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Corning Inc Ny (GLW) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Corning Inc Ny

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CIK: 24741 Ticker: GLW
 

Exhibit 99

 

 

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.

1
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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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 (Current Period Unaudited)
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Changes In Shareholders' Equity (Unaudited)
Consolidated Statements Of Changes In Shareholders' Equity (Unaudited) (Parentheticals)
Consolidated Statements Of Comprehensive Income (Loss) (Unaudited)
Consolidated Statements Of Income (Loss) (Unaudited)
Note 1 - Significant Accounting Policies
Note 1 - Significant Accounting Policies (Details Textual)
Note 10 - Employee Retirement Plans
Note 10 - Employee Retirement Plans (Details Textual)
Note 10 - Employee Retirement Plans (Tables)
Note 10 - Employee Retirement Plans - Net Periodic Benefit Expense (Details)
Note 11 - Commitments And Contingencies
Note 11 - Commitments And Contingencies (Details Textual)
Note 12 - Hedging Activities
Note 12 - Hedging Activities (Details Textual)
Note 12 - Hedging Activities (Tables)
Note 12 - Hedging Activities - Summary Of Effect Of Designated Derivative Financial Instruments On Consolidated Financial Statements (Details)
Note 12 - Hedging Activities - Summary Of Effect Of Undesignated Derivative Financial Instruments On Consolidated Financial Statements (Details)
Note 12 - Hedging Activities - Summary Of Notional Amounts And Respective Fair Values Of Derivative Financial Instruments (Details)
Note 12 - Hedging Activities - Undesignated Hedges (Details)
Note 13 - Fair Value Measurements
Note 13 - Fair Value Measurements (Details Textual)
Note 13 - Fair Value Measurements (Tables)
Note 13 - Fair Value Measurements - Financial Assets And Liabilities Measured On A Recurring Basis (Details)
Note 14 - Shareholders' Equity
Note 14 - Shareholders' Equity (Details Textual)
Note 14 - Shareholders' Equity (Tables)
Note 14 - Shareholders' Equity - Summary Of Changes In Foreign Currency Translation Adjustment Component Of Accumulated Other Comprehensive Loss (Details)
Note 15 - Share-Based Compensation
Note 15 - Share-Based Compensation (Details Textual)
Note 15 - Share-Based Compensation (Tables)
Note 15 - Share-Based Compensation - Summary Of Performance-Based Restricted Stock Units (Details)
Note 15 - Share-Based Compensation - Summary Of Restricted Stock And Restricted Stock Units (Details)
Note 15 - Share-Based Compensation - Summary Of Stock Options Outstanding (Details)
Note 16 - Reportable Segments
Note 16 - Reportable Segments (Details Textual)
Note 16 - Reportable Segments (Tables)
Note 16 - Reportable Segments - Reconciliation Of Reportable Segment Net Income (Loss) To Consolidated Net Income (Details)
Note 16 - Reportable Segments - Reconciliation Of Reportable Segments And All Other Net Sales To Consolidated Net Sales (Details)
Note 16 - Reportable Segments - Reportable Segments (Details)
Note 17 - Subsequent Events
Note 17 - Subsequent Events (Details Textual)
Note 2 - Restructuring, Impairment And Other Charges And Credits
Note 2 - Restructuring, Impairment And Other Charges And Credits (Details Textual)
Note 3 - Hsg Transactions
Note 3 - Hsg Transactions (Details Textual)
Note 3 - Hsg Transactions (Tables)
Note 3 - Hsg Transactions - Net Gain On Previously Owned Equity (Details)
Note 3 - Hsg Transactions - Recognized Amounts Of Identified Assets Acquired And Liabilities Assumed (Details)
Note 4 - Revenue
Note 4 - Revenue (Details Textual)
Note 4 - Revenue (Tables)
Note 4 - Revenue - Disaggregation Of Revenue (Details)
Note 5 - Income Taxes
Note 5 - Income Taxes (Details Textual)
Note 5 - Income Taxes (Tables)
Note 5 - Income Taxes - Provision For Income Taxes (Details)
Note 6 - Earnings (Loss) Per Common Share
Note 6 - Earnings (Loss) Per Common Share (Tables)
Note 6 - Earnings (Loss) Per Common Share - Earnings Per Common Share (Details)
Note 7 - Inventories, Net
Note 7 - Inventories, Net (Tables)
Note 7 - Inventories, Net - Inventories, Net (Details)
Note 8 - Other Liabilities
Note 8 - Other Liabilities (Tables)
Note 8 - Other Liabilities - Other Liabilities (Details)
Note 9 - Debt
Note 9 - Debt (Details Textual)
Significant Accounting Policies (Policies)

Material Contracts, Statements, Certifications & more

Corning Inc Ny provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32: Section 1350 Certification
Ticker: GLW
CIK: 24741
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-21-010366
Submitted to the SEC: Fri Apr 30 2021 11:45:36 AM EST
Accepted by the SEC: Fri Apr 30 2021
Period: Wednesday, March 31, 2021
Industry: Drawing And Insulating Of Nonferrous Wire

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