Corning Inc Ny (GLW) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Home SEC Filings Corning Inc Ny (GLW) 10-K Annual Report Fri Feb 12 2021

 

Exhibit 99





FOR RELEASE – JANUARY 27, 2021



Corning Reports Full-Year 2020 Results Highlighted by Strong Fourth Quarter with

Growth in All Segments



Achieved 17% year-over-year core sales growth in Q4



Expanded margins in second half and generated $948 million in free cash flow in 2020



Expects continued momentum across all businesses in 2021



CORNING, N.Y. – Corning Incorporated (NYSE: GLW) today announced results for the fourth quarter and full year ended Dec. 31, 2020.



Fourth-quarter financial performance

·

GAAP sales of $3.4 billion and GAAP EPS of $0.28

·

Core sales of $3.3 billion, up 11% sequentially and 17% year over year

·

Core EPS of $0.52, up 21% sequentially and 13% year over year

·

Free cash flow of $464 million and $948 million cumulatively for the year

·

Strong execution across the company’s focused portfolio drove sales and net income growth in all segments:

o

Sequentially, core sales grew 11% and operating margin grew 18%, both above expectations

o

Core operating margin was 19.4%, up 110 basis points sequentially 

o

Life Sciences and Environmental Technologies delivered the largest sequential sales growth, with 23% and 17% growth respectively

o

Organic sales, which exclude $163 million in consolidated sales from Hemlock Semiconductor, grew 11% year over year 

o

Year over year, Specialty Materials sales grew 20%, Environmental Technologies sales grew 19% – both strongly outperforming their underlying markets – and Optical Communications returned to growth with continued growth expected



Wendell P. Weeks, chairman and chief executive officer, said:



“We delivered outstanding fourth-quarter results, as each of our businesses grew sales and profits year over year.” Weeks continued, “2020 was an incredibly difficult year as the world dealt with the pandemic, economic uncertainty, and social unrest. Throughout the year, we focused on serving our customers, executing our strategic priorities, and protecting our people. We gained sales-growth momentum, expanded margins in the second half, and generated significant free cash flow. Our investments in our people and technology, along with our deep relevance across key markets, are creating opportunities for ‘more Corning.’”



Weeks added, “We continue to strengthen the company and remain committed to our employees, communities, customers, and shareholders. Corning is proud to be creating life-changing technologies that contribute to keeping people safe and that help society address the challenges of the pandemic.”



© 2021 Corning Incorporated. All Rights Reserved.

-1-

 

The following information was filed by Corning Inc Ny (GLW) on Wednesday, January 27, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: GLW
CIK: 24741
Form Type: 10-K Annual Report
Accession Number: 0001562762-21-000023
Submitted to the SEC: Fri Feb 12 2021 5:24:24 PM EST
Accepted by the SEC: Fri Feb 12 2021
Period: Thursday, December 31, 2020
Industry: Drawing And Insulating Of Nonferrous Wire

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