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Corning Inc Ny (GLW) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Corning Inc Ny

CIK: 24741 Ticker: GLW

 

Exhibit 99



FOR RELEASE – APRIL  28, 2020



Corning Reports First-Quarter 2020 Results



Delivered solid results while responding to COVID-19 pandemic



Committed to meeting customer needs and maintaining strong balance sheet



CORNING, N.Y. – Corning Incorporated (NYSE: GLW) today announced results for first-quarter 2020.



·

GAAP sales were $2.4 billion; core sales were $2.5 billion

·

GAAP EPS was $(0.16); core EPS was $0.20

·

GAAP net loss was $96 million; core net income was $177 million

·

The primary difference between GAAP and core results was non-cash charges related to capacity realignment and cash severance payments



Given the economic uncertainty and disruption created by COVID-19, the company is withdrawing its full-year 2020 guidance. In response to the pandemic, the company has been and will continue focusing actions on three core priorities: preserving the financial strength of the company, protecting employees and communities, and delivering on customer commitments.



Wendell P. Weeks, chairman and chief executive officer, said: “We’re keeping our company strong throughout this difficult period. Guided by our Values, Corning is acting compassionately and systematically to support our stakeholders in multiple ways. We’ve prioritized the safety of our employees, workplaces, and communities while delivering for customers and contributing to public-health and economic-relief efforts. I am proud of our employees’ dedication to executing on all these fronts.



“We’ve built Corning to survive difficult circumstances – across three centuries, our people have persevered and succeeded through world wars, natural disasters, and economic catastrophes. We are confident in our ability to manage through the current challenges while maintaining our financial strength and growth prospects.



“We, like all companies, are being impacted by the escalating global economic and health consequences of the pandemic. In the first quarter we took actions to navigate through these unprecedented times and will take additional actions in the second quarter,” Weeks continued.



Preserving Financial Health



“In the first quarter, our businesses held up well, as we effectively executed our strategy despite the growing impact of COVID-19,” said Tony Tripeny, executive vice president and chief financial officer. “Importantly, we’re operating on a strong financial foundation, keeping ourselves positioned for long-term growth and adjusting to near-term conditions,” Tripeny continued. “Anticipating lower sales, we are adjusting our operating plan to reduce costs and capital spending. We have essentially no debt coming due over the next two years, and we expect to maintain a strong cash balance and generate positive free cash flow for the year. We plan to maintain our dividend and have paused share buybacks. We are committed to preserving the financial strength of the company.”

© 2020 Corning Incorporated. All Rights Reserved.

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The following information was filed by Corning Inc Ny (GLW) on Tuesday, April 28, 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-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 (Loss) Income
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Hedging Activities (Effect On Consolidated Financial Statements) (Details)
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Hedging Activities (Tables)
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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: 0000024741-20-000029
Submitted to the SEC: Tue May 05 2020 4:42:29 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Drawing And Insulating Of Nonferrous Wire

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