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

Earnings Press Release
10-Q Quarterly Report
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Corning Inc Ny
Ticker: GLW CIK: 24741

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

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.

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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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