康寧 (GLW) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Corning Inc.'s third-quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，感謝你們的支持。歡迎參加康寧公司 2025 年第三季財報電話會議。（操作員指示）

Please be advised that today's conference is being recorded. It is my pleasure to introduce you Ann Nicholson, Vice President of Investor Relations.

請注意，今天的會議正在錄製。我很高興向您介紹投資者關係副總裁安·尼科爾森 (Ann Nicholson)。

Please go ahead.

請繼續。

Thank you, and good morning, everyone. Welcome to Corning's third-quarter 2025 conference call. With me today are Wendell Weeks, Chairman and Chief Executive Officer; and Ed Schlesinger, Executive Vice President and Chief Financial Officer.

謝謝大家，早安。歡迎參加康寧 2025 年第三季電話會議。今天與我一起出席的還有董事長兼首席執行官溫德爾·威克斯 (Wendell Weeks) 和執行副總裁兼首席財務官埃德·施萊辛格 (Ed Schlesinger)。

I'd like to remind you that today's remarks contain forward-looking statements that fall within the meaning of the Private Securities Litigation Reform Act of 1995. 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.

我想提醒大家，今天的言論包含前瞻性陳述，符合 1995 年《私人證券訴訟改革法案》的涵義。這些聲明涉及風險、不確定性和其他可能導致實際結果大不相同的因素。這些因素在公司的財務報告中有詳細說明。

You should also note that we will 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.

您還應該注意，我們將使用核心績效指標來討論我們的合併結果，除非我們特別指出我們的評論與 GAAP 數據有關。我們的核心績效指標是管理階層用來分析業務的非 GAAP 指標。

For the third quarter, differences between GAAP and core EPS include noncash mark-to-market adjustments associated with the company's translated earnings contracts and foreign denominated debt as well as constant currency adjustments. As a reminder, the mark-to-market accounting has no impact on our cash flow.

第三季度，GAAP 和核心 EPS 之間的差異包括與公司轉換後的收益合約和外幣債務相關的非現金以市價計價調整以及固定匯率調整。提醒一下，以市價計價的會計對我們的現金流量沒有影響。

A reconciliation of core results to the comparable GAAP value can be found in the Investor Relations section of our website at corning.com. 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.

核心績效與可比較 GAAP 數值的對帳表可在 corning.com 網站的「投資者關係」板塊查看。您也可以造訪我們的網站，存取核心業績，並在互動分析師中心下載財務資料。支援幻燈片正在我們的網路直播中播放。我們鼓勵您繼續關注。您也可以從我們的網站下載它們。

And now I'll turn the call over to Wendell.

現在我將把電話轉給溫德爾。

Thank you, Ann. Good morning, everyone. Today, we reported another excellent quarter. Year-over-year sales grew 14% and to $4.27 billion. EPS grew 24% to $0.67, again outpacing sales growth. Operating margin expanded 130 basis points to 19.6%. ROIC increased 160 basis points to 13.4%.

謝謝你，安。大家早安。今天，我們又報告了一個出色的季度。銷售額年增14%，達42.7億美元。每股盈餘成長 24% 至 0.67 美元，再次超過銷售額的成長。營業利益率擴大130個基點至19.6%。投資資本報酬率增加 160 個基點至 13.4%。

Free cash flow of $535 million puts us on track for another year of strong free cash flow growth. These results demonstrate the powerful profitable growth outlined in our Springboard plan. So I want to put our third quarter results in the context of that plan.

5.35 億美元的自由現金流使我們有望在新的一年實現強勁的自由現金流成長。這些結果證明了我們的 Springboard 計劃中概述的強勁獲利成長。所以我想把我們第三季的業績放在該計劃的背景下。

In quarter four of 2023, we launched Springboard, which outlined our plan to significantly increase our sales as we captured important secular trends. We said we already have the required production capacity and technical capabilities in place to deliver the sales growth and the cost and capital are already reflected in our financials.

2023 年第四季度，我們推出了 Springboard，其中概述了我們在把握重要長期趨勢的同時大幅提高銷售額的計劃。我們表示，我們已經具備實現銷售成長所需的生產能力和技術能力，成本和資本已經反映在我們的財務狀況中。

Therefore, we expect to deliver powerful incremental profit in cash flow, leading to our earnings growing much faster than sales. So as we approach the two-year anniversary of Springboard, how are we doing. When we compare our third quarter 2025 results to our launch point, we grew sales 31%. We expanded operating margin by 330 basis points. We grew EPS 72% and more than twice the rate of sales growth.

因此，我們期望在現金流中實現強勁的增量利潤，使我們的獲利成長速度遠遠快於銷售額的成長速度。那麼，在 Springboard 兩週年紀念日即將到來之際，我們做得怎麼樣呢？當我們將 2025 年第三季的業績與我們的發佈點進行比較時，我們的銷售額成長了 31%。我們的營業利益率提高了 330 個基點。我們的每股盈餘成長了 72%，銷售額成長率是其兩倍多。

We expanded ROIC by 460 basis points, and we generated strong free cash flow. Now let's compare our results to our upgraded Springboard plan. We are tracking well above our high capitate plan, and we're tracking very well on our internal plan. Through the end of the third quarter, we've added $4 billion of incremental annualized sales since the launch of Springboard.

我們將投資資本回報率 (ROIC) 提高了 460 個基點，並產生了強勁的自由現金流。現在讓我們將結果與升級後的 Springboard 計劃進行比較。我們的進度遠高於我們的高人頭計劃，而且我們的內部計劃也進展順利。截至第三季末，自 Springboard 推出以來，我們的年銷售額增量已達 40 億美元。

Looking ahead, we expect fourth quarter sales of $4.35 billion, which will add another $30 million to our annualized sales run rate. Of course, this plan is about more than sales growth. Our plan was also to dramatically improve our profitability by improving our operating margin from around 16% to 20% by the end of 2026. Let's see how we've done against that target.

展望未來，我們預計第四季銷售額將達到 43.5 億美元，這將使我們的年化銷售額再增加 3,000 萬美元。當然，這個計劃不僅涉及銷售成長。我們的計劃還旨在到 2026 年底將營業利潤率從 16% 左右提高到 20%，從而大幅提高盈利能力。讓我們看看我們實現該目標的進展如何。

As we executed Springboard, you can see that our operating margin expanded significantly. As we look to the fourth quarter, we now anticipate achieving the 20% target a full year ahead of plan. So since the beginning of Springboard, we have significantly increased our sales. We have grown operating profit at twice the rate of sales, and we have increased EPS and more than double the rate of sales.

當我們執行 Springboard 時，您可以看到我們的營業利潤率大幅擴大。展望第四季度，我們預計將提前一年實現 20% 的目標。自從 Springboard 成立以來，我們的銷售額就大幅成長了。我們的營業利潤成長率是銷售額成長率的兩倍，每股盈餘也有所增加，銷售額成長率也增加了一倍以上。

Going forward, of course, we still expect the effects of seasonality, which you can see on the chart. But this is a powerful enhancement to our profitability that should translate into very attractive returns as we continue to grow sales. Stepping back, as we approach the second anniversary of Springboard, the plan has certainly been a tremendous success.

當然，展望未來，我們仍然預期季節性的影響，您可以在圖表上看到。但這大大增強了我們的獲利能力，隨著銷售額的持續成長，這將轉化為非常可觀的回報。回顧過去，隨著 Springboard 兩週年紀念日的臨近，該計劃無疑取得了巨大的成功。

We've added $4 billion to our incremental annualized run rate, and we have significantly improved our profitability. Perhaps even more exciting is that we see much more growth and more springs ahead. Let me give you just a few quick examples of the opportunities we expect to add to our sales run rate. In mobile consumer electronics, I'm sure you all saw the recent announcement from Apple that committed $2.5 billion to produce 100% of iPhone and Apple Watch cover glass in the US for the first time at our Harrodsburg, Kentucky facility.

我們的年度增量運行率增加了 40 億美元，獲利能力也顯著提高。或許更令人興奮的是，我們看到了未來更多的成長和更多的春天。讓我簡單舉幾個例子來說明我們期望提高銷售運行率的機會。在行動消費電子產品領域，我相信大家都看到了蘋果最近宣布的投資 25 億美元，將首次在美國肯塔基州哈羅茲堡的工廠生產 100% 的 iPhone 和 Apple Watch 蓋板玻璃。

This plant will become home to the world's largest and most advanced smartphone production line. And we will open a new Apple Corning innovation center there to deepen our co-innovation and play a key role in future generations of Apple products. In total, this creates a significantly larger longer-term spring for us in mobile consumer electronics.

該工廠將成為全球規模最大、最先進的智慧型手機生產線。我們將在那裡開設一個新的 Apple Corning 創新中心，以深化我們的共同創新，並在未來幾代 Apple 產品中發揮關鍵作用。總的來說，這為我們在行動消費性電子產品領域創造了一個更大的長期成長空間。

In Optical Communications, we are expanding our innovation and technology leadership in Gen AI. First, in our enterprise business, where we report sales for inside the data center, we grew sales 58% year over year. And we'll share more detail. But the primary technical driver behind that growth is what the industry calls the scale out of the network.

在光通訊領域，我們正在擴大我們在 Gen AI 領域的創新和技術領先地位。首先，在我們的企業業務中，我們報告資料中心內部的銷售額年增了 58%。我們將分享更多細節。但這成長背後的主要技術驅動力是業界所說的網路規模。

That basically means that hyperscale customers are scaling out the GPU clusters with more and more connected AI nodes of server racks or simply put larger neural networks. Because each AI node is connected to the others in the cluster by fiber, this creates more volume for Corning. Now you only need to do a brief scan of the news each day to see that the scale-out opportunity is expanding dramatically.

這基本上意味著超大規模客戶正在使用越來越多的伺服器機架連接的 AI 節點或簡單地放置更大的神經網路來擴展 GPU 叢集。由於每個 AI 節點都透過光纖與叢集中的其他節點相連，這為康寧創造了更大的容量。現在，您只需每天瀏覽一下新聞，就能發現橫向擴展的機會正在急劇擴大。

We have plenty of growth ahead, and we expect demand for our innovations to continue to accelerate. We are not only the inventor of the world's first low-loss optical fiber in the technology leader in this space. We are also the largest producer by revenue of fiber cable and multi-fiber connectors in the world.

我們未來還有很大的成長空間，我們預計對我們的創新的需求將繼續加速成長。我們不僅是世界上第一根低損耗光纖的發明者，也是該領域的技術領導者。以收入計算，我們也是全球最大的光纖電纜和多光纖連接器生產商。

Importantly, we also have low-cost US-based advanced manufacturing platforms for each of the critical components. This creates a unique Corning opportunity to support our hyperscale AI customers as they seek to build major US data centers using US origin products. There is more to come in this space. We're working to formalize customer agreements are so stay tuned.

重要的是，我們還擁有每個關鍵零件的低成本美國先進製造平台。這為康寧創造了一個獨特的機會來支援我們的超大規模人工智慧客戶，因為他們尋求使用美國原產的產品來建立美國主要資料中心。這個領域還有更多內容。我們正在努力使客戶協議正式化，敬請關注。

Now let me shift to another significant opportunity we are pursuing in Gen AI driven by what the industry calls the scale up of the network. Hyperscalers are creating more capable nodes that move from less than 100 GPUs per node today to hundreds of GPUs per node in the future. Historically, an AI node has been within a single server rack. As hyperscalers scale up, AI nodes are shifting to stretch across multiple server racks.

現在，讓我談談我們在 Gen AI 領域追求的另一個重要機遇，即由業界所謂的網路規模擴大所驅動。超大規模運算平台正在創建功能更強大的節點，這些節點將從目前每個節點不到 100 個 GPU 增加到未來每個節點數百個 GPU。從歷史上看，AI 節點位於單一伺服器機架內。隨著超大規模的擴大，人工智慧節點正在轉移到跨多個伺服器機架。

This causes the distance to link these GPUs with in the node to get longer. This will eventually cause the links to reach about 100 gigabit per second meter what we call the electrical to optical frontier line, which roughly marks the point where fiber connections become more techno-economical than copper creating a large potential opportunity for us.

這導致節點內連接這些 GPU 的距離變得更長。這最終將使鏈路達到每秒約 100 千兆位元米，即我們所說的電到光的前沿線，這大致標誌著光纖連接比銅線更具技術經濟性的點，為我們創造了巨大的潛在機會。

To help understand the size of this opportunity, a single black well life node has more than 70 GPUs with more than 1,200 links using more than 2 miles of copper. As that node scales up, those 2 miles will eventually be replaced by fiber connections. And those miles will grow over time as more and more GPUs are included in the AI node.

為了幫助理解這個機會的規模，單個黑井生命節點擁有超過 70 個 GPU，超過 1,200 個鏈接，使用超過 2 英里的銅線。隨著該節點的擴大，這 2 英里最終將被光纖連接所取代。隨著 AI 節點中包含的 GPU 越來越多，這些里程數還會隨著時間的推移而增長。

I'm sure you've seen an announcement regarding co-packaged optics or CPO. That is one of the technologies that helps activate this scale up opportunity for us. If we succeed technically, the scale-up opportunity could be 2 to 3 times the size of our existing enterprise business. And we are working with key customers and partners on making that future a reality as well.

我相信您已經看到了有關共同封裝光學元件或 CPO 的公告。這是幫助我們激活這一擴大規模機會的技術之一。如果我們在技術上取得成功，那麼擴大規模的機會可能是我們現有企業業務規模的 2 到 3 倍。我們正在與主要客戶和合作夥伴共同努力，使這一未來成為現實。

Another opportunity for growth tied to Gen AI is playing out in our carrier business. In the industry, this is referred to as DCI or data center interconnect. We introduced a high-density Gen AI fiber and cable system that enables customers to fit anywhere from 2 to 4 times the amount of fiber into their existing conduit. And we have seen tremendous response to this product set.

與 Gen AI 相關的另一個成長機會正在我們的營運商業務中顯現。在業界，這被稱為 DCI 或資料中心互連。我們推出了高密度 Gen AI 光纖和電纜系統，使客戶能夠將 2 到 4 倍數量的光纖裝入現有管道中。我們已經看到了該產品系列的巨大反響。

We expect this business to scale rapidly, reaching $1 billion opportunity for us by the end of the decade. DCI also offers the opportunity for new, more radical innovations in this space. We recently strengthened our long-standing relationship with Microsoft announcing a collaboration to accelerate the production of their hollow core fiber.

我們預計這項業務將迅速擴大，到本世紀末將為我們帶來 10 億美元的業務機會。DCI 也為該領域的更新、更徹底的創新提供了機會。我們最近加強了與微軟的長期合作關係，宣布合作加速其空芯光纖的生產。

Our fiber and cable manufacturing facilities in North Carolina will produce Microsoft's fiber as they seek to advance the performance and reliability of Azure's cloud and AI workloads. With Hollow Core technology, we're talking about cases where the difference between the speed of light through glass and the speed of light through air actually matters. This illustrates how important DCI could become as our customers look to decrease their latency.

我們位於北卡羅來納州的光纖和電纜製造工廠將生產微軟的光纖，以提升 Azure 雲端和 AI 工作負載的效能和可靠性。利用空心技術，我們討論的是光穿過玻璃的速度與光穿過空氣的速度之間的差異實際上很重要的情況。這說明當我們的客戶希望減少延遲時，DCI 變得多麼重要。

This offers Corning the opportunity to innovate on new dimensions. Now let's shift to our solar business, where we are pursuing another powerful secular trend and expect to add to our run rate in quarter 4 and beyond. We've been seeking a low-risk, high-return entry into the solar industry for some time.

這為康寧提供了在新的維度上進行創新的機會。現在讓我們轉向太陽能業務，我們正在追求另一個強大的長期趨勢，並期望在第四季度及以後提高我們的運行率。我們一直在尋求一種低風險、高回報的太陽能產業進入方式。

First, solar power is fundamentally about the efficient use of photons. And low-cost materials conversion platforms. Both are key opportunities for innovation that are right in our wheelhouse. Second, we are already a world leader in semiconductor polysilicon, which is simply a much purer form of the fundamental material used in solar.

首先，太陽能發電的根本在於光子的有效利用。以及低成本的材料轉換平台。兩者都是我們能夠掌控的關鍵創新機會。其次，我們在半導體多晶矽領域已經處於世界領先地位，而多晶矽只是太陽能所用基本材料的一種純度更高的形式。

Finally, we anticipated the growing need for a US domestic solar supply chain, which is only accelerating with the advent of GenAI and global tariff structures. We began this journey in 2020. And since then, we generated over $1 billion in cash in this platform. We funded the expansion of our manufacturing assets, with a growing cash flow generated from assets we acquired for less than $0.10 on the dollar, customer funding and government support all while generating positive cash flow every year.

最後，我們預期美國國內太陽能供應鏈的需求將持續成長，而隨著 GenAI 和全球關稅結構的出現，這項需求只會加速成長。我們於 2020 年開始了這趟旅程。從那時起，我們在這個平台上創造了超過 10 億美元的現金。我們為製造資產的擴張提供了資金，我們以不到 0.10 美元的價格收購的資產、客戶資金和政府支持產生了不斷增長的現金流，同時每年都產生正現金流。

As a result, we now have built a strong foundation for rapidly accelerating growth. We made process advancements to serve a higher-end chip segment in semiconductors, allowing us to drive continued growth in the most advanced segment of semiconductor chips. We activated idle assets to serve the need for domestic solar polysilicon.

因此，我們現在已經為快速成長奠定了堅實的基礎。我們改進了工藝，以服務半導體中更高端的晶片領域，從而推動了最先進半導體晶片領域的持續成長。盤活閒置資產，滿足國內太陽能多晶矽需求。

And we added the capability to transform our polysilicon into higher value domestically made solar wafers, all integrated together on our campus in Michigan. We've sold out our polysilicon and wafer capacity in 2025 and now have more than 80% of our capacity committed for the next five years. And today, we're building on this progress with some excitingness.

我們還增加了將多晶矽轉化為更高價值的國產太陽能晶片的能力，所有這些都在我們位於密西根州的園區內整合在一起。我們已經售罄了2025年的多晶矽和矽片產能，目前已有超過80%的產能承諾用於未來五年。今天，我們又在這些進展的基礎上取得了一些令人興奮的進展。

Over the last 18 months, we have built the largest solar ingot and wafer facility in the United States, co-located with our polysilicon manufacturing facility in Hemlock, Michigan. It was a significant undertaking. To give you a sense of scale, the factory contains as much steel as the Salesforce Tower, San Francisco's tallest skyscraper.

在過去的 18 個月裡，我們在美國建造了最大的太陽能矽錠和矽片工廠，與我們位於密西根州 Hemlock 的多晶矽製造工廠位於同一地點。這是一項重大的任務。為了讓您有個規模感，工廠所含的鋼材數量與舊金山最高的摩天大樓 Salesforce Tower 一樣多。

This site is the equivalent of 60 football fields and the building itself occupies about a third of that. Now we hope we can offer our investors the opportunity to visit the site soon. So you can see this terrific new factory for yourselves. We have grown the Corning family in Michigan. And as we speak, our folks are starting that big factory up.

該場地面積相當於 60 個足球場，而建築物本身佔據了其中的三分之一。現在我們希望能夠為我們的投資者提供盡快參觀網站的機會。所以你們可以親眼看到這個了不起的新工廠。我們在密西根發展了康寧家族。就在我們說話的時候，我們的員工正在啟動那家大工廠。

In this quarter, we expect to move from producing thousands of wafers a day to more than 1 million a day. So needless to say, this is an exciting and stimulating time for us. As we've shared, we have committed customers for more than 80% of our capacity for the next five years.

本季度，我們預計晶圓日產量將從數千片增加至100多萬片。所以不用說，這對我們來說是一個令人興奮和興奮的時刻。正如我們所分享的，我們承諾在未來五年內為客戶帶來 80% 以上的產能。

So our focus will be on our continued ramp to meet their needs. At the same time, we'll be applying our deep material science expertise to bring our more Corning content approach to bear and solar. And applying our advanced manufacturing capabilities to establish ourselves as the global low-cost producer even as we're based in the US.

因此，我們的重點將放在繼續滿足他們的需求上。同時，我們將運用我們深厚的材料科學專業知識，將更多的康寧內容方法應用於太陽能領域。並利用我們先進的製造能力，即使我們的總部設在美國，也能將自己打造為全球低成本生產商。

Overall, we are thrilled with our progress in solar. In quarter one of this year, we generated $200 million of sales in this map. We expect to triple that run rate by 2027, adding $1.6 billion of new annualized revenue to Corning's earnings power as we march towards our goal of building a $2.5 billion revenue stream by the end of 2028.

總的來說，我們對太陽能領域的進展感到非常興奮。今年第一季度，我們在這張地圖上創造了 2 億美元的銷售額。我們預計到 2027 年這一運行率將增加兩倍，為康寧的盈利能力增加 16 億美元的新年化收入，同時我們正朝著到 2028 年底建立 25 億美元收入流的目標邁進。

So altogether, as we approach the second anniversary of Springboard, the plan has clearly been a tremendous success, and we have plenty of growth yet to come. With that, I'll turn it over to Ed for more detail on our results and outlook.

總而言之，隨著 Springboard 兩週年紀念日的臨近，該計劃顯然取得了巨大的成功，而且我們還有很大的發展空間。接下來，我將把主題交給 Ed，讓他詳細介紹我們的成果和前景。

Thank you, Wendell. Good morning, everyone. We delivered outstanding third quarter results, reflecting strong sales growth and even stronger profit expansion across multiple businesses. Year over year in Q3, sales were up 14%, while EPS grew 24%. Operating margin expanded 130 basis points to 19.6% and ROIC grew 160 basis points to 13.4%, and we delivered strong free cash flow of $535 million.

謝謝你，溫德爾。大家早安。我們第三季的業績表現出色，反映出強勁的銷售成長和多個業務領域更強勁的利潤擴張。與去年同期相比，第三季銷售額成長了 14%，每股收益成長了 24%。營業利潤率擴大 130 個基點至 19.6%，ROIC 成長 160 個基點至 13.4%，我們實現了 5.35 億美元的強勁自由現金流。

First, I will provide more color on our Q3 results, then I will cover our Q4 expectations, both in the context of our Springboard plan. With that, let me share some details on our Q3 results at the segment level, where you see some of our key Springboard initiatives for sales growth and profit expansion hold. In Optical Communications, our growth was led by strong adoption of our new Gen AI products.

首先，我將詳細介紹我們的第三季業績，然後我將介紹我們對第四季度的預期，這兩者都與我們的 Springboard 計劃有關。有了這些，讓我來分享我們第三季分部業績的一些細節，您可以看到我們為實現銷售成長和利潤擴張而採取的一些關鍵的 Springboard 舉措。在光通訊領域，我們的成長得益於新一代人工智慧產品的廣泛採用。

Third quarter sales grew 33% year-over-year to $1.65 billion, highlighted by 58% year-over-year growth in our Enterprise Networks business. Investors continue to ask us to size our GenAI opportunity for inside the data center. We began to size the opportunity in early 2024 when we provided a 25% CAGR for 2023 to 2027 for our enterprise segment sales.

第三季銷售額年增 33%，達到 16.5 億美元，其中企業網路業務年增 58%。投資者不斷要求我們評估 GenAI 在資料中心內部的機會。我們在 2024 年初開始評估這個機會，當時我們為企業部門的銷售額提供了 2023 年至 2027 年 25% 的複合年增長率。

We upgraded the CAGR to 30% in the beginning of 2025. As a reminder, in 2023, we had a $1.3 billion enterprise business and almost half of that business was for hyperscale data centers. In Q3 of 2025, our enterprise business sales were $831 million or $3.3 billion annualized compared with 2023, that's a $2 billion increase in sales.

我們將 2025 年初的複合年增長率上調至 30%。提醒一下，2023 年，我們的企業業務價值 13 億美元，其中近一半業務來自超大規模資料中心。2025 年第三季度，我們的企業業務銷售額為 8.31 億美元，與 2023 年相比，年化銷售額為 33 億美元，增加了 20 億美元。

And essentially, all of that growth is related to the scale out of GenAI networks. Clearly, we are growing much faster than the 30% CAGR we provided. This demonstrates the excellent response to our new GenAI products, and we expect the growth to continue. We also saw another quarter of year-over-year sales growth in our Carrier Networks business.

本質上，所有這些增長都與 GenAI 網路的規模有關。顯然，我們的成長速度遠遠超過了我們所提供的 30% 複合年增長率。這表明我們的新 GenAI 產品獲得了極佳的反響，我們預計這種成長將會持續下去。我們的營運商網路業務的銷售額也再次實現同比增長。

As a reminder, we categorize sales of our products used to interconnect data centers in our carrier business. We applied our GenAI innovations to this space with new high-density GenAI fiber and cable that enables customers to fit anywhere from 2 to 4 times the amount of fiber into their existing economy.

提醒一下，我們將用於互連資料中心的產品的銷售歸類為營運商業務。我們將 GenAI 創新應用於這一領域，採用新型高密度 GenAI 光纖和電纜，使客戶能夠在現有經濟中安裝 2 到 4 倍數量的光纖。

We began shipping these products in the first quarter. We doubled sales from first quarter levels in the second quarter, and we saw another significant sequential step-up in sales again in the third quarter. And we're still in the very beginning of this opportunity as we expect it to be a $1 billion business for us by the end of the decade.

我們在第一季開始運送這些產品。我們第二季的銷售額比第一季翻了一番，第三季的銷售額再次出現了顯著的連續成長。我們仍處於這一機會的起步階段，我們預計到本世紀末它將成為我們價值 10 億美元的業務。

Optical Communications net income for the third quarter grew twice as fast as sales, up 69% year-over-year to $295 million driven by the successful implementation of our Springboard plan in both enterprise and carrier. Moving to display. We shared our expectations for the full year net income of $900 million to $950 million in 2025 and net income margin of 25%, consistent with the last five years.

第三季光通訊淨收入成長速度是銷售額的兩倍，年增 69%，達到 2.95 億美元，這得益於我們在企業和營運商領域成功實施的 Springboard 計畫。移至顯示。我們預計 2025 年全年淨收入將達到 9 億至 9.5 億美元，淨利率將達到 25%，與過去五年保持一致。

We continue to expect to be at the high end of the $900 million to $950 million net income range and for net income margin to be at least 25%. In the third quarter, display sales were $939 million, and net income was $250 million, both up slightly from the prior quarter driven by stronger-than-expected panel maker utilization. Q3 price was consistent with the prior quarter. And for the full year, our expectations for the retail market remain unchanged.

我們繼續預期淨收入將達到 9 億至 9.5 億美元的高端，淨收入利潤率至少為 25%。第三季度，顯示器銷售額為 9.39 億美元，淨收入為 2.5 億美元，均較上一季略有成長，這得益於面板製造商的利用率高於預期。第三季價格與上一季一致。對於全年而言，我們對零售市場的預期保持不變。

We expect TV unit sales to be consistent with 2024 and TV screen size growth of about an inch. As a reminder, we successfully implemented double-digit price increases in the second half to ensure that we can maintain stable US dollar net income in a weaker yen environment. We hedged our exposure for 2025 and 2026, and we have hedges in place beyond 2026.

我們預計電視銷量將與 2024 年保持一致，電視螢幕尺寸將增長約一英寸。提醒一下，我們在下半年成功實現了兩位數的價格上漲，以確保在日圓疲軟的環境下能夠保持穩定的美元淨收入。我們對 2025 年和 2026 年的風險敞口進行了對沖，並且對 2026 年以後的風險敞口也進行了對沖。

In 2025, we reset our yen core rate to JPY 120 to the dollar, consistent with our hedge rate. We did not recast our 2024 financials because we expect to maintain the same profitability in display at the new core rate. Looking ahead, we expect glass market volume to be down slightly versus Q3 and we expect our Q4 glass pricing to be consistent with Q3.

2025年，我們將日圓核心匯率重設為1美元兌120日圓，與我們的對沖利率一致。我們沒有重塑 2024 年的財務狀況，因為我們預計在新的核心利率下保持相同的獲利能力。展望未來，我們預計玻璃市場銷售量將較第三季略有下降，我們預計第四季玻璃定價將與第三季保持一致。

In display, overall, we are maintaining our market, technology and cost leadership while benefiting from market growth and a glass supply-demand environment that is balanced to tight. Turning to Specialty Materials. The business delivered a terrific quarter and as you heard earlier, our announcement with Apple creates a larger, longer-term growth driver in mobile consumer electronics through Springboard and beyond.

在顯示器方面，總體而言，我們保持了市場、技術和成本領先地位，同時受益於市場成長和平衡至緊張的玻璃供需環境。轉向特種材料。該業務本季表現出色，正如您之前所聽到的，我們與蘋果公司宣布的合作將透過 Springboard 及其他方式在行動消費性電子產品領域創造更大、更長期的成長動力。

In Q3, sales were up 13% year over year to $621 million, primarily driven by the successful adoption of our premium glass innovations for our customers' flagship product launches. Net income was up 57% year over year to $113 million on the strong incremental volume. Serving as a great proof point of the powerful incrementals outlined in our Springboard plans.

第三季度，銷售額年增 13%，達到 6.21 億美元，這主要得益於我們成功將優質玻璃創新應用於客戶的旗艦產品。由於銷量強勁成長，淨收入年增 57%，達到 1.13 億美元。這充分證明了我們的 Springboard 計劃中概述的強大增量。

Turning to Automotive. As a reminder, in Q1, we graduated our Auto Glass business and together with our Environmental Technologies business created this segment. Automotive sales were $454 million, up 6% year-over-year, primarily driven by a stronger light-duty vehicle market in China, partially offset by lower heavy-duty diesel sales in North America.

轉向汽車。提醒一下，在第一季度，我們完成了汽車玻璃業務的升級，並與環境技術業務一起創建了這個部門。汽車銷售額為 4.54 億美元，年增 6%，主要得益於中國輕型汽車市場的強勁增長，但北美重型柴油車銷量的下降部分抵消了這一增長。

Net income was $68 million, up 33% year, driven by strong manufacturing performance. Overall, we are focused on executing our more Corning growth strategy in automotive as additional content is required in upcoming vehicle emissions regulations and as technical glass and optics gain further adoption in vehicles.

受強勁的製造業業績推動，淨收入達到 6,800 萬美元，較去年同期成長 33%。整體而言，我們專注於在汽車領域實施更多的康寧成長策略，因為即將推出的汽車排放法規需要額外的內容，而且技術玻璃和光學元件在汽車中的應用也越來越廣泛。

Turning to Life Sciences. Sales were consistent with the prior year. Net income grew 7%. Finally, let's turn to Hemlock and emerging growth businesses. You heard an update on our new solar business from Wendell a few minutes ago. As a reminder, that business currently sits in this segment. We plan to build solar into a $2.5 billion revenue stream by 2028.

轉向生命科學。銷售額與上年持平。淨收入成長7%。最後，讓我們來談談 Hemlock 和新興成長型企業。幾分鐘前，您從溫德爾那裡聽到了有關我們新太陽能業務的最新消息。提醒一下，該業務目前位於此領域。我們計劃在 2028 年將太陽能打造成為 25 億美元的收入來源。

We are commercializing our new Made in America ingot and wafer products. Our new wafer facility came online in Q3, and we are ramping in Q4. We have committed customers for more than 80% of our capacity for the next five years. Segment sales were up 46% year over year, primarily driven by additional polysilicon capacity coming online and the ramp of our module operations. As expected, net income reflected the ramp costs of our new solar products as we address significant customer demand.

我們正在將我們的新“美國製造”錠和晶圓產品商業化。我們的新晶圓工廠於第三季投入運營，並將於第四季開始量產。我們已向客戶承諾未來五年內超過 80% 的產能。該部門銷售額年增 46%，主要得益於新增多晶矽產能的投產以及模組業務的成長。正如預期的那樣，淨收入反映了我們滿足大量客戶需求而導致的新太陽能產品成本上升。

Now I'd like to take a moment to discuss operating expenses. In the quarter, was $826 million, which was above our normalized run rate. Included in Q3 OpEx was higher variable compensation expense, including stock compensation. The primary driver of the increase was the significant increase in our stock price in the quarter.

現在我想花點時間討論一下營運費用。本季度，為 8.26 億美元，高於我們的正常運作率。第三季營運支出包括更高的可變薪酬費用，包括股票薪酬。成長的主要驅動力是本季我們股價的大幅上漲。

And as a reminder, we pay for performance, and we are performing well. Now let's turn to the fourth quarter outlook. In the fourth quarter, we expect to deliver sales of approximately $4.35 billion. Representing year-over-year growth of 12%, driven by strong adoption of our GenAI products and by solar sales as we ramp wafer production.

需要提醒的是，我們根據績效付酬，而且我們的表現良好。現在讓我們來看看第四季的展望。第四季度，我們預計銷售額約為 43.5 億美元。年比成長 12%，這得益於我們 GenAI 產品的廣泛採用以及隨著我們提高晶圓產量而帶來的太陽能銷售成長。

We expect EPS to once again grow faster than sales to a range of $0.68 to $0.72. Our expectations include approximately $0.03 for the temporary impact of the continued solar ramp. You can clearly see from both our Q3 results and our Q4 outlook, we are significantly enhancing our return profile as we execute Springboard.

我們預期每股收益將再次高於銷售額成長，達到0.68美元至0.72美元。我們的預期包含了約0.03美元的太陽能持續成長帶來的暫時影響。從我們的第三季業績和第四季展望中您可以清楚地看到，我們在執行 Springboard 時顯著提高了我們的回報率。

As a powerful proof point, we now anticipate achieving our Springboard operating margin of 20% in Q4 and a full year ahead of plan. We are very pleased to see that on strong sales growth, we have grown operating profit at twice the rate of sales. That's a 370 basis point improvement in operating margin from our Q4 2023 starting point.

作為有力的證明，我們現在預計 Springboard 的營業利潤率將在第四季度達到 20%，並比計劃提前一年實現。我們非常高興地看到，在強勁的銷售成長的同時，我們的營業利潤成長率是銷售額成長率的兩倍。與 2023 年第四季的起點相比，營業利潤率提高了 370 個基點。

With that, I'll shift from segment results to capital allocation. As we previously shared with you, our upgraded Springboard plan includes higher sales and higher profit. We expect to convert that higher profit into more cash flow. And we've told you that as we grow sales, we expect profit to grow even faster, resulting in strong free cash flow generation.

有了這些，我將從分部績效轉向資本配置。正如我們之前與您分享的，我們升級的 Springboard 計劃包括更高的銷售額和更高的利潤。我們希望將更高的利潤轉化為更多的現金流。我們已經告訴過您，隨著銷售額的成長，我們預計利潤將成長得更快，從而產生強勁的自由現金流。

The third quarter was another great proof point. We delivered free cash flow of $535 million. We expect full year 2025 free cash flow to be a significant step up from 2024. We expect to spend approximately $1.3 billion in CapEx in 2025. So how do we invest the expected higher cash flow?

第三季是另一個很好的證明點。我們實現了 5.35 億美元的自由現金流。我們預計 2025 年全年自由現金流將比 2024 年有顯著成長。我們預計 2025 年的資本支出約為 13 億美元。那我們要如何投資預期的更高現金流呢？

Companies do capital allocation in different ways. We prioritize investing in organic growth opportunities that drive significant returns, and we grow primarily through innovation. We believe this creates the most value for our shareholders over the long term. Our investors have confirmed they see the value in this approach as we see high return opportunities in the future, we will invest in those opportunities.

公司以不同的方式進行資本配置。我們優先投資能夠帶來可觀回報的有機成長機會，並且主要透過創新實現成長。我們相信，從長遠來看，這將為我們的股東創造最大的價值。我們的投資者已經確認他們看到了這種方法的價值，因為我們看到了未來的高回報機會，我們將投資這些機會。

We also seek to maintain a strong and efficient balance sheet. We're in great shape. We have one of the longest debt tenors in the S&P 500. Our current average debt maturity is about 21 years, and we have no significant debt coming due in any given year. Finally, we expect to continue our strong track record of returning excess cash to shareholders.

我們也力求維持強勁、高效的資產負債表。我們的狀態很好。我們的債務期限是標準普爾 500 指數中最長的債務期限之一。我們目前的平均債務期限約為 21 年，而且我們在任何一年都沒有重大債務到期。最後，我們希望繼續保持良好的業績記錄，向股東返還多餘的現金。

We already have a strong dividend Therefore, as we go forward, our primary vehicle for returning cash to shareholders will be share buybacks. We have an excellent track record. Over the last decade, we've repurchased 800 million shares close to a 50% reduction in our outstanding shares, which at today's share price has created approximately $50 billion in value for our shareholders.

我們已經擁有豐厚的股息，因此，隨著我們未來的發展，我們向股東返還現金的主要方式將是股票回購。我們擁有出色的業績記錄。在過去十年中，我們回購了 8 億股股票，相當於減少了流通股數的 50%，以今天的股價計算，這為我們的股東創造了約 500 億美元的價值。

Because of our growing confidence in Springboard, we started to buy back shares again in the second quarter of 2024, and we have continued to do so every quarter since then. And we expect to continue buying back shares going forward.

由於我們對 Springboard 的信心不斷增強，我們在 2024 年第二季開始再次回購股票，並且從那時起我們每個季度都繼續這樣做。我們預計未來將繼續回購股票。

Now before we move to Q&A, I'd like to wrap up by reiterating a few things. When we originally launched Springboard in the fourth quarter of 2023, we provided you with a compelling financial plan. And as we approach the second anniversary of the plan, we are delivering compelling results.

現在，在我們進入問答環節之前，我想重申幾件事。當我們在 2023 年第四季最初推出 Springboard 時，我們為您提供了一個引人注目的財務計劃。隨著該計劃實施兩週年的臨近，我們正在取得令人矚目的成果。

From our starting point, we have grown sales 31% and expanded operating margin by 330 basis points on EPS, 72% more than twice the rate of sales growth. Expanded ROIC by 460 basis points and generated strong free cash flow. And in Q4, we expect to achieve our Springboard operating margin target of 20%, a year ahead of plan.

從一開始，我們的銷售額就成長了 31%，每股盈餘的營業利潤率提高了 330 個基點，是銷售額成長率的兩倍多，達到 72%。將 ROIC 擴大了 460 個基點，並產生了強勁的自由現金流。在第四季度，我們預計將提前一年實現 Springboard 20% 的營業利潤率目標。

So we feel great about our progress and most importantly, we are positioned to capture strong growth well into the future.

因此，我們對我們的進步感到非常高興，最重要的是，我們已做好準備，在未來實現強勁成長。

With that, I'll turn it over to Ann.

說完這些，我就把話題交給安了。

Thanks, Ed. Operator, we're ready for the first question.

謝謝，埃德。接線員，我們準備好回答第一個問題了。

(Operator Instructions) Josh Spector, UBS.

（操作員指示）Josh Spector，瑞銀。

I just wanted to ask on the optical sales. I mean, obviously, a good quarter and good growth year-over-year. expectations were maybe a little bit higher based on some other kind of optical sales players into that supply chain. So I'm just curious if you could talk about any timing effects between 3Q, 4Q that may have impacted some sales? Or if this is kind of the right run rate we should be growing off of?

我只是想詢問一下眼鏡銷售的情況。我的意思是，顯然這是一個好的季度，並且同比增長良好。基於供應鏈中其他一些光學銷售參與者，預期可能會更高一些。所以我很好奇，您是否可以談談第三季和第四季之間可能對一些銷售產生影響的時間效應？或者這是否是我們應該遵循的正確運行率？

Josh, thanks for the question. So maybe what I would do is just start with something I shared when I was reading my remarks. As a reminder, our data center business, the business that's primarily growing through the new Gen AI products we've introduced, was about $1.3 billion in 2023 and our current run rate is about $3.3 billion.

喬希，謝謝你的提問。所以也許我會做的只是從我在閱讀我的評論時分享的一些事情開始。提醒一下，我們的資料中心業務，即主要透過我們推出的新一代人工智慧產品實現成長的業務，在 2023 年的價值約為 13 億美元，而我們目前的運作率約為 33 億美元。

So we've added $2 billion of sales in that space over about seven quarters. So a significant amount of growth we expect that growth to continue. We also have a reasonable amount of growth that's accelerating data center interconnect space, and that's in our carrier business, and we also grew carrier about 14% in the third quarter year over year, so significant growth there as well.

因此，我們在該領域的銷售額在大約七個季度內增加了 20 億美元。因此，我們預計這種大幅成長將持續下去。我們的資料中心互連空間也實現了合理的成長，這也是我們的營運商業務，第三季我們的營運商業務年增了約 14%，因此也實現了顯著成長。

So I think, we think of that as significantly outperforming hyperscale CapEx, we would size that if you use Deloro or some of the other firms that publish at about a 40% year-over-year level. So that's not sort of how we think about that business. The timing in any given quarter certainly can depend on specific customer plans.

因此，我認為，我們認為這大大超過了超大規模資本支出，如果您使用 Deloro 或其他一些以同比增長約 40% 水平發布的公司，我們會對其進行評估。所以這並不是我們對該業務的看法。任何特定季度的時間當然取決於特定的客戶計劃。

Let me do a little more strategic and then address the specifics. I think -- do timing it from quarter-to-quarter, Josh best served there. I think to maybe follow up after the call with an -- and let's make sure that sort of how you're thinking about models and what's happening in a quarter, any given quarter is one place for us just to start, so we make sure we don't talk past each other.

讓我先從策略角度談談這個問題，然後再談具體細節。我認為——按季度來安排時間，喬希最適合這個職位。我認為也許可以在通話結束後跟進一下——讓我們確保您如何看待模型以及某個季度發生的情況，任何一個季度都是我們開始的地方，所以我們要確保我們不會互相交談。

What I'd add to add is sort of every time we're in a conversation with our customers, they want more from us. And things are quite tight right now. That being said, the reaction to our products is such that they want us to grow even more dramatically as they look ahead to the needs of their supply chain.

我想補充的是，每次我們與客戶交談時，他們都希望我們提供更多服務。現在情況相當緊張。話雖如此，但市場對我們產品的反應是如此強烈，他們希望我們能夠有更大的發展，因為他們著眼於其供應鏈的需求。

And so really, the dialogues between ourselves and our customers where they've really turned to is if we need to grow our capacity faster than we currently are. How can they step forward to derisk any capital that we have to invest because the way we look at this is the growth rates are just so high.

因此，我們與客戶之間的對話實際上關注的是，我們是否需要比現在更快地提高產能。他們怎麼能站出來降低我們必須投資的任何資本的風險？因為我們認為成長率太高了。

And as we seek to serve and delight our customers, is that we look to them to be able to help us with any sort of capacity investment and/or derisk that capital investment going forward for our shareholders. So it's hard for me to comment Josh and like any specific deltas quarter-to-quarter, I think those are best handled sort of with IR.

當我們努力服務和取悅客戶時，我們希望他們能夠幫助我們進行任何形式的產能投資和/或為我們的股東降低未來的資本投資風險。因此，我很難對喬希發表評論，就像任何具體的季度間差異一樣，我認為最好用 IR 來處理。

But if your question is, that do we see just a ton of growth here? The answer is yes, sir.

但如果你問的是，我們是否只看到這裡大量的成長？答案是肯定的，先生。

I appreciate that. Yes, I'll pass it on.

我很感激。是的，我會傳達的。

Asiya Merchant, Citi.

花旗銀行亞洲人。

Really powerful operating margin expansion growth here guided as well for 4Q. How should we think about -- given the growth that you guys are talking about, whether it's an optical auto, solar ramp, how should we think about incremental operating margins going beyond this fourth quarter here. And if there are any updates now to the Springboard operating margin target, given you're already achieving that a quarter ahead -- sorry, almost a year ahead in 4Q?

第四季的營業利潤率擴張成長確實強勁。我們應該如何考慮——考慮到你們所談論的成長，無論是光學汽車還是太陽能坡道，我們應該如何考慮第四季之後的增量營業利潤率。鑑於您已經提前一個季度（抱歉，是提前近一年）實現了 Springboard 營業利潤率目標，那麼現在有什麼更新嗎？

Asiya, thanks for the question. So first of all, we're really pleased with the performance we've had over the last 7 quarters. I think improving both our gross margin and our operating margin was a really key component of our Springboard plan. And so we feel great about where we are.

Asiya，謝謝你的提問。首先，我們對過去 7 個季度的表現感到非常滿意。我認為提高我們的毛利率和營業利潤率是我們 Springboard 計畫的關鍵組成部分。因此，我們對目前的狀況感到非常滿意。

And as I mentioned in our guide for both Q3 and Q4, we had some ramp costs associated with bringing our solar facility online. So at some point, those costs will go away. We'll be producing at full capacity and selling and that will help with our gross margin and our operating margin as well. And the way I think for now that we'd like you to think about our operating margin is it creates a really strong return profile for our business.

正如我在第三季和第四季的指南中提到的那樣，我們的太陽能設施上線產生了一些相關的成本。因此，到了某個時候，這些成本就會消失。我們將滿載生產和銷售，這也將有助於提高我們的毛利率和營業利潤率。我現在想讓您考慮我們的營業利潤率，因為它為我們的業務創造了非常強勁的回報狀況。

So we expect sales to continue to grow nicely as we go forward. We've got a 20% operating margin certainly could go higher than that. We'll come back and address that at some point later in the future. But if we're able to continue to grow our sales at that level, we'll continue to improve our return on invested capital, and we'll continue to improve our free cash flow.

因此，我們預計未來銷售額將持續保持良好成長。我們的營業利益率為 20%，當然還可以更高。我們將在未來的某個時候回來解決這個問題。但如果我們能夠繼續保持這一水平的銷售成長，我們將繼續提高投資資本回報率，並繼續改善我們的自由現金流。

So that's how I think investors and others should think about the financial profile of Corning going forward. Does that help?

所以我認為投資人和其他人應該這樣看待康寧未來的財務狀況。這樣有幫助嗎？

No, that's great. And then just maybe on auto, how you guys are thinking about the upcoming emissions, whether it's a 2026 driver and kind of the growth rates we should expect in that segment.

不，那太好了。然後也許就汽車而言，你們如何看待即將到來的排放，是否是 2026 年的驅動因素，以及我們應該預期該領域的成長率。

Yes. So I would say in auto, right now, one thing I would point out is that our sales are impacted by a weaker heavy-duty market North America. At some point, that will bottom out and start to come back, and we'll start to see the growth we would expect like in our auto glass segment and in maybe other parts of the business, we'll see that live through just because heavy-duty will sort of stabilize and start to come back through the cycle.

是的。因此我想說，在汽車領域，現在我想指出的一件事是，我們的銷售受到北美重型汽車市場疲軟的影響。在某個時候，它會觸底並開始回升，我們將開始看到我們預期的增長，就像我們的汽車玻璃部門和其他業務部分一樣，我們將看到它度過難關，因為重型產品將趨於穩定並開始在周期中回升。

And then yes, we do expect a couple of drivers of growth in this business. First, auto glass, we expect that business to continue to grow and drive growth through this year into next year and so on. And then I think the emissions regulations in the United States could start to impact us at the end of '26 for model years that start in 2027 and beyond.

是的，我們確實預期該業務將出現一些成長動力。首先，汽車玻璃，我們預計該業務將繼續成長，並推動今年、明年等的成長。然後我認為美國的排放法規可能會在 26 年底開始對我們 2027 年及以後的車型產生影響。

John Roberts, Mizuho.

瑞穗的約翰羅伯茲。

In solar, I think there was a large amount of downstream cell and panel inventory brought into the US in advance of the new duties. Does that impact your ramp at all -- or do you accelerate as those downstream inventories are worked off?

在太陽能領域，我認為在新關稅實施之前，有大量下游電池和電池板庫存被運往美國。這是否會影響您的產量成長？或者，隨著下游庫存的消耗，您的產量是否會加速成長？

John, I love your insights in this space. You are correct. That was indeed true. And as those inventories deplete. We're seeing really two impacts: a demand front, and as well sort of module pricing continuing to improve. So yes, we're seeing the dynamics that you're talking about. The core of our particular play is the need for US origin product.

約翰，我喜歡你在這個領域的見解。你是對的。確實如此。隨著這些庫存的耗盡。我們實際上看到了兩種影響：需求面，以及模組定價的持續改善。是的，我們看到了您所說的動態。我們特定業務的核心是對美國原產產品的需求。

And as a result, most of our customers are signing up to us just for that. And so really on the margin, the particular overall industry dynamics that you're explaining don't hit us that dramatically because we're a preferred supplier as a US player but your insights are right on, John.

因此，我們的大多數客戶正是為此才與我們簽約的。因此，實際上，從邊際來看，您所解釋的特定整體行業動態並沒有給我們帶來那麼大的影響，因為我們是美國的首選供應商，但您的見解是正確的，約翰。

Sam Chatterjee, JPMorgan.

摩根大通的 Sam Chatterjee。

This is Joe Cardoso on for Samik. Maybe just for my first question here. Optical is clearly demonstrating strong revenue performance in the backdrop of these tailwinds but margins have also been impressive, tracking close to 18% in the quarter.

這是喬·卡多索 (Joe Cardoso) 代替薩米克 (Samik)。也許這只是我在這裡的第一個問題。在這些有利因素的背景下，光學業務顯然表現出強勁的收入表現，但利潤率也令人印象深刻，本季利潤率接近 18%。

How should we think about the headroom for margins to continue to improve from here? And as you consider kind of the demand pipeline that you're seeing from your customers, how should we think about factors such as product mix as well as eventually capacity additions that could influence the trajectory here?

我們該如何看待利潤率今後繼續提高的空間？當您考慮從客戶那裡看到的需求管道時，我們應該如何考慮可能影響此處軌蹟的產品組合以及最終產能增加等因素？

So I'll start, Joe, and then I'll let Ed add. I think you are on all of the right questions. You really are. So everything really comes down to the reaction to our innovations and the value they create. As our innovations create more and more value, it offers us the opportunity to continue to improve our profitability.

那我先開始，喬，然後我讓艾德補充。我認為你提出的所有問題都是正確的。你確實是。所以一切其實都歸結於對我們的創新及其創造的價值的反應。隨著我們的創新創造越來越多的價值，它為我們提供了繼續提高獲利能力的機會。

As well that we see the opportunity for continued growth here to be quite robust tied to those new product sets. And we'll provide a little more insight as we get a little bit further along in our customer dialogues with how we're going to approach capacity, risk reduction and strong commitments from our customers that will allow our customers that will allow us to provide high confidence guidance for our investors.

我們也看到，與這些新產品系列相關的持續成長機會相當強勁。隨著我們與客戶的對話不斷深入，我們將提供更多見解，說明我們將如何處理產能、降低風險和客戶的堅定承諾，這將使我們的客戶能夠為我們的投資者提供高度信心的指導。

Yes, Joe. The only other thing I might add is, as we've shared the last several quarters, we have been adding capacity, we will continue to do that to meet demand. So there was -- have been some ramp costs in our optical business as we are able to make more sell more. That improves our margins. You saw that nicely here in third quarter. And I think there's definitely some room above where we are to continue to grow from there.

是的，喬。我唯一想補充的是，正如我們在過去幾個季度分享的那樣，我們一直在增加產能，我們將繼續這樣做以滿足需求。因此，由於我們能夠生產更多產品以增加銷量，因此我們的光學業務成本增加。這提高了我們的利潤率。您在第三季度清楚地看到了這一點。我認為我們肯定還有繼續成長的空間。

Helpful color, guys. And then maybe for my second one, and then a similar vein, the Hemlock brand here. I'm just particularly interested in how we should think about margins for this business as well. Obviously, they're running a bit below last year's level as you kind of get through the early stages of the ramp.

很有幫助的顏色，夥計們。然後也許是我的第二個，然後是類似的脈絡，這裡的 Hemlock 品牌。我只是特別感興趣的是我們應該如何考慮這個業務的利潤率。顯然，當你經歷初期的上升階段時，他們的表現會比去年的水平略低一些。

But any way we should be thinking about the timing of margins here tracking back to those levels and then potentially surpassing it especially when we're considering the impact of tax credits and some of the other subsidies, which maybe at least from an investor standpoint, is a bit opaque in terms of how those should influence the margin trajectory as we kind of think about the business ramping going forward?

但無論如何，我們都應該考慮利潤率回到這些水平的時間，然後可能超過它，特別是當我們考慮稅收抵免和其他一些補貼的影響時，這可能至少從投資者的角度來看，在我們考慮未來業務增長時，這些應該如何影響利潤率軌跡有點不透明？

Yes. So maybe just stepping back, our goal here is to build a $2.5 billion business. So you can sort of take our current run rate and get to that -- how much incremental sales will add from there. We expect that business to be at or above the Corning operating margin level. So you can think of it as being a very nice margin business when we're fully up and running.

是的。所以退一步來說，我們的目標是建立一個價值 25 億美元的企業。因此，您可以根據我們目前的運行率來計算銷售額將增加多少。我們預計該業務的營業利潤率將達到或超過康寧的水平。因此，當我們全面啟動並運行時，您可以將其視為一項非常好的保證金業務。

I think you'll see sort of incremental improvements as we add capacity and as we sell more. So I don't know that I would particularly call out timing in any given quarter, but we should just continue to improve kind of quarter-over-quarter as we go.

我認為，隨著我們增加產能和增加銷量，您會看到逐步的改善。因此，我不知道我是否會特別指出任何特定季度的時間安排，但我們應該繼續逐季度改進。

Yes. So Joe, let us sort of get through this quarter and the sort of crucial start-up time with wafers and maybe a little bit into Q1. And then we ought to be able to provide a little more help to you on how the factory is coming up and how we think of it for the coming year. Right now, we're sort of making that jump between making thousands of wafers a day to try to make a 1 million a day, and that tends to focus our mind on the near term.

是的。所以喬，讓我們度過這個季度和晶圓的關鍵啟動時間，也許進入第一季。然後，我們應該能夠為您提供更多幫助，告訴您工廠的進展以及我們對來年的看法。目前，我們正在從每天生產數千片晶圓向每天生產一百萬片晶圓的目標邁進，而這往往讓我們將注意力集中在短期目標上。

No, very fair guys.

不，非常公平。

George Notter, Wolfe Research.

喬治諾特，沃爾夫研究公司。

I wanted to kind of talk a bit or ask a bit about the optical business in terms of just supply constraints. Talking with some folks around the industry, it sounds like you guys are no longer selling glass on an OEM basis to others. I assume it's because you've got more demand in your own internal glass needs than maybe you previously expected.

我想就供應限制方面談談或問一些有關光學業務的問題。與業內一些人士交談後，聽起來你們不再以 OEM 方式向其他公司銷售玻璃了。我認為這是因為你們內部對玻璃的需求比你們之前預期的要大。

But is that actually the case? And then can you talk about what you're doing to expand capacity? I saw the expansion news in the Hickory facility this past week. I'm just wondering kind of where lead times are and what the capacity expansions look like?

但事實真是如此嗎？然後您能談談您正在採取哪些措施來擴大產能嗎？上週我看到了 Hickory 工廠的擴建消息。我只是想知道交貨時間是怎樣的以及產能擴張情況如何？

I won't comment on our specific dialogues with our customers and what form they take our product at this stage. I would say, George, that you are correct in that. The demand for our products relative to our supply puts us in a situation where we are quite tight. And we have preexisting sort of ramps that we have been doing.

目前我不會評論我們與客戶的具體對話以及他們以何種形式接受我們的產品。我想說，喬治，你說得對。我們的產品需求相對於供應而言，這使我們陷入了相當緊張的境地。我們已有正在建造的現有坡道。

But now as we look to the accelerating demand from our customers, we're in dialogues with them about how to best set our manufacturing platform profile to serve them better. for the future? And how do we handle sort of the risk of that and how do we make sure that we derisk any investments that we make through commitments and/or funding from our customer set.

但現在，隨著我們著眼於客戶日益增長的需求，我們正在與他們進行對話，討論如何最好地設定我們的製造平台配置，以便更好地為他們服務。未來呢？我們如何處理這種風險以及如何確保透過客戶承諾和/或資金降低我們進行的任何投資的風險。

So that's where we are right now, George. More to come as those things start to come together.

這就是我們現在的處境，喬治。隨著這些事情開始融合，還會有更多事情發生。

Got it. And any comments on retail -- Yes, I was going to ask about lead times. Any comments there?

知道了。關於零售的任何評論——是的，我正要詢問交貨時間。有啥評論嗎？

Got you. It really depends on the SKUs. There's no question though that -- everybody wants more from us faster, right? So in that way, we are seeking to improve our lead times because things are pretty tight. That being said, we're able to -- we've been able to meet really unplanned for growth from our customers in terms of demand. And we bought a number of new customers have come on board for us because of the power of our innovations.

明白了。這實際上取決於 SKU。毫無疑問，每個人都希望我們能更快獲得更多，對吧？因此，我們正在努力縮短交貨時間，因為情況相當緊張。話雖如此，我們能夠——我們已經能夠滿足客戶真正意想不到的需求成長。由於我們創新的力量，我們贏得了許多新客戶的青睞。

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

Maybe to start in enterprise. If we look at the pace of quarter-on-quarter changes in revenues, it's a little bit below the same time frame last year, and that happened in Q2 and in Q3. And I'm wondering if we can just kind of dissect what the reason behind that might be given that the opportunity that you've highlighted here and the investments that you pointed to across multiple hyperscalers and data centers is just seeming to be very strong.

也許從企業開始。如果我們看一下營收的季度環比變化速度，就會發現它比去年同期略低，而第二季和第三季的情況就是如此。我想知道我們是否可以分析背後的原因，因為您在這裡強調的機會以及您指出的跨多個超大規模和資料中心的投資似乎非常強勁。

So maybe you could just put that in some context on how we should think about that flowing into the fourth quarter as well? And I have a follow-up.

那麼，也許您可以將其放在某種背景下，說明我們應該如何看待這一現象進入第四季度？我還有一個後續問題。

So Wamsi, just to make sure that we understand you -- you made a comment about Q2 to Q3, both this year and then I thought you said last year. Could you just make your question? I just want to make sure we hear you correctly, Wamsi.

所以 Wamsi，只是為了確保我們理解你的意思——你對今年的第二季到第三季發表了評論，然後我想你也說過去年的情況。你能直接提出你的問題嗎？我只是想確保我們聽清楚了你的意思，Wamsi。

Right. Yes. No, Wendell, happy to clarify. I'm just saying that the incremental sequential dollar changes that you experienced from Q2 of '24 to Q3 of '24 was about $100 million in enterprise. This year, it's about $82 million. And last year, in the same time frames in Q1 to Q2 also. It was a little bit higher last year versus this year. And I'm just wondering why the dollar increases are not accelerating as AI takes a little more.

正確的。是的。不，溫德爾，很高興澄清。我只是說，從 2024 年第二季到 2024 年第三季度，企業經歷的增量連續美元變化約為 1 億美元。今年約8200萬美元。去年第一季至第二季的同一時間段內也是如此。去年比今年略高。我只是想知道為什麼美元的成長速度沒有隨著人工智慧的普及而加快。

I totally get it Wamsi, in a way, maybe ties to some of the stuff George was talking about. So as we take a look at the year over the year sequential quarter growth last year versus this year. And why isn't the dollars sort of the same? And is that a demand question or is it a supply question.

我完全理解 Wamsi，在某種程度上，這可能與 George 談論的一些事情有關。因此，我們來看看去年與今年相比的年比季度成長情況。那為什麼美元不一樣呢？這是需求問題還是供給問題？

If that's where you're going, yes, it's how much incremental supply was available one quarter to the next is the primary driver of that. And we had a hunk more incremental supply in a particular SKU that enabled that jump last year. and this year. So in that way, I guess it's all timing is a way to think about it, but it's not a demand piece. It's purely relative delta in supply between the years.

如果這就是你要去的地方，是的，那麼下一個季度有多少增量供應是主要驅動因素。我們在特定 SKU 中增加了大量的增量供應，從而實現了去年和今年的成長。因此，從這個角度來看，我想這都是時機問題，是一種思考方式，而不是需求問題。這純粹是不同年份之間供應量的相對變化。

Did that answer makes sense, Wamsi?

這個答案有意義嗎，Wamsi？

Yes. Maybe an just to follow up on that. Does that mean that like you are undershipping demand fairly significantly now in Q3? And does that lead to a catch-up in Q4?

是的。也許只是為了跟進這一點。這是否意味著你們在第三季的出貨量嚴重低於需求？這是否會導致第四季的追趕？

I don't know how to think about undershipping demand. It's -- right now, if I could push more on my loading dock, our customers would take more. I mean that is just true. Right? And so we expect that situation to continue for the foreseeable future.

我不知道該如何看待運輸需求不足的問題。現在，如果我能在裝卸碼頭上推更多貨，我們的顧客就會拿更多貨。我的意思是這確實是事實。正確的？因此我們預計這種情況在可預見的未來將會持續下去。

And so really, it's coming to a supply piece for us, what particular products undo a bottleneck at what particular time is driving more of what we put in a guide for our total revenue as a company than it is, can we sell more.

所以實際上，這對我們來說是一個供應問題，哪些特定產品在什麼特定時間解決了瓶頸問題，對我們作為一家公司的總收入的推動作用比我們能否銷售更多產品更重要。

Any particular model, we'll try to help after the call a little more with modeling and sort of how we think about it and what those range of outcomes can be Wamsi. All right.

對於任何特定的模型，我們都會在通話後嘗試透過建模提供更多幫助，並告訴大家我們如何看待它，以及 Wamsi 可以得到哪些結果。好的。

Okay. And if I could just quickly, obviously, very exciting news around Apple's investment in Harrisburg. Now that we're talking about Apple on the call, can we actually just -- can you help us think through the -- if the economics in specialty change meaningfully for warning either on pricing or margins of these cover glass products given sort of the, I guess, co-investment that is happening here.

好的。如果我可以快速地告訴你蘋果在哈里斯堡投資的非常令人興奮的消息。既然我們在電話會議上談論的是蘋果，我們實際上可以——您能幫我們思考一下——如果專業領域的經濟狀況發生重大變化，無論是對這些蓋板玻璃產品的定價還是利潤率發出警告，我想，考慮到這裡正在發生的共同投資。

The key thing that will drive our relative profitability in mobile consumer electronics will be the adoption of innovations and the rate of adoption of innovations. So for us, one of the most exciting things about the Apple announcement is a very long-term commitment and the co-innovation center that is going to be there.

推動我們在行動消費電子產品領域相對獲利能力的關鍵因素是創新的採用和創新的採用率。因此，對我們來說，蘋果公司宣布的最令人興奮的事情之一就是長期承諾以及即將成立的聯合創新中心。

And what you can look through to that is saying, you can expect a lot of amazing new products to come out of that collaboration. Usually, the more amazing the products are that we make, the more return benefit accrues to our investors and we would expect that historical approach, which we call more Corning to continue.

由此可見，此次合作將會催生許多令人驚嘆的新產品。通常，我們生產的產品越令人驚嘆，投資者獲得的回報就越大，我們期望這種被稱為「更多康寧」的歷史方法能夠繼續下去。

Operator, we've got time for one more question.

接線員，我們還有時間再回答一個問題。

Mehdi Hosseini, Susquehanna Financial Group.

薩斯奎漢納金融集團的 Mehdi Hosseini。

Yes, most of the good questions have been asked. I'm just wondering, Wendell, as we look into the longer-term opportunity, especially given the success of the Springboard plan, should we expected by '26, '27, the incremental revenue opportunities would be in the high single billion on a quarterly or $30 billion plus on an annualized basis.

是的，大多數好問題都已經被問過了。溫德爾，我只是想知道，當我們研究長期機會時，特別是考慮到 Springboard 計劃的成功，我們是否應該預期到 26 年、27 年，增量收入機會將達到季度 10 億美元或年度 300 億美元以上。

And I'm just looking at the charge that you provide on a quarterly basis, and I'm just taking the same run rate and extended it into '27 and '28. And I have a follow-up.

我只是查看您按季度提供的費用，我只是採用相同的運行率並將其延伸至 27 年和 28 年。我還有一個後續問題。

So we'll update, we will owe you guys an update on Springboard given our strong performance. It seems like we upgrade our Springboard plans and then within just a couple of quarters, we performed so well that we get asked to update our spring forward plan again.

因此我們會進行更新，鑑於我們出色的表現，我們將向你們更新 Springboard。看起來我們升級了我們的 Springboard 計劃，然後在短短幾個季度內，我們的表現非常好，以至於我們被要求再次更新我們的 Spring Forward 計劃。

So as we look to early -- we're in the middle of that process that runs through the remainder of this year and into early next. And then we'll give you a good solid update on, but it is we see -- to your specific questions on run rates, why don't we sort of follow up on that after the call, so we can make sure we understand your math and everything that we've provided historically. Okay.

因此，當我們展望早期時——我們正處於這一過程的中間，這一過程將持續到今年剩餘時間和明年年初。然後我們會給你一個很好的更新，但是我們看到 - 對於你關於運行率的具體問題，為什麼我們不在通話後跟進這個問題，這樣我們就可以確保我們理解你的數學和我們歷史上提供的所有內容。好的。

Got it. Okay. And just a quick follow-up. And this has to do with your strategy with solar and also the acquisition of a solar module manufacturing capacity from the last quarter. Should we assume that you would be able to make the entire solar module, including poly and the module itself as an affordable way so that everything is made in the US and used by US customers.

知道了。好的。這只是一次快速的跟進。這與您的太陽能策略以及上個季度收購太陽能組件製造能力有關。我們是否應該假設您能夠以經濟實惠的方式製造整個太陽能模組，包括多晶矽和模組本身，以便所有產品都在美國製造並供美國客戶使用。

And I'm focusing more on affordability, especially given the fact that the subsidies are fast going away.

我更加關注可負擔性，特別是考慮到補貼正在迅速消失。

So the short answer is yes. In the value chain, what has -- our area of focus has been on ingots and wafers. And then yes, we also wanted to have a go-to-market position in modules, primarily because we have some new innovations to bring to that could increase the conversion efficiency and provide some of the best products or maybe BPAS product in the world for solar is our hope.

所以簡短的回答是肯定的。在價值鏈中，我們的重點領域是錠和晶圓。是的，我們也希望在模組領域佔據市場領先地位，主要是因為我們有一些新的創新，可以提高轉換效率，並提供一些世界上最好的太陽能產品，或者也許是 BPAS 產品，這是我們的希望。

But the core of what we're doing, you've nailed it in one, which is we would like to see the U.S. supply chain that is able to make products that are competitive versus the landed basis of solar products made overseas by the time we were done with our efforts here. Our focus here on those areas that we can be really strong. We would rather source, I would say, the sell portion from other US makers through time.

但您所說是我們工作的核心，那就是當我們完成這裡的努力時，我們希望看到美國供應鏈能夠生產出與海外生產的太陽能產品相比具有競爭力的產品。我們的重點是那些我們能夠真正強大的領域。我想說，我們寧願隨著時間的推移從其他美國製造商採購銷售部分。

But one way or the other, we want to bring our innovation to bear so that the US has domestically manufactured solar power because it's just going to be super important, especially we've been talking so much about AI. AI needs power, needs US source power. This is yet suited for another super economical way for us to provide power, especially at speed.

但無論如何，我們都希望發揮我們的創新作用，以便美國能夠在國內生產太陽能，因為這將變得非常重要，特別是我們一直在談論人工智慧。人工智慧需要力量，需要美國的源力。這對我們來說是另一種超級經濟的提供動力的方式，尤其是在高速行駛時。

Thank you, Wendell. And thank you, everybody, for joining us today. Before we close, I wanted to let everyone know that we're going to attend the UBS Global Technology and AI Conference on December 2. Additionally, we'll be scheduling management visits for investor offices in select cities.

謝謝你，溫德爾。感謝大家今天的參與。在結束之前，我想讓大家知道，我們將於 12 月 2 日參加瑞銀全球技術和人工智慧會議。此外，我們還將安排管理層訪問選定城市的投資者辦公室。

Finally, a web replay of today's call will be available on our site starting later this morning. Once again, thank you all for joining us. Operator, that concludes our call. Please disconnect all lines.

最後，今天上午晚些時候我們將在我們的網站上提供今天電話會議的網路重播。再次感謝大家的參與。接線員，我們的通話到此結束。請斷開所有線路。

This does conclude today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。