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FOR RELEASE – APRIL 27, 2021
Corning's First-Quarter Results Reflect Strong Start to 2021
Core sales grew 29% year over year; core EPS increased 125% year over year
Free cash flow grew year over year to $372 million
All segments grew double digits year over year with momentum expected to continue throughout 2021
CORNING, N.Y. – Corning Incorporated (NYSE: GLW) today announced results for the first quarter ended March 31, 2021.
Corning reported a strong first quarter:
GAAP and core sales were $3.3 billion, year-over-year increases of 38% and 29%, respectively
|●||GAAP EPS was $0.67, reflecting strong performance and a non-cash, mark-to-market gain associated with the company’s currency-hedging contracts|
|●||Core EPS grew 125% year over year to $0.45|
|●||All segments grew sales and net income by a double-digit percentage year over year|
|○||Environmental Technologies grew sales 38% and net income 111%|
|○||Specialty Materials grew sales 28% and net income 78%|
|○||Optical Communications grew sales 18% and net income 283%|
|○||Life Sciences grew sales 16% and net income 26%|
|○||Display Technologies grew sales 15% and net income 40%|
|Free cash flow of $372 million grew $691 million year over year and equates to 39% of 2020 total|
|●||Profitability was impacted by approximately $50 million due to elevated freight and logistic costs and global supply chain disruptions|
Wendell P. Weeks, chairman and chief executive officer, said, “We are off to an outstanding start in 2021. Our success in the first quarter is yet another proof point that we have built a stronger, more resilient company. And we’re confident that we can build on these results to maintain momentum throughout the year.”
Weeks continued, “Corning is uniquely qualified to address some of the world’s toughest challenges. Our innovative capabilities put us at the heart of multiple trends that are reshaping the world. This provides a powerful source of long-term growth as we drive more Corning content into the industries we serve.”
Weeks concluded, “We remain steadfast in our commitment to support our people, customers, and communities by applying the strength of our products and resources.”
Market-Access Platform Highlights
Corning continues to advance important growth initiatives across its Market-Access Platforms. Highlights include:
Automotive – Environmental Technologies furthered the adoption of its gasoline particulate filter (GPF) innovations, highlighted by its launch of a new generation of GPFs that help vehicles, including hybrids, achieve even lower levels of fine-particulate tailpipe emissions as regulatory limits tighten. Automotive Glass Solutions is meeting growing demand through its large-scale facility in Hefei, China, while collaborating with leading OEMs. Corning is addressing a combined $100-per-car content opportunity across emissions, technical glass products, and auto-glass solutions, including patented 3D Corning® ColdForm™ Technology. The world premiere event for the new all-electric EQS from Mercedes-EQ highlighted its MBUX Hyperscreen – featuring an almost 5-foot-wide Corning Gorilla Glass for Automotive Interiors cover.
|Mobile Consumer Electronics – Fast Company named Corning the most innovative company in the consumer electronics category for 2021, touting Ceramic Shield as “virtually indestructible” and recognizing Corning® Gorilla® Glass Victus™, the most durable Gorilla Glass to date. Demand for these innovations is strong. During Q1, more than 25 smartphones and 12 laptops launched featuring Gorilla Glasses. Additionally, Advanced Optics is capturing strong demand for its industry-leading extreme ultraviolet (EUV) products as semiconductor manufacturing rapidly adopts EUV technology. In 2020, EUV systems accounted for more than 30% of all semiconductor lithography equipment expenditures. EUV systems are expected to grow significantly over the next five years in both absolute dollars and as a share of equipment expenditures.|
© 2021 Corning Incorporated. All Rights Reserved.
The following information was filed by Corning Inc Ny (GLW) on Tuesday, April 27, 2021 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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