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Corning Inc Ny (GLW) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Corning Inc Ny

CIK: 24741 Ticker: GLW

 

Exhibit 99







FOR RELEASE – JANUARY 29, 2019



Corning Reports Excellent Fourth-Quarter and Full-Year 2018 Financial Results and Continued Progress on Strategy and Capital

Allocation Framework



Achieved 11% annual sales growth and advanced leadership position in all businesses; 

Continued growth expected in 2019 and beyond



CORNING, N.Y. — Corning Incorporated (NYSE: GLW) today announced results for fourth-quarter and full-year 2018.



News Summary:



·

Strong fourth quarter, including year-over-year sales growth in all businesses, finished an excellent 2018

-

Full-year GAAP sales of $11.3 billion, and full-year GAAP EPS of $1.13; Q4 GAAP sales of $3.0 billion, and Q4 GAAP EPS of $0.32

-

2018 core sales of $11.4 billion, and core EPS of $1.78, both up 11%

-

Fourth-quarter core sales of $3.1 billion, up 15% year over year, and core EPS of $0.59, up 28% year over year

·

All businesses delivered full-year sales growth powered by adoption of innovations and strategic growth investments

-

Optical Communications full-year sales growth of 18% for second consecutive year puts business on pace to exceed goal of $5 billion in 2020 sales, with continued growth beyond

-

Specialty Materials full-year sales growth of 5% follows exceptional 2017 growth of 25%, driven by adoption of latest Corning innovations

-

Environmental Technologies full-year sales growth accelerated to 17%, driven by adoption of gasoline particulate filters (GPF)

-

Display Technologies sales grew 4% as the company ramped its new Gen 10.5 facility and reached important milestone of mid-single-digit percentage year-over-year price declines in the second half

-

Life Sciences full-year sales were up 8%, as the business continued to outpace market growth

·

Significant progress on Strategy and Capital Allocation Framework

-

Company achieved key milestones in all five market-access platforms, including customer and platform wins, as well as new product and market development advancements 

-

Since the Framework began, returned $11.8 billion to shareholders on path to return more than $12.5 billion, and increased dividends per share 50%

·

Company expects continued growth in 2019 and beyond, driven by benefits from its investments as well as adoption of technologies well-aligned to key industry trends and Corning’s cohesive portfolio



“For the past three years, we have invested for growth through our Strategy and Capital Allocation Framework,” said Wendell P. Weeks, chairman, chief executive officer and president. “The significant benefits of these investments are evident in our financial performance. In 2018, we built new capacity, launched new products, grew sales by more than $1 billion, and extended our leadership position in all businesses. We exited the year with strong execution, expanded margins, and great momentum.

© 2019 Corning Incorporated. All Rights Reserved.


-1-

 


The following information was filed by Corning Inc Ny (GLW) on Tuesday, January 29, 2019 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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Inside Corning Inc Ny's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule Ii - Valuation Accounts And Reserves
Schedule Ii - Valuation Accounts And Reserves - Valuation Accounts And Reserves (Details)
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income (Loss)
Acquisitions
Acquisitions (Narrative) (Details)
Acquisitions (Recognized Amounts Of Identified Assets Acquired And Liabilities Assumed) (Details)
Acquisitions (Tables)
Commitments, Contingencies And Guarantees
Commitments, Contingencies And Guarantees (Minimum Rental Commitments Under Leases) (Details)
Commitments, Contingencies And Guarantees (Narrative) (Details)
Commitments, Contingencies And Guarantees (Obligations) (Details)
Commitments, Contingencies And Guarantees (Tables)
Debt
Debt (Debt Maturities) (Details)
Debt (Long-Term Debt) (Details)
Debt (Narrative) (Details)
Debt (Tables)
Earnings (Loss) Per Common Share
Earnings (Loss) Per Common Share (Details)
Earnings (Loss) Per Common Share (Tables)
Employee Retirement Plans
Employee Retirement Plans (Accumulated Benefit Obligation In Excess Of Fair Value Of Plan Assets) (Details)
Employee Retirement Plans (Assumed Health Care Trend Rates) (Details)
Employee Retirement Plans (Benefit Obligations In Excess Of Fair Value Of Plan Assets) (Details)
Employee Retirement Plans (Changes In Fair Value Of Level 3 Assets For Defined Benefit Plans) (Details)
Employee Retirement Plans (Domestic Defined Benefit Plan Assets) (Details)
Employee Retirement Plans (Effect One-Percent-Point Change In Assumed Health Care Cost) (Details)
Employee Retirement Plans (Estimated Future Benefit Payments And Gross Medicare To Be Received) (Details)
Employee Retirement Plans (International Defined Benefit Plan Assets) (Details)
Employee Retirement Plans (Narrative) (Details)
Employee Retirement Plans (Net Periodic Benefit Cost Of Postretirement Benefits) (Details)
Employee Retirement Plans (Net Periodic Benefit Expense) (Details)
Employee Retirement Plans (Obligations And Funded Status Schedule) (Details)
Employee Retirement Plans (Postretirement Benefits) (Details)
Employee Retirement Plans (Tables)
Employee Retirement Plans (Weighted-Average Assumptions Used To Determine Benefit Obligations And Net Periodic Benefit Cost) (Details)
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 (Current And Deferred Amounts Of Provision) (Details)
Income Taxes (Deferred Tax Assets For Loss And Tax Credit Carryforwards) (Details)
Income Taxes (Income Before Income Taxes) (Details)
Income Taxes (Narrative) (Details)
Income Taxes (Net Deferred Tax Assets) (Details)
Income Taxes (Reconciliation Of The U.S. Statutory Income Tax Rate To Effective Tax Rate) (Details)
Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details)
Income Taxes (Tables)
Income Taxes (Tax Effects Of Temporary Differences And Carryforwards Of Deferred Tax Assets And Liabilities) (Details)
Inventories, Net Of Inventory Reserves
Inventories, Net Of Inventory Reserves (Details)
Inventories, Net Of Inventory Reserves (Tables)
Investments
Investments (Gain Of Realignment) (Details)
Investments (Investments) (Details)
Investments (Narrative) (Details)
Investments (Results From Operations) (Details)
Investments (Tables)
Other Assets And Other Liabilities
Other Assets And Other Liabilities (Other Assets) (Details)
Other Assets And Other Liabilities (Other Liabilities) (Details)
Other Assets And Other Liabilities (Tables)
Property, Plant And Equipment, Net Of Accumulated Depreciation
Property, Plant And Equipment, Net Of Accumulated Depreciation (Narrative) (Details)
Property, Plant And Equipment, Net Of Accumulated Depreciation (Property, Plant And Equipment, Net Of Accumulated Depreciation) (Details)
Property, Plant And Equipment, Net Of Accumulated Depreciation (Tables)
Quarterly Operating Results
Quarterly Operating Results (Details)
Quarterly Operating Results (Tables)
Reportable Segments
Reportable Segments (Information Concerning Principal Geographic Areas) (Details)
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 Assets To Consolidated Total Assets) (Details)
Reportable Segments (Reconciliation Of Reportable Segment Net Income To Consolidated Net Income) (Details)
Reportable Segments (Reportable Segments) (Details)
Reportable Segments (Selected Financial Information On Product Lines And 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 (Changes In Capital Stock) (Details)
Shareholders' Equity (Narrative) (Details)
Shareholders' Equity (Reclassifications Out Of Accumulated Other Comprehensive Income By Component) (Details)
Shareholders' Equity (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policy)
Summary Of Significant Accounting Policies (Supplemental Disclosure Of Cash Flow Information) (Details)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies (Useful Life Of Equipment) (Details)
Summary Of Significant Accounting Policies (Valuation Of Option Grants Under Stock Option Plans) (Details)
Ticker: GLW
CIK: 24741
Form Type: 10-K Annual Report
Accession Number: 0000024741-19-000016
Submitted to the SEC: Tue Feb 12 2019 8:00:22 AM EST
Accepted by the SEC: Tue Feb 12 2019
Period: Monday, December 31, 2018
Industry: Drawing And Insulating Of Nonferrous Wire

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