Corning Inc. reported fourth-quarter FY21 core sales growth of 12 percent year-on-year to $3.71 billion, above the consensus of $3.59 billion. Display Technologies sales grew 12 percent Y/Y to $942 million due to a favorable glass pricing environment. Optical Communications sales rose 24 percent Y/Y to $1.2 billion as 5G, broadband, and cloud computing continue to drive growth across the segment. Specialty Materials sales declined 5 percent Y/Y to $518 million. Life Sciences sales rose 16 percent Y/Y to $317 million. Environmental Technologies sales declined 21 percent Y/Y to $353 million, reflecting lower production levels in the automotive industry due to the semiconductor chip shortage. Margin The core gross margin contracted 180 basis points Q/Q to 36.5 percent. The below-normal automotive production, seasonally lower sales in Specialty Materials, and inflationary headwinds reduced profitability. Core EPS of $0.54 beat the consensus of $0.52. Corning generated $425 million in free cash flow. Outlook …