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Corning Inc Ny (GLW) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Corning Inc Ny

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CIK: 24741 Ticker: GLW

Exhibit 99

Corning Reports Third-Quarter 2018 Financial Results and Continued Progress on Strategy and Capital Allocation Framework

Page One





FOR RELEASE –– OCTOBER 23, 2018



Corning Reports Third-Quarter 2018 Financial Results and Continued Progress on Strategy and Capital Allocation Framework



Sales growth of 16%, significant margin expansion, and improved full-year outlook



CORNING, N.Y. — Corning Incorporated (NYSE: GLW) today announced results for its third-quarter 2018 ended Sept. 30, 2018.



News Summary:

·

Excellent third-quarter results with year-over-year sales and profit growth in each of the company’s businesses

-

GAAP and Core sales of $3 billion, up 15% and 16% respectively year over year

-

GAAP EPS of $0.67, up 72% year over year

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Core EPS of $0.51, up 28% year over year

·

All businesses contributed to strong third-quarter growth and margin expansion

-

Highlights included year-over-year sales increases of 22% for Optical Communications; 19% for Environmental Technologies; and 23% for Specialty Materials

-

Display Technologies sales and profits grew year over year as glass pricing remained moderate, reaching the important milestone of a mid-single-digit percentage decline year-over-year, and the Gen 10.5 capacity ramp continued successfully

-

As expected, core gross margin expanded to 42%, a significant improvement over the first half of 2018 and last year; GAAP gross margin was 41%.

·

Company now expects sales to exceed $11.3 billion for the full year and 42% gross margin in the fourth quarter as strength continues in all businesses

·

Returned an additional $542 million to shareholders, raising total distributions to $11.4 billion since the Strategy & Capital Allocation Framework was announced in October 2015



“We had an excellent quarter, with 16% sales growth and 28% EPS growth,” said Wendell P. Weeks, chairman, chief executive officer, and president. “These results demonstrate a step change in our earnings power created by investments in innovation and capacity. Our annualized sales run rate now exceeds $12 billion, growth is accelerating, and our margins are expanding. Execution across the company is outstanding.”



Strategy and Capital Allocation Framework Progress

Corning’s Framework outlines the company’s 2016-2019 leadership priorities. Under the Framework, Corning plans to deliver more than $12.5 billion to shareholders while investing $10 billion in growth opportunities. Since the Framework was announced in October 2015, the company has returned $11.4 billion to shareholders, including $542 million in the third quarter.

© 2018 Corning Incorporated. All Rights Reserved.

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The following information was filed by Corning Inc Ny (GLW) on Tuesday, October 23, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Corning Inc Ny's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Acquisition
Acquisition (Narrative) (Details)
Acquisition (Recognized Amounts Of Identified Assets Acquired And Liabilities Assumed) (Details)
Acquisition (Tables)
Commitments, Contingencies And Guarantees
Commitments, Contingencies And Guarantees (Narrative) (Details)
Debt
Debt (Narrative) (Details)
Earnings Per Common Share
Earnings Per Common Share (Computation Of Basic And Diluted Earnings Per Common Share) (Details)
Earnings Per Common Share (Tables)
Employee Retirement Plans
Employee Retirement Plans (Net Periodic Benefit Expense) (Details)
Employee Retirement Plans (Tables)
Fair Value Measurements
Fair Value Measurements (Major Categories Of Financial Assets And Liabilities Measured On A Recurring Basis) (Details)
Fair Value Measurements (Narrative) (Details)
Fair Value Measurements (Tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Carrying Amount Of Goodwill By Segment) (Details)
Goodwill And Other Intangible Assets (Narrative) (Details)
Goodwill And Other Intangible Assets (Other Intangible Assets) (Details)
Goodwill And Other Intangible Assets (Tables)
Hedging Activities
Hedging Activities (Effect On Consolidated Financial Statements) (Details)
Hedging Activities (Effect On Consolidated Financial Statements) (Details)
Hedging Activities (Narrative) (Details)
Hedging Activities (Summary Of Notional Amounts And Respective Fair Values Of Derivative Financial Instruments) (Details)
Hedging Activities (Tables)
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Provision For Income Taxes) (Details)
Income Taxes (Tables)
Inventories, Net Of Inventory Reserves
Inventories, Net Of Inventory Reserves (Inventories, Net) (Details)
Inventories, Net Of Inventory Reserves (Tables)
Other Liabilities
Other Liabilities (Other Liabilities) (Details)
Other Liabilities (Tables)
Reportable Segments
Reportable Segments (Narrative) (Details)
Reportable Segments (Reconciliation Of Reportable Segment And All Other Net Sales To Consolidated Net Sales) (Details)
Reportable Segments (Reconciliation Of Reportable Segment Net Income To Consolidated Net Income) (Details)
Reportable Segments (Reportable Segments) (Details)
Reportable Segments (Tables)
Revenue
Revenue (Disaggregation Of Revenue) (Details)
Revenue (Narrative) (Details)
Revenue (Tables)
Shareholders' Equity
Shareholders' Equity (Accumulated Other Comprehensive Income (Loss)) (Details)
Shareholders' Equity (Narrative) (Details)
Shareholders' Equity (Tables)
Significant Accounting Policies
Significant Accounting Policies (Policy)

Material Contracts, Statements, Certifications & more

Corning Inc Ny provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32: Section 1350 Certification
Ticker: GLW
CIK: 24741
Form Type: 10-Q Quarterly Report
Accession Number: 0000024741-18-000053
Submitted to the SEC: Wed Oct 24 2018 4:05:32 PM EST
Accepted by the SEC: Wed Oct 24 2018
Period: Sunday, September 30, 2018
Industry: Drawing And Insulating Of Nonferrous Wire

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