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Corning Inc Ny (GLW) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

Corning Inc Ny

CIK: 24741 Ticker: GLW

 

Exhibit 99





FOR RELEASE – JANUARY 29, 2020



Corning Reports Fourth-Quarter and Full-Year 2019 Financial Results and

Affirms Outlook for Long-Term Growth



CORNING, N.Y. – Corning Incorporated (NYSE: GLW) today announced results for fourth-quarter and full-year 2019.



“In 2019, we grew sales 2% driven by strong performance in three businesses. We advanced key growth initiatives and took actions to address the material impact of changing market and customer dynamics in Display Technologies and Optical Communications,” said Wendell P. Weeks, chairman, chief executive officer, and president. “While our 2019 growth did not meet long-term targets, we once again outperformed our underlying markets and expect to build momentum throughout 2020 that will keep us on track to achieve the goals set forth in our four-year Strategy & Growth Framework.”  



2019 Highlights



·

Corning successfully delivered on its 2016-2019 Strategy and Capital Allocation Framework goals, returning more than $12.5 billion to shareholders over four years, including a 67% increase in dividends per share, while investing to advance longer-term growth initiatives

·

All businesses outperformed their underlying markets, with significant growth in three segments

o

Environmental Technologies grew sales 16% in an auto market that was down mid-single digits, driven by the adoption of Corning’s proprietary gasoline particulate filter (GPF) innovation

o

Specialty Materials grew sales 8% with adoption of industry-leading cover glass innovations despite smartphone unit sales being down 3%

o

Life Sciences reached a $1 billion sales milestone, growing at nearly twice the rate of a strengthening market

·

Corning’s display glass pricing reached low-single digit percentage declines for the year

·

The company significantly advanced product commercialization of Corning Valor® Glass, with FDA approval and commercial agreements, and in Automotive Glass Solutions, with the opening of a dedicated factory to support growing demand from industry leaders



Financial Performance



·

Fourth-quarter GAAP sales of $2.82 billion and core sales of $2.85 billion; full-year GAAP sales of $11.5 billion and core sales of $11.7 billion

·

Fourth-quarter GAAP EPS of $0.01 and core EPS of $0.46; full-year GAAP EPS of $1.07 and core EPS of $1.76. The primary difference between GAAP and core results were charges associated with capacity realignment

·

Growth in three businesses within Corning’s focused and cohesive portfolio mitigated the impact of headwinds in other markets, enabling 2% overall sales growth for the year



“In the fourth quarter, Corning delivered on sales and EPS expectations, and generated over $1 billion in adjusted operating cash flow,” said Tony Tripeny, executive vice president and chief financial officer. “We accelerated actions in Optical Communications to align production output and working capital to current customer demand. This impacted gross margin, which was below our guidance for the fourth quarter.”

© 2020 Corning Incorporated. All Rights Reserved.


-1-

 


The following information was filed by Corning Inc Ny (GLW) on Wednesday, January 29, 2020 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 And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (Details)
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
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 (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 (Investments) (Details)
Investments (Narrative) (Details)
Investments (Results From Operations) (Details)
Investments (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 Assets And Other Liabilities
Other Assets And Other Liabilities (Narrative) (Details)
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)
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 (Loss)) (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: 0000024741-20-000014
Submitted to the SEC: Fri Feb 14 2020 5:54:02 PM EST
Accepted by the SEC: Tue Feb 18 2020
Period: Tuesday, December 31, 2019
Industry: Drawing And Insulating Of Nonferrous Wire

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