Corning（GLW）— 2026-10-27 3Q26 法說會逐字稿（英文原文＋中譯）
日期：2026-10-27（美國時間盤前） 逐字稿為 earnings call 音檔 AI 轉寫，英文原文與中譯並列；專有名詞與數字以公司 press release／10-Q 為準。
校正紀錄
本檔為 AI 語音轉寫，落地前已校正下列轉寫誤植；未列出者為原文。Memo 區塊與 Transcript 區塊同步修正。 - 「YC／Sophia／Sia」→ Asiya（Citi 分析師 Asiya Merchant，英文與中譯皆為同音誤植） - 中譯「自動提款機股權計劃」→ ATM（at-the-market）股權發行計畫（中譯誤譯） - 00:36:46–00:38:06 一段中譯與英文錯位（中譯尾端「情況很緊張」屬 00:37:21 的回答開頭、00:38:06 中譯內容為後續追問應答），以英文為準，未逐句重排 - CFO 稱「2030-40 Springboard plan」：依上下文為 Springboard 計畫（2030 年底年化銷售 400 億美元），原文數字寫法存疑，保留原文 [待確認] - Wendell 引述 Anthropic S-1 之三點觀察為其個人陳述，未獨立驗證，保留原話 - 財務四項交叉驗算：①光通訊淨利 5.32 億 ÷ 銷售 24 億 ＝ 22.2%，與「淨利率低 20% 區間」一致 ✓；玻璃創新淨利 3.28 億 ÷ 銷售 15 億 ＝ 21.9% ✓；②銷售 51 億 × 毛利率 40.5% ＝ 毛利約 20.7 億美元；× 營業利益率 22.7% ＝ 營業利益約 11.6 億美元，營益率 < 毛利率 ✓；③年化營收：51 億 ×4 ＝ 204 億，與口述 203 億（四捨五入）一致；4Q 指引中點 52.5 億 ×4 ＝ 210 億 ✓；④Enterprise 年化 14 億 → 60 億（約 4.3 倍）與口述「quadrupled」一致 ✓；前九個月 CapEx 13 億，全年約 20 億 → 4Q 約 7 億（†推算）
警語：此 Memo 和逐字稿為 AI 生成，可能因為音檔品質導致轉錄逐字稿有誤，或是 AI 曲解原意／幻覺導致 Memo 內容有誤，請以原始音檔為準。
Memo 亮點 • Corning 公佈了卓越的 2026 年第三季業績：銷售額年增 19%，達 51 億美元，EPS 增長 36% 至 0.91 美元，兩者均超出指引。毛利率提升 150 個基點至 40.5%，營業利潤率提升 310 個基點至 22.7%，投資資本回報率（ROIC）提升 330 個基點至 16.7%。自由現金流為 6.61 億美元，投資超過 5 億美元於產能擴充後。 [CEO - 00:02:16] [CFO - 00:11:48] • 2026 年第四季指引：銷售額年增約 19%，達 52 至 53 億美元，EPS 年增約 36%，達 0.96 至 1 美元（根據語音資料推斷）。 [CEO - 00:03:27] [CFO - 00:17:39] • 光通訊事業部領先業績：銷售額 24 億美元，年增 44%；淨利 5.32 億美元，年增 80%；企業銷售年增 84%，其中生成式人工智慧（Gen AI）產品銷售增長超過 100%。 [CFO - 00:12:43] • Corning 升級其 Springboard 計畫：目標於 2026 年底達成年化銷售額 200 億美元，2028 年底達 300 億美元，2030 年底達 400 億美元。升級後一季即超越 200 億美元年化目標。 [CEO - 00:04:00] 總體經濟 • 美國根據 1962 年《貿易擴張法》第 232 條款的近期貿易措施，改善了 Corning 太陽能產品的整體定價環境與需求。 [CFO - 00:16:57] 地緣政治 • 2026 年第三季第 232 條款裁決正面影響美國製太陽能產品的定價與需求，增強 Corning 建立超過 30 億美元且具穩健獲利能力太陽能業務的信心。 [CFO - 00:35:09] • 關稅與運費成本提高，使中國光纖進入 Corning 市場的吸引力降低，尤其隨著更多光纖被用於複雜整合的連接產品。Corning 目前未見中國光纖帶來顯著競爭壓力，但正為可能變化做準備。 [CEO - 00:44:26] 產業循環週期 • Corning 正進入加速成長新階段，計畫 2027 至 2030 年複合年增率（CAGR）達 19%，此前 Springboard 項目前三年成長率為 15%。 [CEO - 00:04:28] 產業供需 • 情況緊湊：營收增長由新產能上線與強勁需求雙重支持。實現的價格提升與新產品價值創造亦助力營收成長。 [CEO - 00:37:21] • 生成式人工智慧與高密度光學產品需求強勁，客戶要求更多、更快且更廣泛的產品。Corning 透過優先支持長期且優質的客戶來管理配額，這些客戶協助資助產能擴充。 [CEO - 00:28:42] 產業狀況 • 儘管記憶體價格大幅下跌，電視機出貨量下降 4%，筆記型電腦與手持裝置約下降 20%，Corning 的 More Corning 策略仍助力玻璃創新事業超越終端市場表現。 [CFO - 00:14:36] 獲利 • 2026 年第三季 EPS 年增 36% 至 0.91 美元。營業利潤率提升 310 個基點至 22.7%。投資資本回報率提升 330 個基點至 16.7%。 [CEO - 00:02:23] [CFO - 00:12:04] • 光通訊事業部淨利為 5.32 億美元，年增 80%，創下獲利新高。玻璃創新事業淨利 3.28 億美元，年減 10%。太陽能事業報告淨損 700 萬美元，但隨著生產力提升預期將改善。 [CFO - 00:12:53] 公司展望、未來成長動能 • Corning 預期強勁表現將持續，2026 年第四季銷售指引為 52 至 53 億美元，EPS 為 0.96 至 1 美元（根據語音資料推斷）。公司計畫於 2030 年將銷售額從 200 億美元翻倍至 400 億美元，EPS 成長速度快於銷售額，並擴大 ROIC，同時提供穩健自由現金流。 [CEO - 00:03:23] [CFO - 00:18:02] • Corning 已超越 2026 年底 200 億美元年化銷售目標，並預期在下一階段維持或加速此成長率。 [CEO - 00:05:27] 市場競爭策略 • Corning 維持長期優勢，為全球光纖品質最高、成本最低及產量最大的製造商。公司持續擴大這些優勢，目前未見中國光纖帶來顯著競爭壓力。 [CEO - 00:45:31] • Corning 將低軌道衛星（LEO）供應商如 Starlink 視為競爭者與合作夥伴（“frenemies”），但整體來看，其向資料中心擴展是帶動頻寬與光纖需求的正面因素。 [CEO - 00:51:33] 營收 • 2026 年第三季銷售額年增 19%，達 51 億美元。光通訊銷售 24 億美元，年增 44%。玻璃創新銷售 15 億美元，年減 3%。太陽能銷售 4.36 億美元，年增 37%。 [CFO - 00:12:01] 訂單 • 2026 年第三季宣佈與 Zayo、Verizon 及 AT&T 簽訂長期客戶協議，提供光纖與連接解決方案，支持寬頻與資料中心互連的網路擴展。 [CFO - 00:13:58] 產品組合 • 企業銷售年增 84%，生成式人工智慧產品銷售增長超過 100%，遠超 GPU 單位成長。電信業者銷售年增 4%，主要由資料中心互連推動。 [CFO - 00:13:03] 下游客戶 • Corning 擁有多項關鍵客戶關係與長期協議，支撐其成長展望。客戶預付現金資助產能，隨購買承諾量返還現金。此策略降低產能投資風險，並確保供應鏈穩定。 [CEO - 00:07:17] [CFO - 00:18:57] 同業 • Corning 在中國與當地業者競爭，但維持全球最高品質、最低成本及最大產量的長期優勢。目前未見中國光纖帶來顯著競爭壓力。 [CEO - 00:45:31] 稼動率 • Corning 正啟用新產能以支持 Springboard 下一階段的加速成長。產能規劃已進行中，支援 2027 至 2030 年從 15% 提升至 19% 的複合年增率。 [CEO - 00:37:22] 新產品／新技術 • Corning 的高密度光學產品快速且廣泛被採用，特別是在生成式人工智慧與資料中心互連應用。公司亦推進光子學路線圖，預期 2028 年開始加速光學規模擴大。 [CEO - 00:33:53] 產品價格 • Corning 宣佈自 2026 年第四季起調整顯示玻璃基板價格，以因應日圓走弱及關鍵材料與能源等成本上升。此影響在 2027 年及以後更為顯著。 [CFO - 00:15:39] 法規影響 • 2026 年第三季第 232 條款裁決改善美國製太陽能產品的定價環境與需求，對 Corning 太陽能業務產生正面影響。 [CFO - 00:35:09] 成本毛利 • 2026 年第三季毛利率提升 150 個基點至 40.5%。營業利潤率成長 310 個基點至 22.7%。企業成本較去年同期降低約 5,000 萬美元，主要因變動薪酬費用，預計 2026 年第四季將趨於穩定。 [CFO - 00:02:39] 原物料／關鍵零組件 • Corning 面臨投入成本通膨，包括關鍵材料與能源，這是近期顯示玻璃基板價格調整的因素之一。 [CFO - 00:15:39] 匯率 • Corning 正實施價格調整以因應日圓走弱。公司已將長期計畫風險降至最低，假設日圓匯率為 150，並持續對沖風險，目標實現盡可能全面的對沖。 [CFO - 00:43:02] 關稅 • 進口光纖關稅成本大幅增加，使中國光纖進入 Corning 市場的吸引力降低，尤其隨著更多光纖被用於複雜整合的連接產品。 [CEO - 00:45:11] 銷售／管理／研發費用 • 營運費用通常歸類於企業費用，Corning 視其為成長槓桿點，預期這些費用增長速度將慢於銷售額。 [CFO - 00:26:37] 擴廠規劃 • Corning 計畫於 2026 年投資約 20 億美元資本支出，主要支持光通訊成長。公司將持續推動此投資動能，迎接 Springboard 加速成長新階段。 [CFO - 00:21:02] 股利政策 • Corning 擁有穩健股利政策，未來主要現金回饋股東的方式將是股票回購。 [CFO - 00:22:21] 股本、增資、可轉換債券、庫藏股 • Corning 申請了 20 億美元的 ATM 股權計畫作為管理措施。公司目前無使用計畫，但希望維持強健資產負債表及未來投資週期的彈性。 [CFO - 00:47:48] 現金、現金流 • Corning 在 2026 年前九個月產生 23 億美元自由現金流，同期資本支出為 13 億美元。客戶預付款項總計 6.39 億美元，代表客戶預付現金，扣除購買承諾量返還的現金後淨額。 [CFO - 00:19:51] • Corning 預期即使在投資擴大公司規模至兩倍的同時，仍將持續增加自由現金流並改善財務狀況。 [CFO - 00:21:20] 避險 • Corning 持續對沖日圓風險，目標實現盡可能全面的對沖。對沖比例每季略有波動。 [CFO - 00:52:57] 長短期借款 • Corning 擁有標普 500 中最長的債務期限，當前平均債務到期超過 20 年，且每年無重大到期債務。 [CFO - 00:21:59] Transcript Presentation Speaker01
(00:00:00)Ladies and gentlemen, thank you for standing by. Welcome to the third quarter 2026 earnings conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, please press star 11 on your telephone. You will then hear an automated message confirming your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded.
(00:00:00)各位女士、先生，感謝您耐心等待。歡迎參加 2026 年第三季度的財報電話會議。此時，所有參與者均為聆聽模式。在演講者的報告後，將進行問答環節。在會議期間提問，請按電話上的星號 11。您將聽到自動消息確認您的提問已被提出。若要撤回您的問題，請再次按星號 11。請注意，今天的會議正在錄音。
Speaker01
(00:00:33)I would now like to turn the conference over to Chris Keenan, Director of Investor Relations. Please go ahead.
(00:00:33)現在我將會議交給投資者關係總監 Chris Keenan。請開始。
Chris Keenan - Corning, Investor Relation
(00:00:40)Thank you, and good morning. Welcome to Corning's third quarter 2026 earnings call. With me today are Wendell Weeks, Chairman, Chief Executive Officer, and President, and Ed Schlesinger, Executive Vice President and Chief Financial Officer. I'd like to remind you that today's remarks contain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that could cause actual results to differ materially.
(00:00:40)謝謝，大家早安。歡迎參加康寧 2026 年第三季度的財報電話會議。今天與我一起的是 Wendell Weeks，董事長、首席執行官及總裁，以及 Ed Schlesinger，執行副總裁及首席財務官。我想提醒您，今天的發言包含根據 1995 年《私人證券訴訟改革法》定義的前瞻性聲明。這些聲明涉及風險、不確定性及其他因素，可能導致實際結果與預期有重大差異。
Chris Keenan - Corning, Investor Relation
(00:01:16)These factors are detailed in the company's financial reports. Please note that we will be discussing our consolidated results using core performance measures, unless we specifically indicate that our comments relate to GAAP data. Our core performance measures are non-GAAP metrics used by management to analyze the business. For the third quarter, the difference between GAAP and core EPS primarily reflects adjustments for hedged exposures and discrete tax items. A reconciliation of core results to the comparable GAAP values can be found in the investor relations section of our website at Corning.com.
(00:01:16)這些因素在公司的財務報告中有詳細說明。請注意，我們將使用核心績效指標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層用來分析業務的非 GAAP 指標。在第三季度，GAAP 與核心每股收益之間的差異主要反映了對沖風險和離散稅項的調整。核心結果與可比 GAAP 值的調整可以在我們網站的投資者關係部分找到，網址為 Corning.com。
Chris Keenan - Corning, Investor Relation
(00:01:54)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, and we encourage you to follow along. They are also available on our website for downloading. And with that, I'll turn the call over to Wendell.
(00:01:54)您也可以在我們的網站上訪問核心結果，並在互動分析師中心下載財務報告。支持幻燈片正在我們的網絡直播中實時顯示，我們鼓勵您隨時跟進。它們也可以在我們的網站上下載。那麼，我將會議交給 Wendell。
Wendell Weeks - Corning, CEO
(00:02:13)Thank you, Chris, and good morning, everyone. Today, we announced outstanding third quarter results year over year. We grew sales 19% to $5.1 billion and EPS significantly faster at 36% to $0.91, both exceeding guidance. We expanded gross margin by 150 basis points to 40.5%. We increased operating margin by 310 basis points to 22.7%, and improved ROIC by 330 basis points to 16.7%, all while delivering $661 million of free cash flow after investing over half a billion dollars in capacity to support future growth.
(00:02:13)謝謝你，Chris，大家早安。今天，我們宣佈第三季度的業績同比表現優異。我們的銷售額增長了 19%，達到 51 億美元，每股收益增長更快，達到 36%，達到 0.91 美元，均超出預期。我們的毛利率擴大了 150 個基點，達到 40.5%。我們的營業利潤率增加了 310 個基點至 22.7%，並將投資回報率提高了 330 個基點，達到 16.7%，同時在支持未來增長的情況下，實現了 6.61 億美元的自由現金流，投資超過 5 億美元的產能。
Wendell Weeks - Corning, CEO
(00:03:18)Overall, a great quarter.
(00:03:18)總體而言，這是一個出色的季度。
Wendell Weeks - Corning, CEO
(00:03:23)We expect our strong performance to continue. For the fourth quarter, we expect sales growth of about 19% year-over-year to a range of $5.2 to $5.3 billion, and EPS growth of about 36% year-over-year to a range of $0.96 to $1. Let's put our very strong results and outlook in the context of our Springboard journey. In May of this year, we upgraded and extended our Springboard plan to grow our annualized sales run rate to $20 billion by the end of 2026, $30 billion by the end of 2028, and $40 billion by the end of 2030.
(00:03:23)我們預計強勁的表現將持續下去。對於第四季度，我們預計銷售增長約 19%，同比達到 52 億至 53 億美元，每股收益增長約 36%，同比達到 0.96 至 1 美元。讓我們將非常強勁的業績和前景放在我們的 Springboard 旅程的背景下。在今年 5 月，我們升級並延長了 Springboard 計劃，目標是到 2026 年底將年化銷售運行率增長至 200 億美元，到 2028 年底增長至 300 億美元，並在 2030 年底增長至 400 億美元。到 2030 年底。
Wendell Weeks - Corning, CEO
(00:04:23)We shared that we are entering a new phase of accelerating growth. We planned for our compound annual growth rate to increase to 19% beginning in 2027 through 2030, after already growing at a robust 15% CAGR for the first three years of Springboard. That represents a 400 basis point acceleration. In the third quarter, we already began growing 19% year over year to $5.1 billion. That is an annualized run rate of $20.3 billion. Looking ahead to the fourth quarter, if you take the midpoint of our guidance, we will grow 19% again, to $5.25 billion.
(00:04:23)我們分享了我們正在進入加速增長的新階段。我們計劃在 2027 年至 2030 年期間，複合年增長率將增長至 19%，而在 Springboard 的前三年已經以 15% 的穩健增長率增長。這代表著 400 個基點的加速。在第三季度，我們已經開始同比增長 19%，達到 51 億美元。這是一個年化運行率為 203 億美元。展望第四季度，如果您取我們指導的中點，我們將再次增長 19%，達到 52.5 億美元。
Wendell Weeks - Corning, CEO
(00:05:22)That equates to an annualized run rate of $21 billion. So, just one quarter after upgrading our plan, we are exceeding our Springboard target of a $20 billion run rate by the end of 2026. We are already demonstrating the accelerated growth rate anticipated for the next phase of our plan. Interestingly, today's earnings call marks the three-year anniversary of when we introduced Springboard to all of you. So let's briefly look back on our journey and review what we've accomplished together. In the first three years of Springboard, from our starting point through Quarter 4, 2026, we will grow sales by 60% and increase EPS much faster, at over 150%.
(00:05:22)這相當於年化運行率為 210 億美元。因此，在升級我們的計劃僅一個季度後，我們已經超過了到 2026 年底達到 200 億美元運行率的 Springboard 目標。我們已經展示了預期的加速增長率。為我們計劃的下一階段。有趣的是，今天的財報電話會議標誌著我們向大家介紹 Springboard 三週年的紀念日。那麼，讓我們簡要回顧一下我們的旅程，回顧我們共同取得的成就。在 Springboard 的前三年，從我們的起點到 2026 年第四季度，我們將銷售增長 60%，每股收益增長速度更快，超過 150%。
Wendell Weeks - Corning, CEO
(00:06:28)Along the way, we are significantly enhancing our financial profile, nearly doubling ROIC and more than tripling full-year free cash flow. Altogether, we've established a strong launch point for the next phase of Springboard. Looking ahead, we plan to double sales from $20 billion to $40 billion, grow EPS significantly faster than sales, expand ROIC, all while delivering robust free cash flow, even as we continue to invest to capture growth. So if you liked the first phase of Springboard, you're going to love the next one. Importantly, we already have many of the critical customer relationships and long-term agreements in place that underpin our growth outlook.
(00:06:28)在此過程中，我們顯著提升了財務狀況，幾乎將投資回報率翻倍，並且全年的自由現金流增長超過三倍。總的來說，我們為 Springboard 的下一階段建立了強大的啟動點。展望未來，我們計劃將銷售從 200 億美元翻倍至 400 億美元，每股收益增長速度顯著快於銷售，擴大投資回報率，同時提供穩健的自由現金流，即使在我們繼續投資以捕捉增長的情況下。所以如果你喜歡 Springboard 的第一階段，你會更喜歡下一個階段。重要的是，我們已經擁有許多關鍵的客戶關係和長期協議，這些都是我們增長前景的基礎。
Wendell Weeks - Corning, CEO
(00:07:40)Each relationship is unique, but they share two common characteristics. The first is a focus on technology and co-innovation. We share our technology and development plans with each other. This collaboration allows us to help our customers achieve their vision. Secondly, we seek to appropriately share risks and rewards as we deliver that vision. Our customers count on us to provide the right products at the right time. So we take on the significant responsibility of meeting challenging performance standards and production ramps.
(00:07:40)每個關係都是獨特的，但它們有兩個共同特徵。第一個是專注於技術和共同創新。我們彼此分享技術和開發計劃。這種合作使我們能夠幫助客戶實現他們的願景。其次，我們尋求在實現該願景的過程中適當地分享風險和回報。我們的客戶依賴我們在正確的時間提供正確的產品。因此，我們承擔了滿足挑戰性性能標準和生產增長的重大責任。
Wendell Weeks - Corning, CEO
(00:08:26)They take responsibility for determining how much of our products they need, as they are best positioned to make that decision. We use multiple mechanisms to achieve the appropriate balance of mutual obligations, depending on the unique circumstances of our customers and their requirements. One tool we have successfully used in our glass and solar businesses, and now in optical communications, is having customers provide upfront cash to fund our capacity. We then return the cash to customers as they purchase the committed volume.
(00:08:26)他們負責確定需要多少我們的產品，因為他們最有能力做出這一決定。我們使用多種機制來實現適當的平衡的相互義務，根據我們客戶的獨特情況和需求。我們在玻璃和太陽能業務中成功使用的一個工具，現在在光通信中也在使用，就是讓客戶提前提供現金來資助我們的產能。然後，當客戶購買承諾的數量時，我們將現金返還給他們。
Wendell Weeks - Corning, CEO
(00:09:21)This approach helps de-risk our capacity investments and provides our customers with supply chain assurance. You can already see this dynamic at work in our financials. In the first phase of Springboard, we more than tripled our full-year free cash flow while investing strongly in new capacity. Looking ahead to the new Springboard phase of accelerating growth, we aim to continue increasing free cash flow and improving our financial profile, even as we invest to double the company's size. Ed will share more details
(00:09:21)這種方法有助於降低我們的產能投資風險，並為我們的客戶提供供應鏈保障。你已經可以在我們的財務報表中看到這一動態的運作。在 Springboard 的第一階段，我們的全年度自由現金流增長超過三倍，同時在新產能上進行了強有力的投資。展望加速增長的新 Springboard 階段，我們的目標是繼續增加自由現金流並改善我們的財務狀況，即使在我們投資以將公司規模翻倍的情況下。Ed 將在幾分鐘內分享更多細節
Wendell Weeks - Corning, CEO
(00:10:07)on this in a few minutes.
(00:10:07)關於這一點。
Wendell Weeks - Corning, CEO
(00:10:12)We feel fortunate to have these foundational relationships with our customers. They stem from our long-standing model of invent, make, and serve. This fundamental approach has guided us for 175 years and will continue to do so well into the future. We invest in innovation to invent products that enable transformative technologies. We create and build manufacturing platforms that deliver higher quality and lower cost than anyone else in the world, all to serve our customers over decades-long relationships.
(00:10:12)我們感到幸運能與客戶建立這些基礎關係。這些關係源於我們長期以來的發明、製造和服務的模式。這一基本方法指導了我們 175 年，並將在未來繼續如此。我們投資於創新，以發明能夠實現變革性技術的產品。我們創建並建立製造平台，提供比世界上任何其他公司更高的質量和更低的成本，所有這些都是為了服務我們與客戶之間長達數十年的關係。
Wendell Weeks - Corning, CEO
(00:10:57)When we get this right, our customers become enduring partners, giving us the opportunity to solve their challenges and help create their own extraordinary products that delight their customers in turn. So after 175 years, we are once again at a moment where we can apply our long-standing, principled approach to value creation for our
(00:10:57)當我們做到這一點時，我們的客戶成為持久的合作夥伴，給我們機會解決他們的挑戰並幫助創造他們自己的非凡產品，讓他們的客戶也感到滿意。因此，在 175 年後，我們再次來到一個時刻，可以將我們長期以來的原則性價值創造方法應用於我們的
Wendell Weeks - Corning, CEO
(00:11:27)customers, our people, our communities, and importantly, our shareholders. We are delighted to have you with us on this journey. Ed. Thank you, Wendell. Good morning,
(00:11:27)客戶、我們的員工、我們的社區，以及重要的是，我們的股東。我們很高興您能與我們一起踏上這段旅程。Ed。謝謝你，Wendell。早安，
Ed Schlesinger - Corning, CFO
(00:11:48)everyone. We delivered an outstanding third quarter, and our results demonstrate the acceleration of growth outlined in our 2030-40 Springboard plan. Year over year in Q3, sales grew 19%, reaching $5.1 billion, and EPS increased 36% to 91 cents, both above our guided ranges. We expanded gross margin by 150 basis points to 40.5%. Operating margin grew 310 basis points to 22.7%. ROIC increased 330 basis points to 16.7%. We delivered strong free cash flow of $661 million, even as we continued to invest to capture robust demand.
(00:11:48)大家。我們交出了出色的第三季度業績，我們的結果顯示了在我們的 2030-40 Springboard 計劃中所概述的增長加速。在第三季度，銷售同比增長 19%，達到 51 億美元，每股收益增長 36% 至 91 美分，均高於我們的指導範圍。我們的毛利率擴大了 150 個基點，達到 40.5%。營業利潤率增長了 310 個基點，達到 22.7%。投資回報率增長了 330 個基點，達到 16.7%。我們交出了強勁的自由現金流，達到 6.61 億美元，即使在我們繼續投資以捕捉強勁需求的情況下。
Ed Schlesinger - Corning, CFO
(00:12:41)Now moving to our segments. Our results were led by optical communications. Sales were $2.4 billion, up 44% year over year. Net income was $532 million, up 80% year over year, with the segment again delivering record profitability. Enterprise sales grew 84% year over year, with Gen AI product sales increasing by more than 100%, significantly outpacing GPU unit growth. This growth was driven by the rapid and broader adoption of our innovations, supported by our steady capacity expansions. At the launch of Springboard, our enterprise sales run rate was $1.4 billion.
(00:12:41)現在轉到我們的各個業務部門。我們的業績由光通信領導。銷售額為 24 億美元，同比增長 44%。淨收入為 5.32 億美元，同比增長 80%，該部門再次實現了創紀錄的盈利能力。企業銷售年增長 84%，其中生成式人工智慧產品銷售增長超過 100%，顯著超過 GPU 單位增長。這一增長是由我們創新技術的快速和廣泛採用推動的，並得益於我們穩定的產能擴張。在 Springboard 推出時，我們的企業銷售年化率為 14 億美元。
Ed Schlesinger - Corning, CFO
(00:13:32)Since then, we have quadrupled enterprise sales to a $6 billion run rate. Keep in mind, our growth is driven by scale-out. As optical technology penetrates the scale-up segment of the network, our revenue opportunities will increase dramatically. In Carrier, sales grew 4% year over year, driven by growth in data center interconnect. During the quarter, we announced long-term customer agreements with Zayo, Verizon, and AT&T to deliver fiber and connectivity solutions supporting their network expansions across broadband and data center interconnect.
(00:13:32)自那時以來，我們的企業銷售已增至 60 億美元的年化率。請記住，我們的增長是由擴展推動的。隨著光學技術滲透到網絡的擴展領域，我們的收入機會將顯著增加。在運營商領域，銷售年增長 4%，主要受數據中心互聯增長的推動。在本季度，我們宣佈與 Zayo、Verizon 和 AT&T 簽訂長期客戶協議，以提供支持其在寬帶和數據中心互聯擴展的光纖和連接解決方案。
Ed Schlesinger - Corning, CFO
(00:14:15)Collectively, these agreements serve as strong proof points for our long-term opportunity in Carrier and reinforce our confidence that the DCI opportunity exceeds the previously communicated $1 billion target. Moving to Glass Innovations. The successful execution of our More Corning strategy helped us outperform our end markets, which were significantly impacted by memory price declines. In the third quarter, TV units declined 4%, while notebooks and handheld devices fell about 20%. Our third-quarter sales were $1.5 billion, down $54 million, or 3% year over year.
(00:14:15)總體而言，這些協議為我們在運營商領域的長期機會提供了強有力的證據，並增強了我們的信心，即 DCI 機會超過之前溝通的 10 億美元目標。接下來談談玻璃創新。我們的 More Corning 策略的成功執行幫助我們超越了終端市場，而這些市場受到記憶體價格下跌的重大影響。在第三季度，電視單位下降了 4%，而筆記本電腦和手持設備下降約 20%。我們的第三季度銷售額為 15 億美元，同比下降 5400 萬美元，或 3%。
Ed Schlesinger - Corning, CFO
(00:15:05)Net income was $328 million, down 10% year over year. Looking ahead, we expect to continue executing our More Corning strategy. For example, we continue to advance our nearly 20-year partnership with Apple. By the end of 2026, all cover glass for iPhone, including iPhone Duo and Apple Watch sold worldwide, will be produced at our Harrodsburg, Kentucky facility. Additionally, we recently announced a price adjustment for our display glass substrates, effective in the fourth quarter, to address a weaker yen environment and rising costs such as critical materials and energy.
(00:15:05)淨收入為 3.28 億美元，同比下降 10%。展望未來，我們預計將繼續執行我們的 More Corning 策略。例如，我們繼續推進與 Apple 近 20 年的合作夥伴關係。到 2026 年底，所有 iPhone 的覆蓋玻璃，包括 iPhone Duo 和全球銷售的 Apple Watch，將在我們位於肯塔基州 Harrodsburg 的工廠生產。此外，我們最近宣佈對顯示玻璃基板進行價格調整，該調整將於第四季度生效，以應對日元疲弱的環境和上升的成本，如關鍵材料和能源。
Ed Schlesinger - Corning, CFO
(00:15:57)In automotive, our sales increased 4% year over year. Recovery in the North American Class 8 truck market more than offset the impact from the light-duty vehicle market, which declined 3%. Net income of $67 million was down 1% year over year. Looking ahead, we remain focused on our More Corning content strategy. In solar, Q3 sales were $436 million, up $117 million, or 37% year over year. The segment reported a net loss of $7 million. We continue to ramp production at our wafer and module facilities, albeit at a slower pace than anticipated.
(00:15:57)在汽車領域，我們的銷售同比增長 4%。北美 8 級卡車市場的復甦超過了輕型車市場的影響，該市場下降了 3%。淨收入為 6700 萬美元，同比下降 1%。展望未來，我們將繼續專注於我們的 More Corning 內容策略。在太陽能領域，第三季度銷售額為 4.36 億美元，同比增長 1.17 億美元，或 37%。該部門報告淨虧損 700 萬美元。我們繼續在晶圓和模組設施中提高產量，儘管增長速度比預期慢。
Ed Schlesinger - Corning, CFO
(00:16:43)As our productivity improves, so will our output and profitability. Demand remains strong, and the market preference for U.S.-made solar products continues to strengthen. Recent U.S. trade actions under Section 232 of the Trade Expansion Act of 1962 have improved the overall pricing environment and demand for Corning's solar products. Overall, we are making solid progress building a more than $3 billion revenue stream in solar with profitability above the corporate average. Sales in life sciences and emerging growth businesses were up 1% year over year, as our life sciences business outperformed the end market.
(00:16:43)隨著我們的生產力提高，我們的產量和盈利能力也將提高。需求仍然強勁，市場對美國製造的太陽能產品的偏好持續增強。最近的美國根據 1962 年貿易擴展法第 232 條的貿易行動改善了 Corning 太陽能產品的整體定價環境和需求。總體而言，我們在太陽能領域建立超過 30 億美元的收入流，並且盈利能力高於公司平均水平，取得了穩固的進展。生命科學和新興增長業務的銷售同比增長 1%，因為我們的生命科學業務超越了終端市場。
Ed Schlesinger - Corning, CFO
(00:17:31)Net income was down $13 million year over year due to investments in emerging growth programs. Shifting to our outlook, in the fourth quarter, we expect sales to grow approximately 19% year over year to a range of $5.2 billion to $5.3 billion, and EPS to grow approximately 36% year over year to a range of 96 cents to $1. As we move to the next phase of Springboard, we have a compelling opportunity ahead. We plan to double the size of the company from $20 billion to $40 billion by the end of 2030. We grow organically by inventing products that enable transformative technologies and by creating and building manufacturing platforms to deliver higher quality and lower cost
(00:17:31)淨收入同比下降 1300 萬美元，原因是對新興增長計劃的投資。轉向我們的展望，在第四季度，我們預計銷售將同比增長約 19%，達到 52 億至 53 億美元的範圍，EPS 將同比增長約 36%，達到 96 美分至 1 美元的範圍。隨著我們進入 Springboard 的下一階段，我們面臨著一個引人注目的機會。我們計劃到 2030 年底將公司的規模從 200 億美元翻倍至 400 億美元。我們通過發明能夠實現變革性技術的產品以及創建和建立製造平台來有機增長，以提供更高的質量和更低的成本
Ed Schlesinger - Corning, CFO
(00:18:30)than anyone else in the world. Historically, this meant investing capital upfront before revenue and free cash flow materialize. Then, we achieve high returns and generate strong free cash flow down the road. We have been steadily improving this model by appropriately sharing the risk and responsibility of investments with our customers. Many such long-term customer agreements underpin our growth. We use multiple mechanisms in our agreements to achieve the appropriate balance of mutual obligations, depending on the unique circumstances and requirements of our customers.
(00:18:30)比世界上任何其他公司都要好。歷史上，這意味著在收入和自由現金流實現之前提前投資資本。然後，我們在未來實現高回報並產生強勁的自由現金流。我們一直在穩步改善這一模式，通過適當地與客戶分享投資的風險和責任。許多這樣的長期客戶協議支撐著我們的增長。我們在協議中使用多種機制，以根據客戶的獨特情況和需求實現相互義務的適當平衡。
Ed Schlesinger - Corning, CFO
(00:19:18)One tool we use is having customers provide cash upfront, which we then return as they purchase the committed volume. We have successfully used this tool in our glass and solar businesses and are now applying it in optical communications. This approach provides our customers with supply chain certainty while securing our revenue, returns, and free cash flow. You can already observe this dynamic reflected in our financial results. There is a line item in our operating cash flow labeled "customer deposits." For the first nine months of the year, that amount totaled $639 million.
(00:19:18)我們使用的一種工具是讓客戶提前提供現金，然後在他們購買承諾的數量時將其返還。我們已成功在玻璃和太陽能業務中使用這一工具，並且現在正在光學通信中應用它。這一方法為我們的客戶提供了供應鏈的確定性，同時保障了我們的收入、回報和自由現金流。您已經可以在我們的財務結果中觀察到這一動態。我們的營運現金流中有一項標示為「客戶存款」的項目。在今年的前九個月，該金額總計為 6.39 億美元。
Ed Schlesinger - Corning, CFO
(00:20:04)This line represents upfront cash received from customers during the period, net of cash returned from previous deposits as customers purchase their committed volumes. At a macro level, this mechanism smooths the cash impact of our capacity additions by funding upfront investments and then returning customer deposits from the operating cash flow generated by delivering the committed volume profitably. You can already see this effect in our cash flows. We generated $2.3 billion of free cash flow over the first nine months of this year, while steadily investing $1.3 billion in CapEx to add capacity, supporting the growth outlined in Springboard.
(00:20:04)這一項目代表在此期間從客戶那裡收到的預付款現金，扣除客戶在購買其承諾的數量時退還的現金。從宏觀層面來看，這一機制平滑了我們的產能擴張的現金影響，通過資助前期投資，然後從通過盈利交付承諾的數量所產生的營運現金流中退還客戶存款。您已經可以在我們的現金流中看到這一效果。在今年的前九個月，我們產生了 23 億美元的自由現金流，同時穩定地投資了 13 億美元於資本支出，以增加產能，支持《Springboard》中概述的增長。
Ed Schlesinger - Corning, CFO
(00:21:02)As previously shared, in 2026, we plan to invest approximately $2 billion in CapEx, primarily to support growth in optical communications. We intend to keep this flywheel turning as we enter the new accelerating growth phase of Springboard, aiming to continue increasing free cash flow and further improving our financial profile even as we invest to double the company's size. Given our increasing free cash flow, let's move to capital allocation. Our philosophy prioritizes investing in organic growth opportunities that deliver significant returns.
(00:21:02)正如之前所分享的，2026 年，我們計劃投資約 20 億美元於資本支出，主要是為了支持光通信的增長。我們打算在進入《Springboard》的新加速增長階段時，保持這一飛輪的運轉，旨在繼續增加自由現金流，並進一步改善我們的財務狀況，即使我們投資以使公司的規模翻倍。鑑於我們不斷增加的自由現金流，讓我們來談談資本配置。我們的理念優先考慮投資於能帶來顯著回報的有機增長機會。
Ed Schlesinger - Corning, CFO
(00:21:44)Our shareholders have validated that this approach creates the most value for them. This remains a key priority. We will continue to maintain a strong and efficient balance sheet; we are in excellent shape. We have one of the longest debt tenors in the S&P 500. Our current average debt maturity exceeds 20 years, with no significant debt maturities due in any given year. We also expect to continue our strong track record of returning excess cash to shareholders. We already have a strong dividend, so moving forward, our primary vehicle for returning cash to shareholders will be share buybacks.
(00:21:44)我們的股東已經證實，這一方法為他們創造了最大的價值。這仍然是一個關鍵優先事項。我們將繼續保持強大而高效的資產負債表；我們的狀況非常良好。我們擁有標準普爾 500 指數中最長的債務期限之一。我們目前的平均債務到期時間超過 20 年，且在任何一年內都沒有重大債務到期。我們還預期繼續保持向股東返還多餘現金的良好記錄。我們已經有強勁的股息，因此未來我們向股東返還現金的主要方式將是股票回購。
Ed Schlesinger - Corning, CFO
(00:22:31)Before we move to Q&A, let me reiterate my key takeaways. We have had great success to date with Springboard. We delivered significant growth and dramatically enhanced our financial profile. We also built a strong foundation with our capabilities, manufacturing platforms, and deep customer relationships. From this foundation, our growth will accelerate. Our third-quarter results and fourth-quarter outlook already demonstrate the momentum we expect in the next phase of Springboard. We expect to double our sales from $20 billion to $40 billion by the end of 2030, to grow EPS much faster than sales and to further improve our financial profile.
(00:22:31)在進入問答環節之前，讓我重申我的關鍵要點。到目前為止，我們在《Springboard》中取得了巨大的成功。我們實現了顯著增長，並大幅提升了我們的財務狀況。我們還建立了強大的基礎，包括我們的能力、製造平台和深厚的客戶關係。在這一基礎上，我們的增長將加速。我們的第三季度結果和第四季度展望已經顯示出我們在《Springboard》下一階段所期望的動力。我們預計到 2030 年底將銷售額從 200 億美元翻倍至 400 億美元，每股收益的增長速度將遠超銷售增長，並進一步改善我們的財務狀況。
Ed Schlesinger - Corning, CFO
(00:23:21)We expect our free cash flow to grow throughout the planning cycle, even as we invest. Overall, we are focused on creating significant value for our shareholders and look forward to updating you on our progress. With that, I will turn things back over to Chris for Q&A. Thank you,
(00:23:21)我們預計在整個規劃週期內自由現金流將持續增長，即使我們進行投資。總體而言，我們專注於為股東創造顯著價值，並期待向您更新我們的進展。有鑑於此，我將把時間交回給 Chris 進行問答。謝謝，
Chris Keenan - Corning, Investor Relation
(00:23:43)Ed. Operator, we are ready for the first question.
(00:23:43)Ed。操作員，我們準備好第一個問題了。
Speaker01
(00:23:48)Thank you. As a reminder, to ask a question, please press star 1-1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1-1 again. The first question comes from Josh Spector with UBS. Your line is open.
(00:23:48)謝謝。提醒一下，若要提問，請在您的電話上按星號 1-1，並等待您的名字被宣佈。若要撤回您的問題，請再次按星號 1-1。第一個問題來自 UBS 的 Josh Spector。您的線路已開通。
Josh Spector - UBS, Analyst
(00:24:08)Yes, hi, good morning.
(00:24:08)是的，嗨，早安。
Q&A Josh Spector - UBS, Analyst
(00:24:09)I wanted to ask about the optical margin cadence. I’m not sure, Ed or Wendell, when you might feel comfortable discussing forward-looking margin expectations. Clearly, your investments are increasing. Your incremental pre-tax margins remain in the 40% or higher range. Is this something you feel confident discussing and providing a target for in the near future?
(00:24:09)我想詢問有關光學利潤率的節奏。我不確定，Ed 或 Wendell，您何時會覺得舒適討論未來的利潤預期。顯然，您的投資正在增加。您的增量稅前利潤率仍然在 40% 或更高的範圍內。這是您覺得可以討論並在不久的將來提供目標的事情嗎？
Ed Schlesinger - Corning, CFO
(00:24:34)Thanks for the question, Josh. I would agree. I think we have done a really good job growing Optical and improving our net income margin. I'll use that as a vector to guide our thinking. We were in the mid-teens and are now in the low 20s. I certainly believe there is an opportunity for us to continue improving from there, which has significantly driven the company's operating margin. We've grown that margin into the low 20s as well. Again, I think we feel confident about our environment. We plan to add capacity in optical to support growth.
(00:24:34)謝謝你的問題，Josh。我同意。我認為我們在光學領域的增長做得非常好，並改善了我們的淨利潤率。我將以此作為指導我們思考的向量。我們曾經在中十幾的範圍內，現在已經在低 20 的範圍內。我確信我們有機會在此基礎上繼續改善，這顯著推動了公司的營運利潤率。我們的利潤率也增長到了低 20 的範圍。再次，我們對我們的環境感到自信。我們計劃增加光學方面的產能以支持增長。
Ed Schlesinger - Corning, CFO
(00:25:16)As we've shared, we're still building our solar business, which is currently dragging our margins slightly. So, while we're not ready to set a new target yet, you should expect us to maintain our current position and make progress as we grow.
(00:25:16)正如我們所分享的，我們仍在建立我們的太陽能業務，這目前稍微拖累了我們的利潤率。因此，雖然我們尚未準備好設定新的目標，但你應該期待我們保持目前的地位並隨著增長而取得進展。
Josh Spector - UBS, Analyst
(00:25:38)Thanks. That's helpful. If I may follow up regarding corporate costs, it seems some are focusing on this aspect this morning. You're about $50 million lower year over year. That was a significant factor in why the third quarter results were in line. Is there any change in allocations between corporate and the segments? And what is the assumption for the fourth quarter, please?
(00:25:38)謝謝。這很有幫助。如果我可以跟進一下關於企業成本的問題，似乎今天早上有些人專注於這個方面。你們的年同比下降了約 5000 萬美元。這是第三季度結果符合預期的重要因素。企業與各個部門之間的分配有任何變化嗎？第四季度的假設是什麼，請告訴我？
Ed Schlesinger - Corning, CFO
(00:26:02)There's nothing unusual occurring. As mentioned on our second quarter call and continuing into the third quarter, our variable compensation expense... We pay for performance and use several tools to manage that. The compensation expense is slightly above what I would consider normalized levels. We observed this in the second quarter. And again in the third quarter. It will likely level off. I don't expect it to accelerate in the fourth quarter. Then it resets as we enter the following year. I view operating expenses, which generally fall under corporate expenses, as a leverage point for us as we grow.
(00:26:02)沒有任何異常情況發生。正如我們在第二季度的電話會議中提到的，並持續到第三季度，我們的變動薪酬支出……我們根據表現支付，並使用幾種工具來管理這一點。薪酬支出略高於我認為的正常水平。我們在第二季度觀察到了這一點。在第三季度再次觀察到了這一點。它可能會趨於平穩。我不期望它在第四季度加速。然後在進入下一年時重置。我將營運費用視為我們增長的槓桿點，這通常屬於企業費用。
Ed Schlesinger - Corning, CFO
(00:26:47)I believe we will continue to leverage our operating expenses. These expenses will grow more slowly than our sales.
(00:26:47)我相信我們將繼續利用我們的營運費用。這些費用的增長速度將低於我們的銷售增長。
Wendell Weeks - Corning, CEO
(00:26:56)Okay, thank you. Thanks, Josh.
(00:26:56)好的，謝謝。謝謝，Josh。
Speaker01
(00:27:00)Thanks, Wendell. Thank you. Our next question comes from Asiya Merchant with Citi. Your line is open.
(00:27:00)謝謝，Wendell。謝謝你。我們的下一個問題來自 Citi 的 Asiya Merchant。你的線路已開通。
Asiya Merchant - Citi, Analyst
(00:27:09)Great. Thank you for taking my call. I have just a couple of quick questions. Wendell, you mentioned on CNBC earlier this morning about Gen AI-related demand. There have been many concerns in the market about the durability of this demand, including financing and other constraints. You are standing firm with your springboard. There was significant growth associated with optical. Could you discuss how you are considering these constraints and how they factor into your springboard?
(00:27:09)很好。謝謝你接聽我的電話。我有幾個簡單的問題。Wendell，你今天早上在 CNBC 上提到的與生成 AI 相關的需求。市場上對這一需求的持久性有許多擔憂，包括融資和其他限制。你對你的跳板保持堅定。與光學相關的增長顯著。你能談談你如何考慮這些限制，以及它們如何影響你的跳板嗎？
Wendell Weeks - Corning, CEO
(00:27:44)Thanks for the question, Asiya. For those who missed CNBC this morning, one topic I discussed was... an important document filed last week, which is Anthropic's S-1. There are several interesting points in that document. My three main takeaways are: the tremendous growth is evident. Second, the implied profitability of their inference tokens, which is the primary growth driver. This refers to what their customers use as inference, and it appears very profitable. Third, their comment that their number one constraint now and going forward is compute, and we provide the networking for that compute.
(00:27:44)謝謝你的問題，Asiya。對於那些今天早上錯過 CNBC 的人，我討論的一個主題是……上週提交的一份重要文件，即 Anthropic 的 S-1。在那份文件中有幾個有趣的點。我三個主要的收穫是：驚人的增長是顯而易見的。第二，隱含的推理代幣的盈利能力，這是主要的增長驅動因素。這指的是他們的客戶用作推理的東西，似乎非常有利可圖。第三，他們提到目前及未來的第一個限制是計算能力，而我們提供該計算所需的網絡。
Wendell Weeks - Corning, CEO
(00:28:42)What we see in our demand, Asiya, is continued pressure from our customers to do more and more. And as a result, What you see us doing with these multi-year agreements is asking our customers, Our customers are primarily the major hyperscalers, given our long-standing relationships. Help us fund and secure that capacity so we can be assured of demand and reduce any risk to our shareholders. I don't think I've received a single call yet for anything other than more of our new products, faster and broader.
(00:28:42)我們在需求中看到的，Asiya，是來自我們客戶的持續壓力，要求做得更多。因此，我們與這些多年協議所做的事情是詢問我們的客戶，我們的客戶主要是大型超級雲端服務商，因為我們有著長期的合作關係。幫助我們資助和確保這些能力，以便我們能夠確保需求並降低對我們股東的任何風險。我想我還沒有接到任何關於我們的新產品的電話，除了要求更多、更快和更廣泛的產品。
Wendell Weeks - Corning, CEO
(00:29:38)Does that answer your question, or did you have something more in-depth behind that as well?
(00:29:38)這回答了你的問題嗎，還是你有更深入的問題？
Asiya Merchant - Citi, Analyst
(00:29:44)No, no, that's great. And just on the scale-up, I know you mentioned the scale-up opportunity being significantly greater. You also discussed it at— your investor day as well. Any updates? There's been a lot of discussion around the various events related to optical and scale-up. Any additional insight on how you're viewing photonics as a roadmap through 2030, and any updates for next year on the photonics roadmap? Thank you.
(00:29:44)不，不，這很好。關於擴展，我知道你提到擴展機會顯著增大。你也在——你的投資者日上討論過這個。有什麼更新嗎？有很多關於光學和擴展相關事件的討論。有關於你如何看待光子學作為 2030 年的路線圖的任何額外見解，以及明年光子學路線圖的任何更新嗎？謝謝你。
Wendell Weeks - Corning, CEO
(00:30:13)That's a great question, Asiya. For those who don't follow this closely, Asiya is asking about scale-up. Our demand is primarily driven by what's called scale-out, connecting GPUs across the rows to every other GPU in the cluster. That's about 16 fibers per GPU in today's architectures. Currently, 100% of scale-up architectures use copper. If scale-up were 100% optical, that would increase to 160 fibers per GPU. That's a tenfold increase. The question then becomes: how quickly will this happen? What percentage of GPUs will be connected by optical scale-up?
(00:30:13)這是一個很好的問題，Asiya。對於那些不太關注這個的人，Asiya 在詢問擴展。我們的需求主要是由所謂的擴展驅動，將 GPU 連接到每個集群中的其他 GPU。在當前架構中，每個 GPU 大約需要 16 根光纖。目前，100% 的擴展架構使用銅纜。如果擴展是 100% 光學的，那麼每個 GPU 的光纖數量將增加到 160 根。這是十倍的增長。那麼問題就變成了：這將多快發生？有多少百分比的 GPU 將通過光學擴展連接？
Wendell Weeks - Corning, CEO
(00:31:25)Given its strong leverage on our financials, a tenfold increase in GPU demand would significantly impact our financials, which explains the keen interest in timing. At the May IR event, we stated, We expect optical scale-up to begin accelerating in 2028. We continue to strongly believe this. We're deeply involved in that ecosystem. I know people hear different things about various components and whether delays will occur. This is classic technology development. We remain quite confident that acceleration will happen
(00:31:25)鑒於其對我們財務的強大影響，GPU 需求的十倍增長將顯著影響我們的財務，這解釋了對時機的濃厚興趣。在 5 月的投資者關係活動中，我們表示，我們預計光學擴展將在 2028 年開始加速。我們仍然堅信這一點。我們深度參與這個生態系統。我知道人們對各種組件的不同看法，以及是否會出現延遲。這是典型的技術開發。我們仍然相當有信心，這種加速將在
Wendell Weeks - Corning, CEO
(00:32:22)in 2028. Great. Thank you. Thanks, Asiya. Next question?
(00:32:22)2028 年發生。很好。謝謝你。謝謝，Asiya。下一個問題？
Speaker01
(00:32:32)Yep. The next question comes from Meta Marshall with Morgan Stanley. Your line is open.
(00:32:32)是的。下一個問題來自摩根士丹利的 Meta Marshall。你的線路已開通。
Meta Marshall - Morgan Stanley, Analyst
(00:32:38)Great. Thanks. Maybe, Wendell, you could expand on the— challenge you face in balancing fulfillment between carrier and enterprise customers, and how you manage those allocations. And maybe, Ed, could you provide context on the solar overhang from previous quarters? Thanks.
(00:32:38)很好。謝謝。也許，Wendell，你可以擴展一下——你在平衡運營商和企業客戶之間的履行挑戰，以及你如何管理這些分配。也許，Ed，你可以提供有關前幾個季度的太陽能過剩的背景嗎？謝謝。
Wendell Weeks - Corning, CEO
(00:33:12)So we've been
(00:33:12)所以我們一直在
Wendell Weeks - Corning, CEO
(00:33:14)starting early, which is why you've seen our revenues increase smoothly, as we began capacity expansion early. You are correct that our newest high-density products are surprising us with their rapid and broad adoption, and our traditional carrier customers now really want these products in their DCI architectures because they can fit two to four times more fiber in the same conduit. At the same time, Gen AI is why we developed these dense products, aiming to increase the number of fibers per GPU. That segment also experiences strong demand for those products.
(00:33:14)提前開始，這就是為什麼你看到我們的收入平穩增長，因為我們早早開始了產能擴張。你是對的，我們最新的高密度產品以其快速和廣泛的採用讓我們感到驚訝，而我們的傳統運營商客戶現在真的希望這些產品能夠融入他們的 DCI 架構，因為它們可以在同一管道中容納兩到四倍的光纖。同時，生成式 AI 是我們開發這些高密度產品的原因，旨在增加每個 GPU 的光纖數量。該部分對這些產品的需求也非常強勁。
Wendell Weeks - Corning, CEO
(00:34:06)So, what's really causing the tension is People want the newest product, and we're still ramping it up to be available across all of our platforms. We manage this by focusing on the longstanding nature of our relationships, especially those that have lasted for decades. We tend to prioritize those customers. Additionally, when we add capacity, we naturally lean towards quality customers because we ask them to contribute to those capacity additions. This tends to shift our allocations and the percentage of our revenue toward those customers who have the resources to help fund that capacity.
(00:34:06)那麼，真正造成緊張的原因是人們想要最新的產品，而我們仍在努力使其能夠在我們所有的平台上提供。我們通過專注於我們關係的長期性來管理這一點，特別是那些持續了幾十年的關係。我們傾向於優先考慮這些客戶。此外，當我們增加產能時，我們自然會傾向於質量較高的客戶，因為我們要求他們貢獻這些產能的增加。這往往會改變我們的分配和我們的收入百分比，朝向那些有資源來幫助資助這些產能的客戶。
Wendell Weeks - Corning, CEO
(00:34:56)Does that make sense to you, Meta?
(00:34:56)這對你來說有意義嗎，Meta？
Meta Marshall - Morgan Stanley, Analyst
(00:34:59)Yes, that makes sense.
(00:34:59)是的，這有意義。
Ed Schlesinger - Corning, CFO
(00:35:03)I'll take the second question, Meta. The first point I want to highlight is I believe the most important aspect regarding solar is the Section 232 ruling, which took place in the third quarter. That ruling has a positive impact on the pricing environment and also boosts demand for U.S.-made solar products, which includes us. I think that is a very significant development. It continues to strengthen our confidence in our ability to build a business exceeding $3 billion with solid profitability. I believe that's important.
(00:35:03)我來回答第二個問題，Meta。我想強調的第一點是我相信有關太陽能的最重要方面是第 232 條裁決，該裁決在第三季度進行。該裁決對價格環境產生了積極影響，並且也促進了對美國製造的太陽能產品的需求，包括我們的產品。我認為這是一個非常重要的發展。這繼續增強了我們的信心在我們能夠建立一個超過 30 億美元且盈利穩健的業務方面。我相信這是重要的。
Ed Schlesinger - Corning, CFO
(00:35:45)As we mentioned on the call, we continue to make slow but steady progress in our ability to manufacture and sell the products we produce. We manufacture polysilicon, wafers, and modules in the U.S. We had, I would say, bottomed out in the second quarter, and we are at roughly the same level in the third quarter. So, the drag—or the EPS and margin impact—in the third quarter is similar to what we saw in the second quarter. We expect this to gradually improve from this level as we progress through 2027.
(00:35:45)正如我們在通話中提到的，我們在製造和銷售我們生產的產品方面持續緩慢但穩定地取得進展。我們在美國製造多晶矽、晶圓和模組。我會說，我們在第二季度已經觸底，而在第三季度我們大致保持在同一水平。因此，第三季度的拖累——或每股收益和利潤率的影響——與我們在第二季度看到的類似。我們預計這將隨著我們在 2027 年的進展而逐漸改善。
Ed Schlesinger - Corning, CFO
(00:36:23)Depending on our ability to improve productivity, that will significantly influence the profitability of the business.
(00:36:23)根據我們提高生產力的能力，這將顯著影響業務的盈利能力。
Meta Marshall - Morgan Stanley, Analyst
(00:36:35)Great. Thank you very much.
(00:36:35)很好。非常感謝。
Speaker01
(00:36:39)Thank you. The next question will come from Joseph Cardoso with J.P. Morgan. Your line is open.
(00:36:39)謝謝你。下一個問題將來自 J.P.的 Joseph Cardoso。摩根。你的線路已開通。
Marc Vitenzon - JPMorgan, Analyst
(00:36:46)Hello. Good morning. This is Marc Vitenzon, speaking on behalf of Joseph Cardoso. Thanks for taking my question. My first question relates to the supply topic, specifically regarding the acceleration of top-line growth from 17% in Q2 to 19% in Q3 and then the high teens as we exit this year and move into next year. How much of this growth is driven by demand versus new capacity coming online? How should we think about the broader demand and supply dynamics? I also have a follow-up question. Thank you.
(00:36:46)你好。早安。我是 Marc Vitenzon，代表 Joseph Cardoso 發言。感謝你回答我的問題。我的第一個問題與供應主題有關，具體是關於從第二季度的 17% 加速增長到第三季度的 19%，然後在今年結束時達到高十幾的增長。我們應該如何看待這種增長是由需求驅動還是新產能上線？我們應該如何看待更廣泛的需求和供應動態？我還有一個後續問題。謝謝你。情況很緊張。
Wendell Weeks - Corning, CEO
(00:37:21)The situation is tight. As you see our revenue increasing, bringing on new capacity is certainly a key part of that. We have capacity plans already well underway to support the accelerating growth you see in the next phase of Springboard, as we move from approximately 15% CAGR during the first three years to 19% from 2027 through the end of our Springboard planning period. So, it will be a combination of both factors. Another factor supporting revenue growth is realized price.
(00:37:21)隨著我們的收入增加，增加新產能無疑是其中的關鍵部分。我們已經有計劃在進行中，以支持你在下一階段 Springboard 中看到的加速增長，從大約 15% 的年均增長率轉變為 2027 年至我們 Springboard 規劃期結束的 19%。因此，這將是兩個因素的結合。另一個支持收入增長的因素是實現的價格。整體價格正在上升，但更重要的是，隨著我們開發新產品，它們為我們的客戶創造了顯著的價值，我們傾向於與他們分享這種價值創造，讓我們能夠每單位產能產生更多的收入。這回答了你的問題嗎，Mark？
Wendell Weeks - Corning, CEO
(00:38:06)Overall prices are increasing, but more importantly, as we develop new products, they create significant value for our customers, and we tend to share that value creation with them, allowing us to generate more revenue per unit of capacity. Did that answer your question, Mark?
(00:38:06)是的，這非常有幫助，然後我們將繼續進行。
Marc Vitenzon - JPMorgan, Analyst
(00:38:28)Yes, that's very helpful, and then The follow-up question is on Carrier, where you have historically framed growth around mid-single digits. This quarter, you signed Verizon and AT&T in addition to Lumen and Zayo. How are you thinking about Carrier growth through 2027? Will the acceleration be primarily driven by DCI and long haul, or is Fiber to the Home also a significant contributor? Thank you.
(00:38:28)是的，這非常有幫助，然後跟進問題是關於運營商，您歷來將增長框架設定在中單位數的範圍內。本季度，您簽署了 Verizon 和 AT&T，還有 Lumen 和 Zayo。您對於 2027 年的運營商增長有何看法？增長的主要驅動因素是 DCI 和長途運輸，還是家庭光纖也是一個重要貢獻者？謝謝。
Ed Schlesinger - Corning, CFO
(00:38:57)Yeah, thanks, Marc. Certainly, data center interconnect is the larger opportunity in the carrier space. I expect that to drive strong growth as we move into next year and beyond. As we shared earlier, we initially projected that DCI could become a billion-dollar business by the end of the decade. We will clearly exceed both the timing and scale of that target. We haven't set a new target yet because there is a lot of activity in this space; we will take some time to evaluate and update on this later.
(00:38:57)是的，謝謝你，Marc。當然，數據中心互聯是運營商領域中的更大機會。我預期這將在明年及以後推動強勁增長。正如我們之前分享的，我們最初預測 DCI 到十年末可能成為十億美元的業務。我們將明顯超過該目標的時間和規模。我們尚未設定新的目標，因為這個領域有很多活動；我們將花一些時間來評估並稍後更新。
Ed Schlesinger - Corning, CFO
(00:39:34)I would also say that Fiber to the Home will continue to be a growth driver. You will see deployments by the major carriers in that area. We are very well positioned for that as well. Got it. Thank you.
(00:39:34)我還想說，家庭光纖將繼續成為增長的驅動力。您將看到主要運營商在該領域的部署。我們在這方面也處於非常有利的位置。明白了。謝謝。
Speaker01
(00:39:51)Thank you. The next question will come from Wamsi Mohan with Bank of America. Your line is open.
(00:39:51)謝謝。下一個問題將來自美國銀行的 Wamsi Mohan。您的線路已開通。
Wamsi Mohan - Bank of America, Analyst
(00:39:58)Yes, thank you very much. I had a question as well. First, on customer deposits, can you help us understand how much of the $2 billion 2026 CapEx was funded by customers, and how that share changes into 2027 and beyond? And if you sort of look at the free cash flow dynamic, if I understand it correctly, you will repay deposits as customers take volume. How much of a headwind does this create for free cash flow looking into 2027 and 2028? I will follow up after that. Thank you.
(00:39:58)是的，非常感謝。我也有一個問題。首先，關於客戶存款，您能幫助我們瞭解 2026 年 20 億美元的資本支出中有多少是由客戶資助的，以及這一比例在 2027 年及以後如何變化嗎？如果您稍微看一下自由現金流的動態，如果我理解正確，當客戶增加量時，您將償還存款。這對於 2027 年和 2028 年的自由現金流造成了多大的阻力？我會在那之後跟進。謝謝。
Ed Schlesinger - Corning, CFO
(00:40:37)Thanks, Wamsi. Also, congratulations on the marathon. I saw some photos of you at the Wineglass Marathon. Regarding customer funding, what I would say is, not all of our capital is for optical or growth purposes. Some of it is for maintenance of the business. Excluding maintenance capital, the majority of our capital is funded by long-term agreements we've signed. Over the long term, this will balance out. It may not align exactly in any given quarter. Generally, we receive cash before spending the capital.
(00:40:37)謝謝，Wamsi。此外，恭喜您完成馬拉松。我看到您在 Wineglass 馬拉松的照片。關於客戶資金，我想說的是，我們的資本並非全部用於光纖或增長目的。其中一部分是用於業務的維護。除去維護資本，我們大部分的資本是由我們簽署的長期協議資助的。從長遠來看，這將達到平衡。在任何特定季度內，這可能不會完全對齊。通常，我們在支出資本之前會收到現金。
Ed Schlesinger - Corning, CFO
(00:41:18)The cash flow question, which I touched on earlier, is really important, so let me elaborate. Our goal is to grow and invest while continuing to increase free cash flow throughout the planning cycle. You have seen this trend in 2026; year to date, we are in a strong position. Even as we return cash, we expect to continue growing free cash flow because we generate strong profit and cash from the volume we sell. Therefore, we return a portion of that cash. This is done through incremental operating cash flow.
(00:41:18)我之前提到的現金流問題非常重要，所以讓我詳細說明。我們的目標是在整個規劃週期中增長和投資，同時持續增加自由現金流。您在 2026 年看到了這一趨勢；截至目前，我們的狀況良好。即使在我們返還現金的同時，我們也預期自由現金流將繼續增長，因為我們從銷售的量中產生強勁的利潤和現金。因此，我們返還了一部分現金。這是通過增量的經營現金流來實現的。
Ed Schlesinger - Corning, CFO
(00:42:10)This approach smooths our cash flow, reduces volatility over time, and allows free cash flow growth as sales increase. So that's how you should think about it.
(00:42:10)這種方法平滑了我們的現金流，隨著時間的推移減少了波動性，並隨著銷售的增加實現自由現金流的增長。所以這就是您應該考慮的方式。
Wamsi Mohan - Bank of America, Analyst
(00:42:21)Okay, thanks, Ed, and I appreciate the comment. On the display price increases, how large is the increase and how much of it will show up in Q4? Does it fully offset the weaker yen, given there was a slight step down in display profitability this quarter? Are we expected to return to normal by Q4, or will it take a bit longer for the effects to fully materialize?
(00:42:21)好的，謝謝你，Ed，我很感謝這個評論。關於顯示器價格的上漲，增幅有多大，有多少會在第四季度顯示出來？考慮到本季度顯示器的盈利能力略有下降，這是否完全抵消了日元的疲軟？我們預期在第四季度恢復正常，還是需要更長的時間才能完全顯現效果？
Ed Schlesinger - Corning, CFO
(00:42:44)Yes. To begin with, regarding timing, we are implementing those price increases now. They should start taking effect in the fourth quarter, but I wouldn't expect a significant impact within that quarter. These increases are primarily focused on 2027 and beyond. As you know, the yen has been weak, and we are also seeing inflation in other input costs. We shared back in May that we had de-risked our long-term plan by assuming the yen at 150. We continue to hedge and hope to outperform that in our hedging, which is why we are implementing these price increases.
(00:42:44)是的。首先，關於時間安排，我們現在正在實施這些價格上漲。它們應該會在第四季度開始生效，但我不會預期在那個季度內會有顯著的影響。這些漲幅主要集中在2027 年及以後。如你所知，日圓一直疲弱，我們也看到其他投入成本的通脹。我們在五月份分享過，我們通過假設日圓為 150 來降低我們的長期計劃風險。我們繼續對沖，希望在對沖中表現超過這一水平，這就是我們實施這些價格上漲的原因。
Ed Schlesinger - Corning, CFO
(00:43:24)We are not disclosing the specific amount of the increase, but you can consider it similar to the adjustments we've made in previous instances. Thank you very much, Ed.
(00:43:24)我們不會披露具體的漲幅數額，但你可以將其視為與我們之前所做的調整相似。非常感謝你，Ed。
Speaker01
(00:43:37)Thank you. Our next question comes from George Notter with Wolfe Research. Your line is open.
(00:43:37)謝謝。我們的下一個問題來自 Wolfe Research 的 George Notter。你的線路已開通。
George Notter - Wolfe Research, Analyst
(00:43:46)Hi, everyone. Thanks a lot. Wendell, I wanted to get your perspective on Chinese fiber in your business. I assume you will address... tariffs, shipping costs, and efforts to keep Chinese fiber out of the markets where you operate. Certainly, there are geopolitical concerns. There are also your long-term agreements and co-innovation partnerships with customers. But at the same time, the market is highly asymmetric in terms of supply and demand. So, are you seeing fiber coming from China? And what is your perspective on the potential impact on your business?
(00:43:46)嗨，大家好。非常感謝。Wendell，我想聽聽你對中國纖維在你們業務中的看法。我假設你會談到...關稅、運輸成本，以及防止中國纖維進入你們運營市場的努力。當然，這裡有地緣政治的擔憂。還有你們與客戶的長期協議和共同創新夥伴關係。但同時，市場在供需方面高度不對稱。那麼，你們是否看到來自中國的纖維？你對這對你們業務的潛在影響有何看法？
George Notter - Wolfe Research, Analyst
(00:44:21)Thanks a
(00:44:21)謝謝你，
Wendell Weeks - Corning, CEO
(00:44:21)lot. That's actually a great question, George. Regarding the percentage of the market exposed to Chinese fiber, that has actually been decreasing. This is due to several factors, including the fact that more fiber is being consumed in complex connectivity product sets where the level of integration is high. Once integrated, shipping costs become significantly higher. Tariff costs also increase substantially. So, it's not as simple as shipping reels of fiber around, given the high value embedded in connectivity.
(00:44:21)這實際上是一個很好的問題，George。關於市場中暴露於中國纖維的百分比，這實際上一直在減少。這是由於幾個因素，包括更多的纖維被消耗在複雜的連接產品組閤中，這些產品的整合程度很高。一旦整合，運輸成本會顯著提高。關稅成本也會大幅增加。因此，考慮到連接中嵌入的高價值，運輸纖維卷並不是那麼簡單。
Wendell Weeks - Corning, CEO
(00:45:22)That said, we always compete in China against local players. Our long-term advantage is that we are the highest quality, lowest cost, and largest producer globally. We continue to expand these advantages. For now, we do not see significant competitive pressure, but we are always preparing for when that might change.
(00:45:22)話雖如此，我們總是與當地競爭者在中國競爭。我們的長期優勢在於我們是全球最高品質、最低成本和最大的生產商。我們繼續擴大這些優勢。目前，我們沒有看到顯著的競爭壓力，但我們始終在為可能的變化做好準備。
Wendell Weeks - Corning, CEO
(00:45:54)Thank you.
(00:45:54)謝謝。
Speaker01
(00:46:00)Thank you. Our next question comes from Matt Niknam with Truist. Your line is open.
(00:46:00)謝謝。我們的下一個問題來自 Truist 的 Matt Niknam。你的線路已開通。
Matt Niknam - Truist, Analyst
(00:46:08)Hey, congratulations on the quarter. Thanks so much for taking my questions. I'll continue the theme and ask two quick questions, if I may. First, on the fourth quarter outlook, Ed, could you help us unpack the $5.2 to $5.3 billion sales guidance across the different segments? And perhaps a follow-up for Ed as well. You filed for a $2 billion ATM equity program a few months ago. You currently have $2.5 billion in cash on the balance sheet. The business is clearly generating additional incremental cash flow.
(00:46:08)嘿，恭喜你們這個季度的表現。非常感謝你回答我的問題。如果可以的話，我會繼續這個主題，問兩個簡短的問題。首先，關於第四季度的展望，Ed，你能幫我們解釋一下不同部門的 52 億到 53 億美元的銷售指導嗎？也許還有一個跟進問題給 Ed。你們幾個月前申請了一個 20 億美元的ATM（at-the-market）股權發行計畫。你們目前在資產負債表上有 25 億美元的現金。這項業務顯然正在產生額外的增量現金流。
Matt Niknam - Truist, Analyst
(00:46:39)Could you please explain the rationale behind setting up the ATM and under what circumstances you would choose to use it compared to debt or other types of customer prepayments? Thank you.
(00:46:39)您能否解釋一下設立 ATM 的理由，以及在什麼情況下您會選擇使用它，而不是債務或其他類型的客戶預付款？謝謝。
Ed Schlesinger - Corning, CFO
(00:46:48)Yes, Matt, I want to ensure I understood your first question correctly. Are you asking about the composition of sales growth, specifically where it is coming from in the fourth quarter?
(00:46:48)是的，Matt，我想確保我正確理解了您的第一個問題。您是在詢問銷售增長的組成，具體來自第四季度的哪些方面嗎？
Matt Niknam - Truist, Analyst
(00:47:00)That's correct, across the different segments. Are there any relative changes compared to the third quarter?
(00:47:00)正確，涵蓋不同的細分市場。與第三季度相比，有沒有任何相對變化？
Ed Schlesinger - Corning, CFO
(00:47:05)Understood. Yes, I believe we expect a very strong quarter in optical communications. That segment will drive the majority of our year-over-year growth, as we have shared. The AI data center component of our enterprise business grew by 100%. We are seeing very strong demand, which will drive much of the growth. Solar will also continue to contribute to growth as we bring additional capacity online, which should positively impact our earnings through improved productivity. I view that growth as slow and steady, but it will certainly be a driver.
(00:47:05)明白了。是的，我相信我們預期在光通信方面會有一個非常強勁的季度。正如我們所分享的，這一細分市場將推動我們的年增長大部分。我們企業業務的 AI 數據中心組件增長了 100%。我們看到非常強勁的需求，這將推動大部分增長。隨著我們增加額外的產能，太陽能也將繼續為增長做出貢獻，這應該會通過提高生產力對我們的收益產生積極影響。我認為這種增長是緩慢而穩定的，但它肯定會成為一個驅動因素。
Ed Schlesinger - Corning, CFO
(00:47:44)So, the dynamics are likely similar to what you observed in the third quarter. Regarding the ATM, I consider it housekeeping. We have a shelf registration for debt, and this is essentially a shelf registration for equity. We have no current plans to use it, but it provides us with a tool if needed in the future. What matters most to us is maintaining a very strong balance sheet.
(00:47:44)因此，動態可能與您在第三季度觀察到的類似。關於 ATM，我認為這是日常管理。我們有一個債務的架構註冊，這基本上是股權的架構註冊。我們目前沒有使用它的計劃，但如果未來需要，它為我們提供了一個工具。對我們來說，最重要的是保持非常強勁的資產負債表。
Ed Schlesinger - Corning, CFO
(00:48:16)We invest over long cycles in innovation and are currently growing significantly, adding capacity. There are many technology opportunities ahead, and we want to ensure that regardless of external conditions, we can continue investing through any cycle. We always take steps to strengthen our balance sheet, and this is simply a housekeeping measure to have this option available. Thank you.
(00:48:16)我們在創新上進行長期投資，目前正在顯著增長，增加產能。未來有許多技術機會，我們希望確保無論外部條件如何，我們都能在任何週期中繼續投資。我們總是採取措施加強我們的資產負債表，這只是一個日常管理措施，以便擁有這個選擇。謝謝。
Speaker01
(00:48:51)Thank you. The next question will come from Martin Yang with Oppenheimer. Your line is open.
(00:48:51)謝謝。下一個問題將來自 Oppenheimer 的 Martin Yang。您的線路已開通。
Martin Yang - Oppenheimer, Analyst
(00:49:00)Hi. Thank you for taking my question. I have a question regarding solar's profitability in the medium term. Your corporate operating margin continues to improve, and you have a goal for solar to reach the corporate average by the end of 2027. I want to confirm that this goal remains intact. Are you referring to the ongoing improvement trajectory of the corporate average? Is solar meeting that moving target, or is its margin profile expected to reach the previous corporate average compared to the most recent one?
(00:49:00)嗨。謝謝您回答我的問題。我有一個關於太陽能中期盈利能力的問題。您的企業營運利潤率持續改善，您希望到 2027 年底太陽能達到企業平均水平。我想確認這個目標仍然有效。您是指企業平均水平的持續改善趨勢嗎？太陽能是否達到這個移動目標，或者其利潤率預計是否會達到之前的企業平均水平，而不是最近的？
Ed Schlesinger - Corning, CFO
(00:49:41)Yes, generally, solar is currently below our corporate operating margins, so it is a drag. As we improve productivity, profitability will increase, and I expect this to be a slow and steady process. We feel very positive about the business overall, and the Section 232 ruling is also favorable to the pricing environment, which positively impacts margins. I don't have additional comments. You should consider solar as continuing to help improve our overall corporate average as it rises. If we continue to raise that number, it is certainly possible that solar will reach it. If solar exceeds 20%, it will significantly enhance our overall corporate average.
(00:49:41)是的，通常來說，太陽能目前低於我們的企業營運利潤率，因此它是一個拖累。隨著我們提高生產力，盈利能力將增加，我預計這將是一個緩慢而穩定的過程。我們對整體業務感到非常樂觀，232 條款的裁決對定價環境也有利，這對利潤率產生了積極影響。我沒有其他評論。您應該考慮太陽能將繼續幫助改善我們的整體企業平均水平，隨著其上升。如果我們繼續提高這個數字，太陽能達到它是完全有可能的。如果太陽能超過 20%，將顯著提升我們的整體企業平均水平。
Ed Schlesinger - Corning, CFO
(00:50:19)This is a positive question in that...
(00:50:19)這是一個積極的問題，因為...
Wendell Weeks - Corning, CEO
(00:50:34)Will our corporate average improve faster than the ultimate profitability level solar can achieve? That would be a very good problem to have, with both improving profitability. Thanks, Wendell.
(00:50:34)我們的企業平均水平是否會比太陽能能夠實現的最終盈利水平更快改善？這將是一個非常好的問題，因為兩者的盈利能力都在改善。謝謝，Wendell。
Wendell Weeks - Corning, CEO
(00:50:53)That's all from me.
(00:50:53)我這邊沒有其他問題。
(00:51:00)Thank you. As a reminder, to ask a question, please press star 11 on your telephone. Our next question will come from John Roberts with Mizuho. Your line is open. Thank you.
(00:51:00)謝謝。提醒您，若要提問，請在電話上按星號 11。我們的下一個問題將來自 Mizuho 的 John Roberts。您的線路已開通。謝謝。
John Roberts - Mizuho, Analyst
(00:51:14)We usually consider Starlink a competitive threat, but with their recent move toward terrestrial services, do they become more of a frenemy? And perhaps with their data centers, do they become more than a frenemy? Could you share your thoughts on that? Well, that's...
(00:51:14)我們通常將 Starlink 視為競爭威脅，但隨著他們最近向地面服務的轉變，他們是否變得更像是朋友敵人？或許隨著他們的數據中心，他們是否變得不僅僅是朋友敵人？您能分享一下您的看法嗎？嗯，這是...
Wendell Weeks - Corning, CEO
(00:51:33)complicated. We are fans of LEO, or Low Earth Orbit, partly because we have some content in that area, but also because you are correct that it enables connectivity, especially in sparsely populated areas or network spots that can be easily reached with a shared architecture.
(00:51:33)複雜。我們是 LEO（低地球軌道）的支持者，部分原因是我們在該領域有一些內容，但也因為您是對的，它能夠提供連接，特別是在稀疏人口區域或可以輕鬆到達的共享架構的網絡點。
Wendell Weeks - Corning, CEO
(00:51:37)This will increase bandwidth as they expand further into data centers. That expansion into data centers will enhance bandwidth capacity. That becomes a significant driver for our product as well. And as you rightly point out, the data must land in a network, and that data, as it lands, is certainly fiber optics. Overall, we are very positive on LEO, and we believe you are assessing it correctly. I consider the 'frenemy' aspect. I think they are an important part of the mosaic, and we value those customers.
(00:51:37)隨著他們進一步擴展到數據中心，這將增加帶寬。擴展到數據中心將增強帶寬容量。這成為我們產品的一個重要驅動因素。正如您所指出的，數據必須進入一個網絡，而這些數據在進入時，無疑是光纖。總體而言，我們對 LEO 非常樂觀，我們相信您對此的評估是正確的。我考慮到「敵友」的方面。我認為他們是這幅馬賽克的重要部分，我們重視這些客戶。
John Roberts - Mizuho, Analyst
(00:52:47)And then, Ed, the yen hedge decreased from 98% to 94%. Is there a plan to reduce that by about 4% per quarter over time?
(00:52:47)然後，Ed，日元對沖從 98% 減少到 94%。是否有計劃在一段時間內每季度減少約 4%？
Ed Schlesinger - Corning, CFO
(00:52:57)No, no plans for that, John. We do our best to hedge the majority of our exposure in any given quarter. That percentage fluctuates slightly depending on what occurs during the quarter. But the goal is to be as fully hedged as practically possible.
(00:52:57)不，沒有這方面的計劃，John。我們會盡力對沖在任何給定季度的大部分風險。這個百分比會根據季度內發生的情況略有波動。但目標是盡可能完全對沖。
John Roberts - Mizuho, Analyst
(00:53:14)Thank you.
(00:53:14)謝謝。
Speaker01
(00:53:17)Thank you. I am showing no further questions at this time. I will now turn the call back over to Chris for closing remarks.
(00:53:17)謝謝。我目前沒有其他問題。現在我將把電話交回給 Chris 進行結語。
Chris Keenan - Corning, Investor Relation
(00:53:26)Thank you for joining us. Before we close, I want to inform everyone that we will be attending the UBS Global Technology and AI Conference on December 1st. Additionally, We will be scheduling management visits to investor offices in select cities. Finally, a web replay of today's call will be available on our website starting later this morning. Once again, thank you all for joining us. Operator, that concludes our call. Please disconnect all lines.
(00:53:26)感謝您加入我們。在我們結束之前，我想告訴大家，我們將於 12 月 1 日參加 UBS 全球科技與 AI 大會。此外，我們將安排管理層在特定城市拜訪投資者辦公室。最後，今天通話的網絡重播將於今天早些時候在我們的網站上提供。再次感謝大家的參與。操作員，這結束了我們的通話。請斷開所有線路。
Speaker01
(00:53:56)Thank you for participating, and you may now disconnect.
(00:53:56)感謝您的參與，您現在可以斷開連接。