Judul : Corning Reports Third-Quarter 2019 Financial Results Consistent with Management Expectations
link : Corning Reports Third-Quarter 2019 Financial Results Consistent with Management Expectations
Corning Reports Third-Quarter 2019 Financial Results Consistent with Management Expectations
Corning Incorporated (NYSE: GLW) today announced results for its third quarter ended Sept. 30, 2019. Results are consistent with the early update issued Sept. 16.“Corning is successfully taking actions to offset recent headwinds. At the same time, we remain confident in our strategy and continue to advance our long-term growth initiatives,” said Wendell P. Weeks, chairman, chief executive officer, and president.
“Two recent announcements – an additional $250 million investment from Apple in Corning’s advanced manufacturing, as well as FDA approval of Valor Glass packaging for its first commercial use – are testament to our confidence in Corning’s long-term outlook.”
News Summary
- Third-quarter results were consistent with Sept. 16 update:
- GAAP sales of $2.9 billion and core sales of $3.0 billion
- GAAP EPS of $0.38 and core EPS of $0.44
- Highlights from the third quarter included:
- Display Technologies continued to experience a favorable pricing environment and management now expects the full-year price decline to be a low-single digit percentage, improving from prior expectation of a low-to-mid single digit percentage decline
- Environmental Technologies sales grew 20% year over year as the success of the company’s gasoline particulate filter innovation drove sales well above the underlying auto industry growth rate, putting the company on track to exceed $200 million in 2019 GPF sales
- Specialty Materials and Life Sciences also grew sales faster than their underlying markets, driven by the strength and relevance of the company’s technology and innovation approach
- Optical Communications advanced 5G innovation with key industry leaders
- Key actions to offset recent headwinds include:
- Reducing operating expenses
- Aligning capacity in Display to demand
- Idling capacity and pacing capital projects in Optical Communications
- Continued investments in technology and innovation with customers led to notable progress, including Apple’s investment and FDA approval of Corning Valor® Glass for its first commercial use
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