Corning Inc Ny (GLW) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

Exhibit 99





FOR RELEASE – JANUARY 26, 2022



Corning Reports Fourth-Quarter and

Full-Year 2021 Financial Results



Company delivered another quarter of year-over-year growth,
with fourth-quarter core sales of $3.7 billion and core EPS of $0.54



Full-year core sales grew 23%, surpassing $14 billion; full-year core EPS grew 49% to $2.07,
with free cash flow nearly doubling to $1.8 billion

Strong year-over-year growth expected to continue in first quarter,
with core sales of $3.5 billion to $3.7 billion and core EPS of $0.48 to $0.53

Company expects approximately $15 billion in 2022 sales and to improve profitability as
negotiated price increases in long-term contracts take effect throughout the year



CORNING, N.Y. — Corning Incorporated (NYSE: GLW) today announced fourth-quarter and full-year 2021 results and provided its outlook for first-quarter and full-year 2022.

“Corning delivered another strong quarter of year-over-year growth. For full-year 2021, we exceeded $14 billion in sales and $2 in EPS. We nearly doubled free cash flow, increased our dividend by 9%, and reduced outstanding shares by 5% through the resumption of share repurchases. By leveraging our core capabilities and ‘More Corning’ strategy, we are capturing a compelling set of short- and long-term opportunities across our portfolio,” said Wendell P. Weeks, chairman and chief executive officer.

Weeks continued, “We achieved double-digit ROIC and expanded our operating margin by 230 basis points; however, our gross margin is not where it should be. We are focused on expanding gross margin and expect improvement in 2022 as sales grow and our price actions take hold throughout the year.”

Financial Highlights:

Tony Tripeny, executive vice president and chief financial officer, said, “In 2021, we grew significantly year over year, with all segments adding sales and four out of five logging double-digit percentage increases. It was a strong year, even compared to pre-pandemic levels. Since 2019, we have grown sales by 21% and EPS by 18%. As we discussed throughout 2021, freight, logistics, and raw material costs along with lower automotive sales due to chip shortages impacted our margins. Over the last several months, we negotiated with our customers to increase prices in our contracts to share increased costs more appropriately. The revised pricing terms take effect throughout 2022, and we expect gross margin to expand accordingly.”