provide U.S. network operators with the cable they need to bring high-speed optical connectivity to underserved communities, particularly in rural America. Commerce Secretary, Gina Raimondo said, "It is past time that every American be connected with affordable Internet no matter where they live. We could not do it without the folks at Corning. We wouldn't have the fiber, the innovation or the cable."

政府承諾將未連接的人連接起來，這有助於推動對電纜和光纖的強勁需求，我們將繼續提升我們的領導地位。上個月，我們在北卡羅來納州正式開設了一個光纜製造園區，以幫助為美國網絡運營商提供他們所需的光纜，以便為服務欠缺的社區（尤其是美國農村地區）提供高速光連接。商務部長吉娜·雷蒙多 (Gina Raimondo) 說：“每個美國人無論住在哪裡都可以用負擔得起的互聯網連接的時代已經過去了。沒有康寧的人，我們無法做到這一點。我們不會有光纖、創新或電纜”

Finally, in Environmental Technologies, we saw increased adoption of gasoline particulate filters in the quarter, which helped drive a 9% sequential improvement in sales despite the languishing car market. Net income grew 19% in the segment based on our productivity actions and growing sales.

最後，在環境技術方面，我們看到本季度汽油微粒過濾器的採用率有所提高，這有助於推動銷售額環比增長 9%，儘管汽車市場不景氣。基於我們的生產力行動和不斷增長的銷售額，該部門的淨收入增長了 19%。

To sum up the short term, we're seeing improvement in some of our markets, but a series of challenges continues to ripple across the global economy. Nevertheless, we expect to grow sequentially in the second quarter and to improve our key financial metrics.

總結短期而言，我們看到我們的一些市場有所改善，但一系列挑戰繼續波及全球經濟。儘管如此，我們預計第二季度將實現連續增長，並改善我們的關鍵財務指標。

For the back half of the year, I'd be disappointed if we didn't grow from second quarter levels. Longer term, we will continue to innovate and capture growth opportunities as they materialize. We're energized about Corning's future. And I'd like to review some of the reasons why. It all starts with our focused and cohesive portfolio.

對於今年下半年，如果我們沒有從第二季度的水平增長，我會感到失望。從長遠來看，我們將繼續創新並在增長機會實現時抓住它們。我們對康寧的未來充滿活力。我想回顧一下其中的一些原因。這一切都始於我們專注且有凝聚力的產品組合。

We maintain clear leadership in three core technologies, and four proprietary manufacturing and engineering platforms that are viable to solving a broad range of significant challenges in shaping to industries. We apply new combinations of our assets and capabilities to advance important secular trends in tandem with our customers.

我們在三項核心技術和四項專有製造和工程平台方面保持明確的領先地位，這些平台能夠解決塑造行業的廣泛重大挑戰。我們應用我們的資產和能力的新組合，與我們的客戶一起推動重要的長期趨勢。

And by reapplying and repurposing our insights and assets across multiple opportunities in markets, we increase our profitability. In Optical Communications, we've been leading in the industry for more than 50 years. This business is the most fully evolved example of Corning's focused portfolio using all three of our core technologies and four of our manufacturing and engineering platforms. And we will continue to apply these capabilities to help build the more connected world over the next 50 years.

通過在市場上的多個機會中重新應用和重新利用我們的見解和資產，我們提高了盈利能力。在光通信領域，我們在行業中領先 50 多年。該業務是康寧專注於產品組合的最全面發展的例子，它使用了我們所有的三項核心技術和我們的四個製造和工程平台。在接下來的 50 年裡，我們將繼續應用這些能力來幫助構建更加互聯的世界。

In display, by leveraging all three of our core technologies and evolving our fusion platform, we have achieved large scale and broad capabilities that have advanced our leadership position. As our customers evolve, we're helping them create a world with richer and more lifeline in ubiquitous displays. In mobile consumer electronics, we invented the cover glass category and redefine it by integrating glass with ceramics and by combining fusion with vapor depiction.

在展示方面，通過利用我們的所有三項核心技術和發展我們的融合平台，我們已經實現了大規模和廣泛的能力，從而提升了我們的領導地位。隨著我們客戶的發展，我們正在幫助他們創造一個在無處不在的顯示器中擁有更豐富和更多生命線的世界。在移動消費電子領域，我們發明了蓋板玻璃類別，並通過將玻璃與陶瓷相結合，將融合與蒸汽描繪相結合，重新定義了它。

We continue to advance the state-of-the-art with our leading cover materials, which have been deployed on more than 8 billion devices to date. And we've recently entered new product categories that provide opportunities for more of our content. For example, the camera lens covers on devices like the Samsung Galaxy S22 and S23 series. These advancements are excellent examples of our more Corning approach.

我們通過領先的覆蓋材料繼續推進最先進的技術，迄今為止，這些材料已部署在超過 80 億台設備上。我們最近進入了新的產品類別，為我們的更多內容提供了機會。例如，三星 Galaxy S22 和 S23 系列等設備上的相機鏡頭蓋。這些進步是我們更康寧方法的極好例子。

We're also innovating in emerging technologies like augmented reality bendable devices, which we expect to contribute to long-term growth. In automotive, we're helping build the world where vehicles are increasingly green and where software and displays are enabling new and vehicle experiences.

我們還在新興技術方面進行創新，例如增強現實可彎曲設備，我們希望這些技術能夠為長期增長做出貢獻。在汽車領域，我們正在幫助建設一個汽車越來越環保的世界，一個軟件和顯示器能夠帶來新的汽車體驗的世界。

Our inventions are enabling industry leaders to meet stringent upcoming EU7 emissions regulations and achieve near 0 emissions levels. And we're collaborating with LG Electronics, a global technology and vehicle component solutions innovator to advance in-car connectivity.

我們的發明使行業領導者能夠滿足即將出台的嚴格的 EU7 排放法規，並實現接近 0 的排放水平。我們正在與全球技術和汽車零部件解決方案創新者 LG 電子合作，以推進車內連接。

Overall, we're helping to solve more and more of our customers' challenges in design, connectivity and autonomy. And at CES, we continue to generate strong industry excitement about how our technical glass and optics capabilities can expand the boundaries of what's possible.

總體而言，我們正在幫助解決越來越多的客戶在設計、連接性和自主性方面面臨的挑戰。在 CES 上，我們繼續讓業界對我們的技術玻璃和光學能力如何擴展可能的界限產生強烈的興奮。

Finally, in Life Sciences, we're using Corning's core glass and optical physics technologies along with our expertise in vapor deposition, precision forming and extrusion to help support the discovery and delivery of new medicines, including biological treatments, that are personalized, effective and safe.

最後，在生命科學領域，我們正在使用康寧的核心玻璃和光學物理技術以及我們在氣相沉積、精密成型和擠壓方面的專業知識，以幫助支持新藥的發現和交付，包括個性化、有效和安全的生物治療。安全的。

So as you can see, our investments in distinctive capabilities have placed us at the center of secular trends putting many facets of baseline. And we believe we will continue to develop category defining products to transform industries and enhance labs.

因此，正如您所見，我們對獨特能力的投資使我們處於長期趨勢的中心，將許多方面置於基線之下。我們相信我們將繼續開發類別定義產品，以改造行業和增強實驗室。

I'm also excited by our growth opportunities in the renewable energy industry, where I believe we can make significant additional contributions to a sustainable U.S.-based solar supply chain. We're proud to make the world here is still a little bit better wherever we can, and that extends to all of our stakeholders, especially in these uncertain times.

我也對我們在可再生能源行業的增長機會感到興奮，我相信我們可以在這個領域為可持續的美國太陽能供應鏈做出重大的額外貢獻。我們很自豪能夠盡可能地讓這裡的世界變得更好一點，這延伸到我們所有的利益相關者，尤其是在這些不確定的時期。

We recently released our DE&I and sustainability reports, which capture the great progress we've made and underscore our commitment to helping move the world forward.

我們最近發布了我們的 DE&I 和可持續發展報告，其中記錄了我們取得的巨大進步，並強調了我們致力於幫助推動世界向前發展的承諾。

So as I wrap up my remarks, here is what I'd like to (inaudible) today. Moving forward throughout 2023, we'll continue to focus on operating each of our business as well and adjusting to meet the needs of the moment, including aligning our cost structure to the demand environment.

因此，在我結束髮言時，這就是我今天想要（聽不清）的內容。展望整個 2023 年，我們將繼續專注於經營我們的每項業務，並進行調整以滿足當前的需求，包括使我們的成本結構與需求環境保持一致。

At the same time, we're advancing growth initiatives and capabilities that will drive long-term success. We remain well positioned to continue capturing a very rich set of long-term opportunities that we've built across our market access platforms. I look forward to updating you on our progress.

與此同時，我們正在推進將推動長期成功的增長計劃和能力。我們仍然處於有利地位，可以繼續抓住我們在市場准入平台上建立的一系列非常豐富的長期機會。我期待著向您通報我們的最新進展。

Now I'll turn the call over to Ed, so he can get into the details of our financial priorities, along with our results and outlook. Ed?

現在我會把電話轉給埃德，這樣他就可以詳細了解我們的財務優先事項，以及我們的結果和前景。埃德？

Thank you, Wendell. Morning, everyone. For the first quarter, we delivered results at the higher end of our expectations. Sales were $3.4 billion and EPS was $0.41. Gross margin was 35.2% and operating margin was 15.5%, both meaningful improvements from the fourth quarter. Our free cash flow for the quarter was negative $383 million.

謝謝你，溫德爾。大家早上好。對於第一季度，我們交付的結果超出了我們的預期。銷售額為 34 億美元，每股收益為 0.41 美元。毛利率為 35.2%，營業利潤率為 15.5%，均較第四季度有了顯著改善。我們本季度的自由現金流為負 3.83 億美元。

The first quarter is typically negative due to cash flow cyclicality. This quarter, free cash flow was also impacted by lower sales, reflecting the recession-level demand we saw several of our markets and overall weakness in China.

由於現金流週期性，第一季度通常為負數。本季度，自由現金流也受到銷售額下降的影響，反映出我們在多個市場看到的衰退水平需求以及中國的整體疲軟。

Looking forward, we expect positive free cash flow starting in the second quarter and for the remainder of 2023. Overall, our team demonstrated operational rigor during the quarter. We continue to make progress on improving our profitability by raising prices to help offset inflation and by adjusting our productivity ratios closer to historical levels, and we will continue to align our cost structure to successfully weather the demand environment.

展望未來，我們預計從第二季度開始和 2023 年剩餘時間內將出現正的自由現金流。總體而言，我們的團隊在本季度展示了運營的嚴謹性。我們通過提高價格以幫助抵消通貨膨脹以及將我們的生產率調整到接近歷史水平，在提高盈利能力方面繼續取得進展，我們將繼續調整我們的成本結構以成功度過需求環境。

We remain confident in our relevance to long-term secular trends and our more Corning approach, and we are well positioned to capture durable profitable growth as the global economy improves. Now let's turn to our first quarter segment results.

我們對我們與長期長期趨勢的相關性以及我們更康寧的方法仍然充滿信心，並且隨著全球經濟的改善，我們有能力實現持久的盈利增長。現在讓我們來看看我們第一季度的業績。

In Optical Communications, sales were $1.1 billion, down 6% sequentially as price increases partially offset a greater-than-normal seasonal volume decline associated with the pacing of customer projects.

在光通信領域，銷售額為 11 億美元，環比下降 6%，原因是價格上漲部分抵消了與客戶項目節奏相關的超出正常水平的季節性銷量下降。

Despite the decline in sales, net income grew 22% sequentially to $159 million, primarily driven by pricing in productivity actions taken in late 2022. We continue to believe the industry's underlying growth drivers are intact.

儘管銷售額下降，但淨收入環比增長 22% 至 1.59 億美元，這主要是受到 2022 年底採取的生產力行動定價的推動。我們仍然相信該行業的潛在增長動力完好無損。

Long-term demand for optical networks is strongly supported by trends in computation and by private and public infrastructure investments to help connect beyond connected and bring broadband to a much larger share of the population. We're pursuing three significant secular trends: Broadband, 5G and the cloud. We've got major innovation programs underway for each category, and our connectivity solutions offer economic advantages for a broader range of customers than ever before.

對光網絡的長期需求得到了計算趨勢以及私人和公共基礎設施投資的有力支持，以幫助連接超越連接並將寬帶帶給更大比例的人口。我們正在追求三個重要的長期趨勢：寬帶、5G 和雲。我們為每個類別都制定了重大創新計劃，我們的連接解決方案為更廣泛的客戶提供了前所未有的經濟優勢。

Display technology sales in the first quarter were $763 million, down 3% sequentially as both volume and glass price declined slightly. Net income was $160 million, down 6% sequentially on lower sales. On our last call, I updated you on panel maker utilization dynamics.

第一季度顯示技術銷售額為 7.63 億美元，環比下降 3%，原因是銷量和玻璃價格均略有下降。淨收入為 1.6 億美元，由於銷售額下降，環比下降 6%。在上次通話中，我向您更新了面板製造商的利用率動態。

At the beginning of Q4, utilization began to increase from its low point, but it leveled off in December due to pandemic-related disruptions in China. And in January, the disruptions persisted driving utilization back down and below retail demand.

第四季度初，利用率開始從低點回升，但由於中國與大流行相關的中斷，該利用率在 12 月趨於平穩。而在 1 月份，中斷持續導致利用率回落並低於零售需求。

Subsequently, conditions in China improved. In March, panel makers increased their utilization. And as a result, our volume increased from January and February levels. We're expecting panel makers to run at higher utilization levels in the second quarter than they did in the first quarter. And therefore, we anticipate our sequential glass volume to increase significantly. Favorable pricing is primarily driven by two factors.

隨後，中國的情況有所改善。 3月，面板製造商提高了利用率。因此，我們的銷量比 1 月和 2 月的水平有所增加。我們預計面板製造商在第二季度的利用率水平將高於第一季度。因此，我們預計我們的連續玻璃產量將顯著增加。有利的定價主要由兩個因素驅動。

The first factor is the improving [glass] flash supply and demand balance. Glass makers have been taking additional tanks offline for maintenance and repairs. As we've noted previously, we are taking this opportunity to upgrade our fleet with our latest technology, and we're actively managing the timing of tank restarts to align our supply to demand.

第一個因素是 [玻璃] 閃存供需平衡的改善。玻璃製造商一直在將更多的儲罐下線以進行維護和修理。正如我們之前指出的那樣，我們正藉此機會用我們的最新技術升級我們的車隊，並且我們正在積極管理儲罐重啟的時間，以使我們的供應與需求保持一致。

The second factor is glassmakers profitability. In Q4, our two major competitors reported net losses, reinforcing our view that it is challenging for glassmakers who have high costs to remain profitable at current pricing levels.

第二個因素是玻璃製造商的盈利能力。在第 4 季度，我們的兩個主要競爭對手報告了淨虧損，這強化了我們的觀點，即成本高昂的玻璃製造商很難在當前定價水平下保持盈利。

Moving to Specialty Materials. Demand for our long lead time semiconductor equipment products remains strong. However, smartphone and IT end market demand remains weak. First quarter sales were $406 million, down 20% sequentially, consistent with typical seasonality. Net income was $39 million, down sequentially due to the lower sales. We expect the continued adoption of our latest glass innovations such as Gorilla Glass Victus 2 and the introduction of new glass formulations in the second half of 2023 to help offset continued softness in the smartphone and IT markets.

轉向特種材料。對我們的長交貨期半導體設備產品的需求依然強勁。然而，智能手機和IT終端市場需求依然疲軟。第一季度銷售額為 4.06 億美元，環比下降 20%，符合典型的季節性。由於銷售額下降，淨收入為 3900 萬美元，環比下降。我們預計 2023 年下半年 Gorilla Glass Victus 2 等最新玻璃創新技術的繼續採用以及新玻璃配方的推出將有助於抵消智能手機和 IT 市場的持續疲軟。

Additionally, we believe that new innovation opportunities and emerging technologies like augmented reality and bendable devices will contribute to long-term growth. Environmental Technologies, first quarter sales were $431 million.

此外，我們相信新的創新機會和新興技術（如增強現實和可彎曲設備）將有助於長期增長。 Environmental Technologies，第一季度銷售額為 4.31 億美元。

We saw increased GPF adoption in the quarter, which helped drive a 9% sequential improvement in sales. Net income increased 19% sequentially, driven by higher sales and improved productivity.

我們看到本季度 GPF 的採用有所增加，這有助於推動銷售額環比增長 9%。受銷售額增加和生產率提高的推動，淨收入環比增長 19%。

We are not projecting a recovery in the automotive market in the second quarter and our current view of the full year is that auto sales remain below pre-pandemic levels, but our content-driven growth strategy continues to help us outperform the market.

我們預計第二季度汽車市場不會復蘇，我們目前對全年的看法是汽車銷量仍低於大流行前的水平，但我們以內容為導向的增長戰略繼續幫助我們跑贏市場。

Turning to Life Sciences. First quarter sales were $256 million, down 13% sequentially, driven by lower demand for COVID-related products and the impact customers drawing down their inventory. Net income was $9 million, driven by lower sales and our actions to reduce production levels in the quarter.

轉向生命科學。第一季度銷售額為 2.56 億美元，環比下降 13%，原因是對 COVID 相關產品的需求下降以及客戶減少庫存的影響。淨收入為 900 萬美元，這是由於銷售額下降以及我們在本季度採取的降低生產水平的行動。

Let me take a minute to describe the market dynamics impacting this business and what we expect for the year. In 2021 and the first half of 2022, growth was largely driven by pandemic-related demand and customers over ordered due to supply chain challenges.

讓我花點時間描述一下影響這項業務的市場動態以及我們對今年的預期。在 2021 年和 2022 年上半年，增長主要是由大流行相關的需求和供應鏈挑戰導致的客戶超額訂購推動的。

Pandemic-related demand began tapering in the second half of 2022 and the industry was left with elevated inventory levels. We expect our sales and profitability to improve as the industry corrects, and we restore productivity ratios back to pre-pandemic models. Finally, in Hemlock and emerging growth businesses, sales in the first quarter were $386 million, up year-over-year and down sequentially, driven primarily by seasonally lower volumes in semiconductor polysilicon. Net income increased sequentially.

與大流行相關的需求在 2022 年下半年開始逐漸減少，該行業的庫存水平仍然很高。我們預計我們的銷售額和盈利能力會隨著行業的調整而提高，並且我們會將生產率恢復到大流行前的模型。最後，在 Hemlock 和新興增長業務中，第一季度的銷售額為 3.86 億美元，同比增長但環比下降，這主要是受半導體多晶矽銷量季節性下降的推動。淨收入環比增長。

We are seeing continued strong demand for solar-grade polysilicon to meet the need for a transparent, sustainable and traceable solar supply chain in the U.S. market. And we continue to see strong growth in automotive glass solutions and additional opportunities in pharmaceutical technologies.

我們看到對太陽能級多晶矽的持續強勁需求，以滿足美國市場對透明、可持續和可追溯的太陽能供應鏈的需求。我們繼續看到汽車玻璃解決方案的強勁增長和製藥技術的更多機會。

Now let's turn to our outlook. For the second quarter, we expect total company sales to grow sequentially led by display as the industry continues to recover. We're not planning on strong second quarter sales sequential sales improvements in optical communications, web sciences or specialty materials.

現在讓我們談談我們的展望。對於第二季度，我們預計隨著行業的持續復甦，公司總銷售額將在顯示器的帶動下實現環比增長。我們不打算在光通信、網絡科學或特種材料方面實現強勁的第二季度銷售連續銷售改進。

Turning to profitability. We expect to build on our progress from the first quarter and further improved profitability driven by our efforts to offset inflation and return productivity ratios to historical levels. We expect sales in the range of $3.4 billion to $3.6 billion and EPS in the range of $0.42 to $0.49. And free cash flow will improve strongly due to normal cyclicality and higher sales. And as I said earlier, we expect positive free cash flow in the second quarter.

轉向盈利能力。我們希望在第一季度取得的進展的基礎上進一步提高盈利能力，這得益於我們努力抵消通貨膨脹並將生產率恢復到歷史水平。我們預計銷售額在 34 億美元至 36 億美元之間，每股收益在 0.42 美元至 0.49 美元之間。由於正常的周期性和更高的銷售額，自由現金流將大幅改善。正如我之前所說，我們預計第二季度的自由現金流為正。

The most likely case for the second half is that sales and earnings increase versus the second quarter. Although it's too early to be definitive, given continued global economic uncertainty, and its impact on consumer demand and infrastructure spending.

下半年最有可能的情況是銷售額和收益較第二季度有所增長。考慮到全球經濟的持續不確定性及其對消費者需求和基礎設施支出的影響，現在下定論還為時過早。

I'd also like to reiterate our capital allocation priorities. We prioritize organic growth through research and development and capital expenditures. The investment opportunities we target generate a 20% ROIC or greater.

我還想重申我們的資本配置優先事項。我們通過研發和資本支出優先考慮有機增長。我們瞄準的投資機會產生 20% 或更高的 ROIC。

We expect 2023 full year capital expenditures to be slightly lower than 2022. We are also prioritizing rewarding shareholders with our excess cash in two ways: First is dividends, which we've raised for 13 years in a row. Second is share buybacks. We bought back about 5% of our outstanding shares in 2021, and we'll continue to be opportunistic. Preserving the financial strength of the company is always a top priority. We maintain a strong balance sheet that provides appropriate durability and flexibility.

我們預計 2023 年全年資本支出將略低於 2022 年。我們還優先通過兩種方式用我們的多餘現金回報股東：首先是股息，我們已經連續 13 年籌集了股息。二是股票回購。我們在 2021 年回購了約 5% 的已發行股票，我們將繼續投機取巧。保持公司的財務實力始終是重中之重。我們保持強大的資產負債表，提供適當的耐用性和靈活性。

And I'm proud to say Corning maintained one of the longest debt tenants in the S&P 500. Our average maturity is about 25 years with no significant debt (inaudible) in any given you. In some the actions we are taking position us to come out of this period of uncertainty, financially strong and well positioned for a return to growth. Now I'd like to wrap up with a few key takeaways.

我很自豪地說，康寧是標準普爾 500 指數中最長的債務租戶之一。我們的平均期限約為 25 年，沒有任何重大債務（聽不清）。在我們正在採取的一些行動中，我們能夠走出這段不確定的時期，財務實力雄厚，並為恢復增長做好準備。現在我想總結幾個關鍵點。

In the second quarter, we expect sales, profitability and cash generation to improve, driven by our profit improvement actions, cost controls, and continued recovery in display technologies.

在第二季度，我們預計在我們的利潤改善措施、成本控制和顯示技術持續復甦的推動下，銷售額、盈利能力和現金產生將有所改善。

We're executing a highly disciplined approach to our investment decisions while maintaining a strong balance sheet. We're particularly focused on aligning our cost structure to the demand environment while maintaining the flexibility to address changing market conditions and capture upside as it occurs.

我們正在對我們的投資決策執行高度紀律的方法，同時保持強大的資產負債表。我們特別專注於使我們的成本結構與需求環境保持一致，同時保持靈活性以應對不斷變化的市場條件並在出現時抓住上行空間。

Our long-term growth drivers all remain intact, and we're well positioned to continue capturing growth tied to key secular trends such as those playing out in the optical communications and solar markets. And with that, I'll turn it back over to Ann for Q&A.

我們的長期增長動力都保持完好，我們有能力繼續抓住與主要長期趨勢相關的增長，例如在光通信和太陽能市場中發揮作用的趨勢。有了這個，我會把它轉回給 Ann 進行問答。

Thanks, Ed. Hey, operator, we are ready for our first question.

謝謝，埃德。嘿，接線員，我們準備好回答第一個問題了。

(Operator Instructions) Our first question comes from the line of Matt Niknam with Deutsche Bank.

（操作員說明）我們的第一個問題來自德意志銀行的 Matt Niknam。

Congrats on the quarter. If (inaudible) just could on optical. If you can just talk about the latest -- your hearing from your customers and maybe speak a little bit more in terms of expectations and what's embedded for the second quarter. And then secondly, on optical.

祝賀這個季度。如果（聽不清）就可以在光學上。如果你能談談最新的——你從客戶那裡聽到的，也許在第二季度的期望和嵌入的內容方面多說一點。其次，在光學上。

I'm just trying to figure out in terms of where you're seeing some of the pause or more near-term softness, is it broadly distributed? Or is it maybe more in the sort of subscale or smaller carriers, which may be facing tougher maybe financial conditions, which are impacting some of the longer-term investment plans.

我只是想弄清楚你在哪裡看到一些暫停或更近期的疲軟，它分佈廣泛嗎？或者它可能更像是規模較小或規模較小的航空公司，它們可能面臨更嚴峻的財務狀況，這正在影響一些長期投資計劃。

(inaudible). So here's the dynamics we're seeing Corning customers and how are we [reacting]. So first, fiber and cable demand remains quite tight. And that's really -- you can see that with exhibited by the success of our recent price increase actions in that space. So for us, it's really the connectivity sales.

（聽不清）。所以這是我們看到康寧客戶的動態以及我們如何[反應]。因此，首先，光纖和光纜的需求仍然相當緊張。這真的 - 你可以看到我們最近在該領域的價格上漲行動的成功所展示的。所以對我們來說，這真的是連接銷售。

So think hardware, connectors in the engineered systems for fiber-to-the-home and large-scale fiber large-scale data centers are running below last year's levels, largely due to customer project timing.

因此，考慮到光纖到戶和大型光纖大型數據中心的工程系統中的硬件、連接器的運行低於去年的水平，這主要是由於客戶項目的時間安排。

Now what we hear from customers is the underlying drivers remains very robust: Cloud, AI/ML, 5G broadband connectivity. So we're sort of facing this interesting economy, which is all the long-term drivers are made in place and they're all speaking about very robust deployment plans. At the same time, we're just not seeing it, in our order book, nor are we seeing it in earth being moved in these large simple works projects. So we're taking these words with a little grain of salt. And we're just not reflecting in our forecast and our guide any renewal trust recovery yet until we see it.

現在，我們從客戶那裡聽到的是，底層驅動因素仍然非常強勁：雲、AI/ML、5G 寬帶連接。所以我們有點面臨這種有趣的經濟，這是所有長期驅動因素都已經到位，他們都在談論非常強大的部署計劃。與此同時，我們只是沒有在我們的訂單簿中看到它，也沒有在地球上看到它在這些大型簡單工程項目中被移動。所以我們對這些話持保留態度。在我們看到它之前，我們只是沒有在我們的預測和指南中反映任何續約信任恢復。

And it's not -- we're seeing this in large players, not just small folks. Some, I think, are seeking to finance or resources as they deal with their own uncertainty. But at the same time, haven't given up on their launch of strategic plans.

它不是——我們在大玩家中看到了這一點，而不僅僅是小人物。我認為，有些人在處理自身的不確定性時正在尋求資金或資源。但與此同時，他們並沒有放棄推出戰略計劃。

Does it mean that we won't see a strong bounce back to the run rate that you'd expect to match with their words on deployment plans in the back half? We could see it. We're just not going to guide it to we have it in our hands. Does that make sense, Matt?

這是否意味著我們不會看到強勁反彈到您期望與他們在後半部分的部署計劃中所說的相匹配的運行率？我們可以看到它。我們只是不打算將它引導到我們手中。這有意義嗎，馬特？

Our next question comes from the line of Shannon Cross with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Shannon Cross。

Wendell, can you talk a bit more on the display rebound that you're seeing, particularly what you saw in March? And how you expect that to trend through the year? What key points are you tracking to make sure that we are seeing a bit of a rebound there?

溫德爾，你能否多談談你所看到的顯示反彈，特別是你在三月份看到的情況？您預計這一年的趨勢如何？您正在跟踪哪些關鍵點以確保我們在那裡看到一些反彈？

So as you heard in Ed's comments, (inaudible) good we originally started to see the recovery in quarter 4. The pandemic shock sits in -- sets in, in China, sort of we go backwards and that we expected that we would work our way through it and then start to see the recovery start again, in quarter 1. And that's what we saw in March. So we saw utilization start to decline.

因此，正如您在 Ed 的評論中聽到的那樣，（聽不清）很好，我們最初在第 4 季度開始看到復蘇。大流行沖擊開始了——在中國開始了，我們有點倒退了，我們預計我們會努力度過難關，然後開始看到復蘇在第一季度再次開始。這就是我們在 3 月份看到的情況。所以我們看到利用率開始下降。

We're seeing a continued decline through this month. So as -- what we watch are what's actually happening with panel maker utilization, how are we seeing the dynamics play out between set makers and panel makers is looking to us like we're going to move beyond the recovery time, the correction time in this market and recovery is underway, and we would expect to see that build in the coming quarter.

我們看到本月持續下降。因此——我們所觀察到的是面板製造商利用率的實際情況，我們如何看待設備製造商和麵板製造商之間的動態變化，就像我們將超越恢復時間、修正時間一樣這個市場和復蘇正在進行中，我們預計會在下個季度看到這種情況。

That's the way it looks to assess what it feels to us that's what the data is telling us. But it's still early, right? So we're not coming out hard core and saying, yes, we're back to normal. We're not there yet. But we're seeing the trends all move in the right direction, Shannon.

這就是評估數據告訴我們的感受的方式。但現在還早，對吧？所以我們不會硬著頭皮說，是的，我們已經恢復正常了。我們還沒有。但我們看到趨勢都在朝著正確的方向發展，Shannon。

Our next question comes from the line of Steven Fox with Fox Advisors, LLC.

我們的下一個問題來自 Steven Fox 與 Fox Advisors, LLC 的對話。

A bit of a difficult question since it involves not guiding to the second half. But Wendell, you mentioned in your opening remarks that you thought you could grow in the second half.

有點困難的問題，因為它涉及不指導下半場。但是溫德爾，你在開場白中提到你認為你可以在下半年成長。

Where, where would you say that based on what you're seeing today, that there's opportunities for typical seasonality, where maybe we should capture expectations for seasonal improvements because the company is typically very back-end loaded in terms of their earnings growth half-over-half and the Street is looking for about 25% quarter-over-quarter improvement in earnings in Q3.

根據你今天所看到的情況，你會在哪裡說，典型的季節性有機會，也許我們應該抓住季節性改善的預期，因為公司通常在其盈利增長一半方面非常後端負載 -超過一半，華爾街預計第三季度收益環比增長約 25%。

Steve, this is Ed. I'll take that one. So maybe I'll start with the second quarter, and then I'll go to the second half. So as we think about the second quarter in our guide, we're thinking about a significant improvement in display.

史蒂夫，這是埃德。我會拿那個。所以也許我會從第二節開始，然後我會去下半場。因此，當我們考慮指南中的第二季度時，我們正在考慮顯著改進顯示。

I think that's the primary driver. We're not expecting significant sales growth in other businesses. We specifically called out optical, life sciences and specialty materials. When you think about the second half, I think the first thing I'd start with is in specialty materials.

我認為這是主要的驅動因素。我們預計其他業務的銷售額不會出現顯著增長。我們特別提到了光學、生命科學和特種材料。當你想到下半年時，我想我首先要開始的是特種材料。

We typically see customer product launches happen in the second half into business where usually our second half is higher than our first half. I think that's a dynamic that could play out. And in our thoughts about the most likely case being the second half greater than the first half or greater than the second quarter. That's a place that I would expect to see growth. I think additionally, Wendell describe the optical communications situation very well, and we could certainly grow from first to second quarter levels in optical communications. Life Sciences, you could see a small increase. And then depending on how display (inaudible) you could see growth there as well.

我們通常會看到客戶產品發布發生在業務的下半年，而我們的下半年通常高於上半年。我認為這是一種可以發揮作用的動力。在我們看來，最有可能的情況是下半年比上半年或比第二季度更好。這是我希望看到增長的地方。我認為另外，Wendell 很好地描述了光通信的情況，我們肯定可以在光通信方面從第一季度增長到第二季度。生命科學，你可以看到小幅增長。然後根據顯示方式（聽不清），您也可以在那裡看到增長。

Our next question comes from the line of Wamsi Mohan with Bank of America.

我們的下一個問題來自美國銀行的 Wamsi Mohan。

Just a follow-up on Steve's question, Wendell, when you said you would be disappointed if you did not see growth in second half from second quarter levels. Historically, you have on average been second half up 7% or first half. So it would be fairly dramatic for you to see not sequential growth.

只是跟進史蒂夫的問題，溫德爾，當你說如果你沒有看到下半年第二季度水平的增長，你會感到失望。從歷史上看，下半年或上半年平均上漲 7%。因此，如果你看到沒有連續增長，那將是相當戲劇性的。

Would you say 2023, though, is shaping up in line with that kind of an expectation of second versus first half? Or is it more like recessionary years where maybe the dynamic track worse? And if I could, I know you mentioned sequential very strong sequential volume growth in 2Q in display, could you comment on how that looks on a year-on-year basis as well and where inventory levels are in display?

不過，您會說 2023 年的情況符合下半年與上半年的那種預期嗎？或者它更像是經濟衰退的年份，動態軌跡可能更糟？如果可以的話，我知道你提到了第二季度顯示的連續非常強勁的連續銷量增長，你能否評論一下同比情況以及顯示的庫存水平？

Let's take the second one. On the first one, once it's an excellent question. So here's the way the dynamics playing out with an even our own company is our operating groups are operating leaders. Sound very much like us, and they sound very much like our customers, all sort of pointing towards what you see normally and the behavior you would expect in our industries.

我們來看第二個。關於第一個，曾經是一個很好的問題。因此，即使是我們自己的公司，動態的表現方式也是我們的運營團隊是運營領導者。聽起來很像我們，他們聽起來很像我們的客戶，都指向你通常看到的東西以及你在我們行業中期望的行為。

And what's happening is that's running in the tension with us sort of in the center of the company who are looking at this and saying, I think this is a pretty unusual time we find ourselves in.

正在發生的事情是，我們在公司的中心有點緊張，他們正在看著這個並說，我認為這是我們發現自己所處的一個非常不尋常的時期。

And it's unclear to us that following the historical cycles, we're following what our customers are telling us is going to necessarily lead us to the right answer in the short term.

我們不清楚，隨著歷史週期，我們正在遵循客戶告訴我們的事情，這必然會在短期內引導我們找到正確的答案。

So you're on top of attention, which is why sort of we're working it the way we are, which is we do expect growth how much growth is under much debate within us, but it's not, I think, what we know Wamsi, making us have that debate is the things that we don't know.

所以你最受關注，這就是為什麼我們按現在的方式工作，我們確實期望增長多少增長在我們內部有很多爭論，但我認為，這不是我們所知道的Wamsi，讓我們進行辯論是我們不知道的事情。

And that's sort of the way it's playing out and sort of each passing month brings us a little more clarity. So that's where we are, Wamsi. Does that answer makes sense to you?

這就是它正在發揮作用的方式，每個過去的月份都會讓我們更加清晰。這就是我們所在的位置，Wamsi。這個答案對你有意義嗎？

Yes. Yes, it does, Wendell. Maybe just to step back for a second, if I could. Like do you feel that the macro environment relative to 90 days ago for your end markets is getting better or worse?

是的。是的，是的，溫德爾。如果可以的話，也許只是退後一步。就像你覺得你的終端市場相對於 90 天前的宏觀環境是好是壞？

I think that the integration of the macro environment into our customers' business plans, continues at different rates in different industries.

我認為，將宏觀環境整合到我們客戶的業務計劃中，在不同行業以不同的速度繼續進行。

So I think by and large, people are speaking less robustly than they were 90 days ago, changed our point of view much. Well at the center probably not so much, in our operating units profit will be more.

所以我認為總的來說，人們的發言不如 90 天前那麼有力，這大大改變了我們的觀點。那麼在中心可能不會那麼多，在我們的運營單位中利潤會更多。

I think the really interesting question is isn't so much when does sort of realization of what's the broad economic outlook sets in all the different industries is when does the reverse happen?

我認為真正有趣的問題不是什麼時候意識到所有不同行業的廣泛經濟前景，什麼時候會發生逆轉？

Like when do we start to see those more robust signals that shows really would be online. And I just haven't seen those yet. That's what I'm looking for. And as soon as we see them, we'll tell you, Wamsi.

就像我們什麼時候開始看到那些顯示真正在線的更強大的信號一樣。我還沒有看到那些。這就是我要找的。一旦我們看到他們，我們就會告訴你，Wamsi。

Yes. Well, you had asked about display second quarter, what we've incorporated in our second quarter guide versus the prior year. So just a couple of thoughts. One, remember last year, the way display played out is the first half was really strong. We started to see panel makers drop their utilization at the end of the second quarter, right.

是的。好吧，你問過第二季度的展示，我們在第二季度指南中納入了與上一年相比的內容。所以只是幾個想法。一，記得去年，上半場的表現非常強勁。我們開始看到面板製造商在第二季度末降低了利用率，對吧。

So Q3 and Q4, they ran at much lower rates, Q1 and Q2, they ran at much higher rates, right. And if you think about the way we typically do our guide, we always have a range of outcomes, right.

所以第三季度和第四季度，它們的運行速度要低得多，第一季度和第二季度，它們的運行速度要高得多，對吧。如果你想想我們通常做指南的方式，我們總是有一系列的結果，對吧。

So if I think about the second quarter this year for display, we think we'll run -- so now I'm going to go back to sequential for a second. We think panel makers will run sequentially higher in the second quarter than they did in the first quarter.

因此，如果我考慮今年第二季度的展示，我們認為我們會運行——所以現在我要回到順序上一秒鐘。我們認為面板製造商在第二季度的業績將比第一季度更高。

And so it's possible they get to the same place as they did last year, that's certainly in the range of outcomes. I don't know that that's necessarily the most likely outcome.

因此，他們有可能到達與去年相同的位置，這肯定在結果範圍內。我不知道這一定是最有可能的結果。

Our next question comes from the line of Joshua Spector with UBS.

我們的下一個問題來自瑞銀集團的 Joshua Spector。

This is James Cannon on for Josh. I just wanted to touch on some of the dynamics with display pricing. As you talked about some supportive dynamics, but if I think about what played out in the first quarter, it seemed like you had demand trending sort of in line with weak January, improving in March.

這是喬什的詹姆斯坎農。我只是想談談顯示定價的一些動態。當你談到一些支持性動態時，但如果我考慮第一季度的表現，你的需求趨勢似乎與 1 月份的疲軟趨勢一致，3 月份有所改善。

And I was just wondering if you could give some color on what happened with pricing that you had guided to being flat and came in down and how that plays into what we should expect for the second quarter?

而且我只是想知道你是否可以對你指導持平並下降的定價發生的事情給出一些顏色，以及這如何影響我們對第二季度的預期？

Yes. I think, James, price was slightly down in the quarter, and I think the way we think about favorable pricing in any given quarter can be slightly up, it could be flat, it could be slightly down. So I think it's generally in line with the way we were thinking about it.

是的。詹姆斯，我認為本季度的價格略有下降，我認為我們對任何給定季度的優惠定價的看法可能略有上升，可能持平，也可能略有下降。所以我認為這與我們的思考方式大體一致。

Our next question comes from the line of Asiya Merchant with Citi.

我們的下一個問題來自 Asiya Merchant with Citi 的專線。

I just kind of talk -- looking into your free cash flow guidance. I know you guys have kind of talked about CapEx being slightly lower than '22 levels at $1.6 billion and strong sequential improvement in free cash flow. Should we expect free cash flow given that earnings should improve from here on? Can we expect free cash flow to be higher than what you guys had in '22? Is that reasonable just given CapEx coming lower and hopefully operating on the earnings level as well doing better than '22?

我只是在談論——調查你的自由現金流量指南。我知道你們有點談論資本支出略低於 22 年的水平，為 16 億美元，自由現金流的連續改善。鑑於從現在開始收益應該有所改善，我們是否應該期待自由現金流？我們可以預期自由現金流會高於你們在 22 年的水平嗎？考慮到資本支出下降並希望在盈利水平上運營以及比 22 年表現更好，這是否合理？

Yes. Asiya, I'm going to build a little bit on the way Wendell described the way we're thinking about sales and what could happen in the second quarter and the second half, right?

是的。 Asiya，我將在 Wendell 描述我們考慮銷售的方式以及第二季度和下半年可能發生的事情的方式上做一點，對吧？

I think there's certainly in a high-end case, yes, cash flow should follow our growth through the year. And if we grow at the higher end of the second quarter, and we continue to grow from there, yes, there's certainly a case to be made that, that would happen.

我認為在高端案例中肯定存在，是的，現金流量應該跟隨我們全年的增長。如果我們在第二季度的較高端增長，並且我們從那裡繼續增長，是的，肯定有理由這樣做，那將會發生。

I think we're taking a little bit more moderate view of what might happen. So getting capital slightly down and free cash flow improving as sales improves and just our normal cycling of cash flow is stronger in the second quarter and in the second half.

我認為我們對可能發生的事情持更溫和的看法。因此，隨著銷售額的增加，資本略有下降，自由現金流也有所改善，而我們正常的現金流循環在第二季度和下半年更加強勁。

Correct. I think you guided last time to seen significant working capital improvement that should buoy free cash flow generation year. So I guess I was just kind of circling back to those comments.

正確的。我認為你上次指導看到營運資本顯著改善，這應該會提振自由現金流量產生的年份。所以我想我只是想回到那些評論上。

And then any update on stock repurchases? Are you expecting to resume that at a level that was maybe consistent with if we dial it back a couple of years?

然後關於股票回購的任何更新？如果我們撥回幾年，您是否希望恢復到與可能一致的水平？

No update on stock repurchases. We'll just continue to remain opportunistic there. And maybe I'll make one other comment on your cash flow statement. As I think about inventory, we talked about a lot of the dynamics that have driven it up through 2022 with respect to a very challenging supply chain environment and inflation.

沒有關於股票回購的更新。我們將繼續在那裡保持機會主義。也許我會對您的現金流量表發表其他評論。當我考慮庫存時，我們談到了很多推動庫存上升到 2022 年的動力，涉及非常具有挑戰性的供應鏈環境和通貨膨脹。

And our goal is to continue to drive it down. And I think in Q1, it stayed relatively flat, down a little bit. But remember, sales were really low. So we actually feel really good about that.

我們的目標是繼續將其壓低。而且我認為在第一季度，它保持相對平穩，略有下降。但請記住，銷售額真的很低。所以我們實際上對此感覺非常好。

Our next question comes from the line of Samik Chatterjee with JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

Ed, if I can just follow up on your comment about growth specialty materials in the second half. When I go back and look at it historically, it's been a wide range of as low as 5%, I think, last year to as high as 45%.

Ed，如果我能在下半年跟進你對生長特種材料的評論。當我回過頭來看它的歷史時，它的範圍很廣，從去年的 5% 到高達 45%。

So just trying to sort of get a better color there in terms of what should we think about in terms of content growth with some of your customers into the second half?

因此，就我們在下半年與您的一些客戶的內容增長方面應該考慮的內容而言，只是試圖在那裡獲得更好的顏色？

What's that magnitude? And what also sort from a macro perspective, are you expecting to sort of from the first half versus second half variance there, just to be able to rightsize sort of what that magnitude looks like?

那是什麼量級？從宏觀角度來看，還有什麼排序，你是否期望從上半場與下半場的差異進行排序，只是為了能夠調整這種幅度的大小？

And Wendel, one for you, in terms of have you been able to digest Biden's recent plans about pushing electric vehicle adoption to 50% by 2030, how does that impact overall sort of growth outlook for environmental?

溫德爾，一個給你的，就你是否能夠消化拜登最近關於到 2030 年將電動汽車採用率提高到 50% 的計劃而言，這對環境的整體增長前景有何影響？

Yes, I think you're certainly hitting on one of the areas that gives us a range of outcomes in the way we're thinking about the back half that is in specialty.

是的，我認為您肯定會觸及其中一個領域，該領域以我們考慮專業後半部分的方式為我們提供了一系列結果。

Obviously, smartphone and PC IT demand remains relatively weak. I think it's possible that above the low end of the range, you articulated the sequential growth first -- second half over first half, but I don't know that I would say it's going to be at the high end of that range.

顯然，智能手機和PC IT 需求仍然相對疲軟。我認為有可能在範圍的低端之上，你首先闡明了連續增長 - 下半年超過上半年，但我不知道我會說它會處於該範圍的高端。

We're not planning on growth levels at those levels.

我們沒有計劃在這些水平上的增長水平。

Wendell, any thoughts on the electrification plans from the current comment?

溫德爾，從當前的評論來看，對電氣化計劃有什麼想法嗎？

And by that, I assume you mean sort of the recent administration announcement from the EPA on what along with some of the industrial policy that goes with it. But at that EPA regulation that they just released a comment.

就此而言，我假設你的意思是美國環保署最近發布的行政公告，以及隨之而來的一些產業政策。但是在 EPA 法規中，他們剛剛發表了評論。

And in that, the piece of it that we're most excited about is that they've now adopted the way to measure and the approach that the Europeans have, Chinese have, which will mean gas particulate filters will be required on all ICE vehicles in the U.S.

在這方面，我們最興奮的是他們現在採用了歐洲人和中國人的測量方法和方法，這意味著所有內燃機車輛都需要氣體微粒過濾器在美國。

So that adds tremendously to our content at 2 to 3x to our content level for U.S. vehicles and U.S. markets had a small market. So what this enables us to do to sort of keep our overall content that's in our environmental piece of our business, our mission control piece of our business sort of more Corning plays out as the number of ICE vehicles shrink.

因此，這極大地增加了我們對美國汽車內容水平的 2 到 3 倍的內容，而美國市場的市場很小。因此，隨著 ICE 車輛數量的減少，這使我們能夠做些什麼來保持我們業務環境部分的整體內容，我們業務的任務控制部分更多康寧發揮作用。

So we are quite excited by that. Our core long-term answer to the EV, is that's where we have focused on the bulk of our glass and optics and autonomy efforts at, at this point in time, really our highest value-add vehicles -- our electric vehicles that has the most content on us, despite not using our emissions control because that tends to be where we're the most successful on both our interiors and our exteriors and now our autonomy products. Did I get to your question?

所以我們對此感到非常興奮。我們對電動汽車的核心長期答案是，我們在這個時間點專注於我們的大部分玻璃和光學以及自主努力，真正是我們附加值最高的汽車——我們的電動汽車具有我們最滿意，儘管沒有使用我們的排放控制，因為這往往是我們在內部和外部以及現在的自主產品方面最成功的地方。我明白你的問題了嗎？

Our next question comes from the line of Meta Marshall with Morgan Stanley.

我們的下一個問題來自 Meta Marshall 與摩根士丹利的對話。

Maybe a question on the gross margin improvement that you saw in Q1 over Q4, clearly on down volumes. Just how much more feel is there some of these activities to improve gross margin throughout the year, maybe kind of with or without volume improvement.

也許是關於您在第一季度看到的比第四季度毛利率提高的問題，顯然是在銷量下降的情況下。這些活動中有多少可以提高全年的毛利率，可能有或沒有銷量改善。

I guess I'm just trying to see how some of the pricing actions or efficiency actions kind of fully reflected in what we see in Q1? Or just how much of that can carry throughout the year and improve margins even if we don't see kind of meaningful improvements in volumes?

我想我只是想看看一些定價行動或效率行動如何完全反映在我們在第一季度看到的情況中？或者，即使我們沒有看到銷量有任何有意義的改善，其中有多少可以全年攜帶並提高利潤率？

Yes. So first -- thanks for the question. And maybe I'll just sort of reiterate how we described our margin improvement and what sort of played out in Q1 and then I'll get to sort of what happens from here. So yes, we increased price that's definitely a big driver of why margins went up.

是的。首先——謝謝你的提問。也許我會重申我們如何描述我們的利潤率改善以及第一季度的表現，然後我將從這裡開始了解發生了什麼。所以是的，我們提高了價格，這絕對是利潤率上升的一個重要驅動因素。

We're also looking to improve our productivity ratios back to the Wave brand prior to the pandemic. We've made progress there that takes cost out, and we're certainly taking fixed cost out as well. So those drove our margins up sequentially on lower sales, which is very unnatural. I think there is definitely an opportunity for us to continue to do that. We do expect sales to go up in the second quarter, but we do expect profitability to go up as well from there. So I think there's more room to run from where we are now. We're going to continue to work on it. It's clearly a priority for us.

我們還希望在大流行之前將我們的生產率提高到 Wave 品牌。我們在這方面取得了進展，減少了成本，我們當然也減少了固定成本。因此，這些因素導致我們的利潤率因銷售額下降而依次上升，這是非常不自然的。我認為我們肯定有機會繼續這樣做。我們確實預計第二季度的銷售額會上升，但我們確實預計盈利能力也會隨之上升。所以我認為我們現在的位置還有更多的運行空間。我們將繼續努力。這顯然是我們的首要任務。

Great. And just as the opening of the North Carolina facility kind of impact optical profitability in the near term? Or can you guys still get efficiencies -- or does that plan even add more efficiencies that can help margins there?

偉大的。就像北卡羅來納州工廠的開業在短期內對光學盈利能力產生某種影響一樣？或者你們仍然可以提高效率——或者該計劃是否會提高效率以幫助提高利潤率？

As always, as we fire these plants up, get a little bit of a drag as we fill them, but we've been able, because of the way as we prioritize protecting our people and our customers pre-pandemic. We ran at very high staffing levels pretty high inventory levels. .

與往常一樣，當我們點燃這些植物時，在填充它們時會受到一點拖累，但我們已經做到了，因為我們在大流行前優先保護我們的員工和客戶。我們以非常高的人員配備水平和相當高的庫存水平運行。 .

So we've been able with our improvements in those things to more than offset sort of the drag we've seen from opening up some of our new capacity, but various good question.

因此，我們已經能夠通過這些方面的改進來抵消我們在開放一些新能力時看到的阻力，但各種好問題。

Yes, we do always get a drag before we get these things all the way filled up and all of our technology (inaudible) connectivity.

是的，在我們完全填滿這些東西和我們所有的技術（聽不清）連接之前，我們確實總是會受到拖累。

Our next question comes from the line of George Notter with Jefferies.

我們的下一個問題來自 George Notter 與 Jefferies 的對話。

I had a question about the optical business. You were talking about fiber connectivity impacts. I think you talked about customer pacing of projects as being the issue there. But as I look around the industry, it does seem like there's been some inventory correction out there.

我有一個關於光學業務的問題。您在談論光纖連接的影響。我認為你談到了項目的客戶節奏是那裡的問題。但當我環顧整個行業時，似乎確實存在一些庫存調整。

I know lead times for fiber connectivity products at one point were quite long and now they're, to a significant degree, a lot shorter.

我知道光纖連接產品的交貨時間曾經很長，而現在在很大程度上縮短了很多。

Is the issue there really customer pacing? Or is it more about excess inventory and you're going through an inventory correction? Any thoughts would be great.

問題真的是客戶節奏嗎？或者更多的是關於庫存過剩而你正在經歷庫存調整？任何想法都會很棒。

To explain it out, what an outstanding question at what an interesting debate, right? So you're thinking about inventory is how much they put in the ground determines how fast they burn through their inventory and of course, supply chain folks really across the globe since they couldn't get everything they needed for sure, over ordered did all sorts of things, right?

解釋一下，這是一個多麼有趣的辯論，多麼突出的問題，對吧？所以你在考慮庫存是他們投入的多少決定了他們消耗庫存的速度，當然，供應鏈人員實際上遍布全球，因為他們無法確保獲得所需的一切，過度訂購了一切各種各樣的事情，對吧？

And as supply chain time, so that is certainly part of it. George no question, and I could even -- I was less cynical, right? I could even explain most of the change as being that. But then I look on the other side, and I'm looking at the pace of the actual ground getting load via actual data centers getting built, right?

作為供應鏈時間，這肯定是其中的一部分。毫無疑問，喬治，我什至可以——我沒那麼憤世嫉俗，對吧？我什至可以將大部分變化解釋為那樣。但我從另一方面看，我正在研究通過實際數據中心建設獲得實際地面負載的速度，對吧？

If that -- there's a little bit of a disconnect there for me too in that if I took my customer statements of their deployment goals and integrated that (inaudible), I'd say, yes, we have a very strong bounce back. (inaudible) pretty soon.

如果那樣——對我來說也有一點脫節，因為如果我聽取客戶關於他們的部署目標的陳述並將其整合（聽不清），我會說，是的，我們有一個非常強勁的反彈。 （聽不清）很快。

But we're still going to take a little bit more of a conservative view. So I don't know if any of that was helpful, to you.

但我們仍然會採取更保守的觀點。所以我不知道這些對你有沒有幫助。

You made an excellent point, you could be absolutely right. We're just going to play out a little bit more conservatively and not plan on sort of a big jump up in the back half, driven by the fact that inventory came in line with deployments.

你提出了一個很好的觀點，你可能是絕對正確的。我們只是要稍微保守一點，而不是計劃在後半部分大幅上漲，這是由於庫存與部署一致這一事實所推動的。

Got it. And just as a follow-up on that. When you think about that fiber connectivity business, is more of the issue then around data center build? Or is it more about fiber to the prem type builds or other types of optical networks? What would you kind of pin it on?

知道了。就作為後續行動。當您考慮光纖連接業務時，更多的問題是數據中心建設嗎？還是更多關於光纖到 prem 類型構建或其他類型的光網絡？你會把它釘在什麼上面？

It's probably more fiber to the plan, okay? The hyperscale is definitely slower, right? But it's more fiber to the premises. It's those great big civil works builds that just aren't moving fast enough yet for us to feel comfortable to call a strong recovery in that business.

它可能更符合計劃，好嗎？超大規模肯定更慢，對吧？但它更多的是光纖到駐地。正是那些偉大的大型土木工程建設的速度還不夠快，我們還不能放心地稱該行業正在強勁復甦。

Now that being said, that can happen quick, right that can happen quickly because they haven't come off their stated goals yet, but we're just not seeing it.

話雖這麼說，這可能會很快發生，是的，這可能會很快發生，因為他們還沒有實現既定目標，但我們只是沒有看到。

Our next question comes from the line of Tim Long with Barclays.

我們的下一個問題來自巴克萊銀行的 Tim Long。

Just wanted to go back to display for two, if I could. First, Ed, could you talk a little bit about, obviously, a good recovery coming in the second quarter. I know you guys -- you said it took a lot of tanks offline and did some retrofitting. So can you talk about kind of how much margin lift we're going to see not just from the volume, but from some of the changes.

如果可以的話，我只想回去展示兩個人。首先，埃德，你能談談第二季度的良好復甦嗎？我知道你們——你們說過很多坦克都下線並做了一些改造。那麼你能談談我們將看到多少利潤率提升，不僅僅是從數量上，而是從一些變化中。

And then just Wendell may, I just want to go back to kind of visibility in this business. Obviously, there was some (inaudible) last quarter, on utilization going up and then going down.

然後只是溫德爾可能，我只想回到這個行業的知名度。顯然，上個季度有一些（聽不清），利用率上升然後下降。

So what level of visibility do you have into those utilization? I'm assuming you see well into this month, but how far out can you go with that?

那麼，您對這些利用率的了解程度如何？我假設你對這個月看得很好，但你能做到多遠？

So just to start with your first question, you're right. I think one of the key dynamics we talk about all the time is glass supply-demand balance being key for pricing.

所以從你的第一個問題開始，你是對的。我認為我們一直在談論的關鍵動態之一是玻璃供需平衡是定價的關鍵。

So yes, we do manage our tank fleet in that respect. We will continue to do that and make sure that we manage our supply through that process.

所以是的，我們確實在這方面管理我們的坦克車隊。我們將繼續這樣做，並確保我們通過該流程管理我們的供應。

That does impact profitability that helps us going forward. I think a lot will have to do with how high the volume is in the quarter and how sort of all the dynamics play out.

這確實會影響有助於我們前進的盈利能力。我認為很大程度上與本季度的交易量有多大以及所有動態如何發揮作用有關。

And I think our visibility will improve as we get to the end of this month, beginning of next. We have pretty good visibility, but our negotiations really are still going on given the pretty sharp upward inflection we're seeing in customers' volume requests. So that dynamic is still sort of playing out, but should get pretty clear over the next week or 2.

我認為，到本月底、下月初，我們的知名度將會提高。我們有很好的能見度，但鑑於我們在客戶的數量請求中看到的相當急劇的上升趨勢，我們的談判確實仍在繼續。所以這種動態仍在發揮作用，但在接下來的一兩週內應該會變得非常清楚。

I think we'll take one last question.

我想我們會回答最後一個問題。

Our last question is from the line of Martin Yang with Oppenheimer.

我們的最後一個問題來自 Martin Yang 與 Oppenheimer 的對話。

There's a reference on the call on new formulations for Gorilla Glass. Can you maybe comment on that? Is it in line with the annual upgrade cycle we have observed in the past? Or is that something a bit more significant similar to Ceramic Shield?

關於大猩猩玻璃新配方的呼籲有一個參考。你能對此發表評論嗎？是否符合我們過去觀察到的年度升級週期？還是與 Ceramic Shield 類似的更重要的東西？

Could you repeat the question? I lost you a little bit in the middle of that.

你能重複這個問題嗎？我在那中間失去了你一點點。

The question is about the reference to Gorilla Glass this year. You -- there's a comment on new formulation for Gorilla Glass. So is that a new formulation, a similar upgrade in the past on an annual cycle? Or is that new formulation something a little bit more significant similar to the Ceramic Shield product?

問題是關於今年對大猩猩玻璃的提及。你——有關於大猩猩玻璃新配方的評論。那麼這是一個新的公式，一個類似的升級在過去一年的周期？或者這個新配方是否與 Ceramic Shield 產品更相似？

I got it now. So it's not a jump up to glass ceramic. It's a pretty significant improvement at the glass level, and we're seeing really wide adoption but you're not seeing that fundamental very big jump in our value-add per device that you see from switching to a fundamentally new material set with a very different manufacturing dynamics as well as drop dynamics.

我現在明白了。所以這不是跳到玻璃陶瓷。這在玻璃層面上是一個相當顯著的改進，我們看到了非常廣泛的採用，但你沒有看到我們每台設備的附加值有了根本性的飛躍，就像你看到的從切換到具有非常不同的製造動態以及跌落動態。

So pretty significant improvement, but in the same glass material set doesn't have as much (inaudible) in terms of how much our sales revenue is (inaudible) is something

如此顯著的改進，但在相同的玻璃材料組中，就我們的銷售收入（聽不清）而言，並沒有那麼多（聽不清）

like ceramic.

像陶瓷。

I just want to thank everybody for joining us today. Before we close, I inform you that we will host our 2023 Annual Meeting of Shareholders on April 27. On May 23, we're going to attend the JPMorgan 51st Annual Global Technology and Communications Conference.

我只想感謝大家今天加入我們。在結束之前，我通知您我們將於 4 月 27 日召開 2023 年年度股東大會。5 月 23 日，我們將參加摩根大通第 51 屆年度全球技術和通信大會。

May 31 and June 1, we will be attending the Corning Annual Strategic Decisions Conference. And on June 22, we'll be attending the Fox Advisors Virtual Transportation Technology Conference. Finally, a web replay of today's call will be available on our site starting later this morning.

5 月 31 日和 6 月 1 日，我們將參加康寧年度戰略決策會議。 6 月 22 日，我們將參加 Fox Advisors 虛擬交通技術大會。最後，從今天上午晚些時候開始，我們的網站上將提供今天電話會議的網絡重播。

Thanks for joining us. Operator, you may disconnect all lines.

感謝您加入我們。接線員，您可以斷開所有線路。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。