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Corning Inc Ny (GLW) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Corning Inc Ny

CIK: 24741 Ticker: GLW

 

Exhibit 99







FOR RELEASE – JULY 28, 2020



Corning Reports Second-Quarter 2020 Results



Strong sequential growth in sales, EPS, and free cash flow



Execution of business strategy drives resilient performance, counteracting end-market challenges 



Company implemented adjusted operating plan and took actions to protect financial strength



CORNING, N.Y.Corning Incorporated (NYSE: GLW) today announced results for the second quarter ended June 30, 2020.



·

GAAP and core sales were $2.6 billion; versus the first quarter, GAAP sales increased 7% and core sales increased 2%

·

GAAP EPS was $(0.13); core EPS was $0.25, up 25% sequentially

·

GAAP net loss was $71 million; core net income was $218 million, up 23% sequentially

·

The difference between GAAP and core results stemmed primarily from non-cash restructuring charges, including the reassessment and reprioritization of R&D programs

·

Free cash flow of $285 million improved sequentially and keeps Corning on track to be free cash flow positive for the full year



Wendell P. Weeks, chairman and chief executive officer, said, “During the second quarter, we made great strides in positioning Corning to emerge stronger from the global health crisis and resume growth. Sales, net income, EPS, and free cash flow all increased sequentially.



“Corning advanced multiple initiatives throughout the second quarter, including the launch of Corning® Gorilla® Glass Victus and continued innovation with 5G industry leaders,” Weeks continued. “On the COVID-19 front, we continue to seek ways to leverage our deep technology, manufacturing, and engineering capabilities to combat the pandemic directly. We were delighted that Corning Valor®  Glass was selected by the U.S. Department of Health & Human Services and the Department of Defense to accelerate delivery of COVID-19 vaccines.



“Overall, our decisive action and operational execution resulted in positive free cash flow and continued leadership in the capabilities that make Corning distinctive. We’re delivering for our customers, outperforming our markets, and preserving our financial strength.”



Market-Access Platform Highlights



Corning holds a leadership position in each of the markets addressed by its five Market-Access Platforms. In the second quarter, the company progressed important growth initiatives and reported the following highlights:

© 2020 Corning Incorporated. All Rights Reserved.

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The following information was filed by Corning Inc Ny (GLW) on Tuesday, July 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:

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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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Restructuring, Impairment And Other Charges (Tables)
Restructuring, Impairment And Other Charges And Credits
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Restructuring, Impairment And Other Charges And Credits (Restructuring, Impairment, And Other Charges And Credits) (Details)
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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: 0000024741-20-000055
Submitted to the SEC: Thu Jul 30 2020 6:59:45 PM EST
Accepted by the SEC: Thu Jul 30 2020
Period: Tuesday, June 30, 2020
Industry: Drawing And Insulating Of Nonferrous Wire

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