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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:
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Excellent third-quarter results with year-over-year sales and profit growth in each of the company’s businesses |
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GAAP and Core sales of $3 billion, up 15% and 16% respectively year over year |
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GAAP EPS of $0.67, up 72% year over year |
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Core EPS of $0.51, up 28% year over year |
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All businesses contributed to strong third-quarter growth and margin expansion |
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Highlights included year-over-year sales increases of 22% for Optical Communications; 19% for Environmental Technologies; and 23% for Specialty Materials |
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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%. |
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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 |
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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.
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An increase of $5 million in the Life Sciences segment resulting from increased sales in all product categories, as well as improved manufacturing efficiencies and
An increase of $17 million in the Life Sciences segment resulting from increased sales in all product categories, as well as improved manufacturing efficiencies and
An increase of $154 million in translated earnings contract gains
A decrease of $46 million in equity earnings, driven by the absence of a $46 million gain recorded in the first quarter of 2017 resulting from the modification of a long-term sales agreement with a customer of HSG
An increase of $120 million in legal expenses, driven by a ruling in an intellectual property lawsuit and developments in civil litigation matters
An increase of $200 million...Read more
An increase of $409 million...Read more
An increase in the translated...Read more
An increase of $165 million...Read more
Higher segment net income in...Read more
An increase of $86 million...Read more
An increase of $70 million...Read more
An increase in the Optical...Read more
An increase of $30 million...Read more
An increase of $54 million...Read more
An increase in the Optical...Read more
An increase of $155 million...Read more
An increase of $8 million...Read more
An increase of $54 million...Read more
Lower segment net income in...Read more
An increase in the Environmental...Read more
An increase in the Environmental...Read more
A decrease in the Display...Read more
An increase of $13 million...Read more
currency fluctuations between the U.S....Read more
Additional tax expense of $172...Read more
Net income increased by $20...Read more
Display Technologies net sales increased...Read more
An increase of $15 million...Read more
Financial Statements, Disclosures and Schedules
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Corning Inc Ny provided additional information to their SEC Filing as exhibits
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