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Corning Inc Ny (GLW) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Corning Inc Ny

CIK: 24741 Ticker: GLW

 

Exhibit 99



FOR RELEASE – APRIL 30, 2019



Corning Reports Strong First-Quarter 2019 Financial Results and Continued Progress on Strategy and Capital Allocation Framework



Results establish excellent start to another year of expected strong sales and earnings growth



CORNING, N.Y. — Corning Incorporated (NYSE: GLW) today announced results for its first-quarter 2019 ended March 31, 2019.



News Summary:



·

Excellent first-quarter results established strong start to 2019

-

GAAP sales of $2.8 billion and core sales of $2.9 billion increased 12% and 13%, respectively, year over year

-

GAAP EPS of $0.55 increased $1.27 versus 2018, reflecting a non-cash, mark-to-market gain associated with the company’s currency-hedging contracts

-

Core EPS grew to $0.40, a 29% year-over-year increase, reflecting sales and earnings growth across all business segments



·

Ongoing technology and manufacturing investments drive additional growth in 2019

-

Continued growth expected in Optical Communications, Specialty Materials, Environmental Technologies, and Life Sciences business segments

-

Display Technologies continues to deliver stable returns, with first-quarter sales and net income up double digits year over year, and the best first-quarter glass pricing environment in well over a decade



·

On track to achieve goals of 2016-2019 Strategy and Capital Allocation Framework

-

Returned $414 million to shareholders in first-quarter 2019, for a total of $12.3 billion since the Framework’s introduction

-

Investing to position businesses for short- and long-term sales growth



“We built on our 2018 momentum by delivering double-digit sales and earnings growth in the first quarter. Our investments in product development and manufacturing capacity delivered sales and profit growth in all our markets, and we’re confident that Corning is positioned to create additional value,” said Wendell P. Weeks, chairman, chief executive officer, and president.



“In October 2015 we outlined a Strategic Framework to focus our portfolio, extend our market leadership, and increase shareholder returns. Having delivered another strong quarter, the benefits of our investments continue to be evident in our financial performance and we are within striking distance of fully delivering on the goals of this Framework.”




-1-

 


The following information was filed by Corning Inc Ny (GLW) on Tuesday, April 30, 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-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 Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (Parentheticals)
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Income (Loss)
Commitments, Contingencies And Guarantees
Commitments, Contingencies And Guarantees (Details)
Earnings (Loss) Per Common Share
Earnings (Loss) Per Common Share (Details)
Earnings (Loss) Per Common Share (Tables)
Employee Retirement Plans
Employee Retirement Plans (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)
Hedging Activities
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 (Details)
Inventories, Net Of Inventory Reserves (Tables)
Leases
Leases (Maturities Of Lease Liabilities Under Previous Lease Standard) (Details)
Leases (Maturities Of Lease Liabilities) (Details)
Leases (Narrative) (Details)
Leases (Supplemental Balance Sheet Information) (Details)
Leases (Tables)
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 (Details)
Significant Accounting Policies (Policy)

Material Contracts, Statements, Certifications & more

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

Ticker: GLW
CIK: 24741
Form Type: 10-Q Quarterly Report
Accession Number: 0000024741-19-000026
Submitted to the SEC: Fri May 03 2019 8:36:20 AM EST
Accepted by the SEC: Fri May 03 2019
Period: Sunday, March 31, 2019
Industry: Drawing And Insulating Of Nonferrous Wire

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