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FOR RELEASE – OCTOBER 27, 2020
Corning Reports Third-Quarter 2020 Results
Sales grew mid-teens sequentially, margins expanded significantly, and free cash flow exceeded $500 million
Innovation adoption and strong execution drove performance across company
CORNING, N.Y. – Corning Incorporated (NYSE: GLW) today announced strong financial results for the third quarter ended Sept. 30, 2020.
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GAAP and core sales were $3.0 billion. |
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Core sales increased 16% sequentially, led by Environmental Technologies and Specialty Materials, which had sequential growth of 68% and 37%, respectively. |
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Core sales grew 1% year over year, led by Specialty Materials and Display Technologies, which had year-over-year growth of 23% and 4%, respectively. |
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GAAP EPS was $0.48 and core EPS was $0.43. Core EPS grew 72% sequentially. Core operating margin expanded to 18.3%, up 710 basis points sequentially and 20 basis points year over year. |
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Free cash flow for the third quarter was $518 million. Cumulative free cash flow for the first three quarters was $484 million. Cash balance grew to $2.5 billion. |
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Hemlock Semiconductor Group’s Sept. 9 share redemption transformed Corning’s long-time ownership into a majority position. Corning recognized $31 million of third-quarter sales from the newly consolidated Hemlock. |
Wendell P. Weeks, chairman and chief executive officer, said, “We had a very strong quarter financially and operationally. Sales and operating income grew on improving demand and commercialization of our innovations. In all the industries we serve, important market trends are offering new opportunities that we’re uniquely qualified to address, and we’re supporting our customers with more Corning content for the products that people already buy.”
Weeks continued, “While our markets continue to flash green, we remain vigilant in our actions to safeguard the company’s financial strength. Operationally, we’re keeping a tight focus on cost and manufacturing execution.”
“When it comes to the global health fight, we’re all-in – mobilizing our capabilities to combat the virus while prioritizing the health, safety, and well-being of our employees. We are focused on responding effectively to the current global uncertainties, and we continue to rise to the challenges of these times.”
Advancing Key Growth Initiatives in Market-Access Platforms
Corning holds a leadership position in each of the markets addressed by its five Market-Access Platforms. In the third quarter, the company captured significant sales from new material inventions and continued to innovate with industry leaders. Highlights include:
© 2020 Corning Incorporated. All Rights Reserved.
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Corning Inc Ny's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:
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These forward-looking statements relate to, among other things, the Company's future operating performance, the Company's share of new and existing markets, the Company's revenue and earnings growth rates, the Company's ability to innovate and commercialize new products, and the Company's implementation of cost-reduction initiatives and measures to improve pricing, including the optimization of the Company's manufacturing capacity.
We expect to maintain a strong cash balance, generate positive free cash flow and maintain dividend payments.
Management Assessment of Liquidity Corning is committed to strong financial stewardship and expects to maintain a strong cash balance and expects to generate positive free cash flow for the year.
33 Index Diluted earnings per share increased by $0.10 per share when compared to the third quarter of 2019, driven by the increase in net income described above, and partially attributable to the repurchase of 12 million shares of common stock over the last twelve months.
The fair value of Corning's equity interest in HSG was estimated by applying the income approach, which was based on significant inputs such as revenue and profitability as well as key assumptions including a discount rate of 16.5% and terminal growth rate of zero.
These losses were partially offset...Read more
Movements in foreign exchange rates...Read more
Diluted earnings per share decreased...Read more
These items include gains and...Read more
Specialty Materials The following table...Read more
The potential for impairment exists...Read more
The negative impacts to net...Read more
Comprehensive Income For the three...Read more
Net income decreased by $10...Read more
In addition, any statements that...Read more
Gross margin as a percentage...Read more
Based upon the information developed...Read more
Provision for Income Taxes The...Read more
Cash Flow Summary of cash...Read more
45 Index (1) Constant-currency adjustment:...Read more
48 Index Life Sciences The...Read more
Profitability improved sequentially by 42%...Read more
The translation impact of fluctuations...Read more
Such events include, but are...Read more
Although the Company believes that...Read more
Environmental Technologies The following table...Read more
(7) Restructuring, impairment and other...Read more
These include items that are...Read more
(5) Discrete tax items and...Read more
Selling, General and Administrative Expenses...Read more
For the nine months ended...Read more
47 Index Optical Communications The...Read more
Net sales of carrier products...Read more
These metals are not depreciated...Read more
Net sales for the nine...Read more
(11) Transaction-related gain, net: Amount...Read more
For a reconciliation of non-GAAP...Read more
(4) Acquisition-related costs: These expenses...Read more
Translated earnings contract (loss) gain,...Read more
Profitability, on a year-to-date basis,...Read more
Profitability was impacted by lower...Read more
The decrease was primarily driven...Read more
Net income decreased by $13...Read more
Segment net income (loss) may...Read more
For the nine months ended...Read more
Sales were negatively impacted by...Read more
We believe investors should consider...Read more
Upon completion of the Redemption,...Read more
32 Index Summary of results...Read more
* Not meaningful For the...Read more
Constant-currency rates are as follows:...Read more
HSG's net income for the...Read more
Corning also believes that reporting...Read more
In anticipation of lower sales,...Read more
For the nine months ended...Read more
Net income increased by $54...Read more
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Valuation of the Previously Held...Read more
43 Index The following tables...Read more
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Equity in (Losses) Earnings of...Read more
From time to time, we...Read more
42 Index Core Earnings per...Read more
Net income decreased by $12...Read more
The developed technologies and know-how...Read more
As a result of the...Read more
The gain was calculated based...Read more
The change was primarily driven...Read more
These factors include, but are...Read more
NEW ACCOUNTING STANDARDS Refer to...Read more
Display Technologies The following table...Read more
Assets recorded includes intangible assets...Read more
Key Balance Sheet Data Balance...Read more
As a result of the...Read more
Financial results for the reportable...Read more
50 Index Defined Benefit Pension...Read more
Net loss decreased by $20...Read more
Presenting results on a constant-currency...Read more
Gross Margin In the three...Read more
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Corning also has a commercial...Read more
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Ticker: GLW
CIK: 24741
Form Type: 10-Q Quarterly Report
Accession Number: 0000024741-20-000065
Submitted to the SEC: Thu Oct 29 2020 5:06:45 PM EST
Accepted by the SEC: Thu Oct 29 2020
Period: Wednesday, September 30, 2020
Industry: Drawing And Insulating Of Nonferrous Wire