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Corning Inc Ny (GLW) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

Corning Inc Ny

CIK: 24741 Ticker: GLW
 

Exhibit 99

FOR RELEASE  October 26, 2021

 

Corning Reports Third-Quarter 2021 Results

as Sales Reach All-Time High

 

Core sales and EPS grew 21% and 30% year over year, respectively, with
free cash flow of $0.5 billion

 

Announcements with AT&T, Jeep, PPG, and Samsung highlight
Cornings contributions to significant industry advancements

 

Company on track to reach $14 billion in sales and over $2 in EPS for 2021

 

Sales and EPS growth with strong cash generation expected to continue in 2022

 

CORNING, N.Y. – Corning Incorporated (NYSE: GLW) today announced results for the third quarter ended Sept. 30, 2021, and provided its outlook for the fourth quarter.

 

GAAP and core sales were $3.6 billion; core sales grew 4% sequentially and 21% year over year, driven by strong growth in Optical Communications; GAAP net income was $371 million, and core net income was $485 million.
GAAP EPS was $0.43 and core EPS was $0.56; core EPS increased 6% sequentially and 30% year over year. 
Lower production levels in the automotive industry due to the semiconductor chip shortage reduced sales by approximately $40 million and EPS by $0.02.

Gross margin expanded 50 basis points sequentially and 70 basis points year over year to 38.3%, despite a net impact of 150 basis points from supply chain challenges and inflationary headwinds.
Free cash flow was $497 million for the quarter and $1.3 billion for the first nine months of 2021.
For the fourth quarter, Corning expects core sales to be in the range of $3.5 billion to $3.7 billion with core EPS in the range of $0.50 to $0.55. Profitability is expected to decline slightly on a sequential basis due to further reductions in automotive industry-related sales and lower Corning® Gorilla® Glass sales following large product launches by customers. 

 

Wendell P. Weeks, chairman and chief executive officer, said, “Strong execution resulted in another outstanding quarter as sales reached an all-time high. For the full year, we are on pace to reach $14 billion in sales and over $2 in EPS. We are successfully capturing a compelling set of long-term growth opportunities by innovating, extending commercial relationships, and scaling operations to meet robust demand. We are advancing our market leadership and expect to grow again in 2022.”

 

Weeks continued, “Corning has become increasingly vital to multiple industry transformations that are moving the world forward. Key trends continue to converge around our capabilities – and we believe this is just the beginning. Corning’s strong position reflects the contributions of our dedicated people as we navigate this period of global disruption.”

 

Tony Tripeny, executive vice president and chief financial officer, said, “In the third quarter, we continued to execute well in a complex environment. A key driver of that execution was our global supply management and operations teams maintaining a steady supply of raw materials and finding creative shipping strategies. Their actions enabled us to deliver effectively for our customers. At the same time, we incurred additional costs that were elevated by inflation. To help offset these costs, we have price increases underway in all of our businesses.”

 

Tripeny concluded, “As we approach 2022, we remain focused on driving top-line growth and expanding our margins. We are well positioned to address growing customer demand, deepen our innovation portfolio, and reward shareholders.”

 

Market-Access Platform Highlights

 

During the quarter, Corning continued to build on partnerships with industry leaders such as AT&T, Jeep, PPG, and Samsung and advanced important growth initiatives across its Market-Access Platforms.

 

Optical Communications – Demand on networks is at an all-time high, setting the stage for significant investments by operators to expand network capacity, capability, and access. During the quarter, the company announced a collaboration with AT&T. Corning’s capacity expansions will allow AT&T to extend investments in fiber infrastructure, expand U.S. broadband networks, and accelerate 5G deployment. Corning continues to outperform the market.

 

© 2021 Corning Incorporated. All Rights Reserved.

1

The following information was filed by Corning Inc Ny (GLW) on Tuesday, October 26, 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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Corning Inc Ny's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

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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 (Unaudited)
Consolidated Statements Of Income (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 15 - Share-Based Compensation - Valuation Of Option Grants Under Stock Plans (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 2 - Restructuring, Impairment And Other Charges And Credits
Note 2 - Restructuring, Impairment And Other Charges And Credits (Details Textual)
Note 2 - Restructuring, Impairment And Other Charges And Credits (Tables)
Note 2 - Restructuring, Impairment And Other Charges And Credits - Restructuring, Impairment And Other Charges And Credits Reflected On Consolidated Statement Of Income (Loss) (Details)
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 Per Common Share
Note 6 - Earnings Per Common Share (Details Textual)
Note 6 - Earnings Per Common Share (Tables)
Note 6 - Earnings 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

Ticker: GLW
CIK: 24741
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-21-024640
Submitted to the SEC: Fri Oct 29 2021 3:03:01 PM EST
Accepted by the SEC: Fri Oct 29 2021
Period: Thursday, September 30, 2021
Industry: Drawing And Insulating Of Nonferrous Wire

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