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Corning Inc Ny (GLW) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Corning Inc Ny

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CIK: 24741 Ticker: GLW

 

Exhibit 99





FOR RELEASE – JANUARY 27, 2021



Corning Reports Full-Year 2020 Results Highlighted by Strong Fourth Quarter with

Growth in All Segments



Achieved 17% year-over-year core sales growth in Q4



Expanded margins in second half and generated $948 million in free cash flow in 2020



Expects continued momentum across all businesses in 2021



CORNING, N.Y. – Corning Incorporated (NYSE: GLW) today announced results for the fourth quarter and full year ended Dec. 31, 2020.



Fourth-quarter financial performance

·

GAAP sales of $3.4 billion and GAAP EPS of $0.28

·

Core sales of $3.3 billion, up 11% sequentially and 17% year over year

·

Core EPS of $0.52, up 21% sequentially and 13% year over year

·

Free cash flow of $464 million and $948 million cumulatively for the year

·

Strong execution across the company’s focused portfolio drove sales and net income growth in all segments:

o

Sequentially, core sales grew 11% and operating margin grew 18%, both above expectations

o

Core operating margin was 19.4%, up 110 basis points sequentially 

o

Life Sciences and Environmental Technologies delivered the largest sequential sales growth, with 23% and 17% growth respectively

o

Organic sales, which exclude $163 million in consolidated sales from Hemlock Semiconductor, grew 11% year over year 

o

Year over year, Specialty Materials sales grew 20%, Environmental Technologies sales grew 19% – both strongly outperforming their underlying markets – and Optical Communications returned to growth with continued growth expected



Wendell P. Weeks, chairman and chief executive officer, said:



“We delivered outstanding fourth-quarter results, as each of our businesses grew sales and profits year over year.” Weeks continued, “2020 was an incredibly difficult year as the world dealt with the pandemic, economic uncertainty, and social unrest. Throughout the year, we focused on serving our customers, executing our strategic priorities, and protecting our people. We gained sales-growth momentum, expanded margins in the second half, and generated significant free cash flow. Our investments in our people and technology, along with our deep relevance across key markets, are creating opportunities for ‘more Corning.’”



Weeks added, “We continue to strengthen the company and remain committed to our employees, communities, customers, and shareholders. Corning is proud to be creating life-changing technologies that contribute to keeping people safe and that help society address the challenges of the pandemic.”



© 2021 Corning Incorporated. All Rights Reserved.

-1-

 

The following information was filed by Corning Inc Ny (GLW) on Wednesday, January 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-K Annual 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-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (Details)
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (Parentheticals)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Commitments, Contingencies And Guarantees
Commitments, Contingencies And Guarantees (Details)
Commitments, Contingencies And Guarantees (Obligations) (Details)
Commitments, Contingencies And Guarantees (Tables)
Debt
Debt (Debt Maturities) (Details)
Debt (Long-Term Debt) (Details)
Debt (Narrative) (Details)
Debt (Tables)
Earnings Per Common Share
Earnings Per Common Share (Details)
Earnings Per Common Share (Tables)
Employee Retirement Plans
Employee Retirement Plans (Accumulated Benefit Obligation In Excess Of Fair Value Of Plan Assets) (Details)
Employee Retirement Plans (Assumed Health Care Trend Rates) (Details)
Employee Retirement Plans (Benefit Obligations In Excess Of Fair Value Of Plan Assets) (Details)
Employee Retirement Plans (Changes In Fair Value Of Level 3 Assets For Defined Benefit Plans) (Details)
Employee Retirement Plans (Domestic Defined Benefit Plan Assets) (Details)
Employee Retirement Plans (Estimated Future Benefit Payments And Gross Medicare To Be Received) (Details)
Employee Retirement Plans (International Defined Benefit Plan Assets) (Details)
Employee Retirement Plans (Narrative) (Details)
Employee Retirement Plans (Net Periodic Benefit Cost Of Postretirement Benefits) (Details)
Employee Retirement Plans (Net Periodic Benefit Expense) (Details)
Employee Retirement Plans (Obligations And Funded Status Schedule) (Details)
Employee Retirement Plans (Postretirement Benefits) (Details)
Employee Retirement Plans (Tables)
Employee Retirement Plans (Weighted-Average Assumptions Used To Determine Benefit Obligations And Net Periodic Benefit Cost) (Details)
Fair Value Measurements
Fair Value Measurements (Major Categories Of Financial Assets And Liabilities Measured On A Recurring Basis) (Details)
Fair Value Measurements (Narrative) (Details)
Fair Value Measurements (Tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Carrying Amount Of Goodwill By Segment) (Details)
Goodwill And Other Intangible Assets (Narrative) (Details)
Goodwill And Other Intangible Assets (Other Intangible Assets) (Details)
Goodwill And Other Intangible Assets (Tables)
Hedging Activities
Hedging Activities (Effect On Consolidated Financial Statements) (Details)
Hedging Activities (Effect On Consolidated Financial Statements) (Details)
Hedging Activities (Narrative) (Details)
Hedging Activities (Summary Of Notional Amounts And Respective Fair Values Of Derivative Financial Instruments) (Details)
Hedging Activities (Tables)
Hsg Transactions And Acquisitions
Hsg Transactions And Acquisitions (Narrative) (Details)
Hsg Transactions And Acquisitions (Net Gain On Previously Owned Equity) (Details)
Hsg Transactions And Acquisitions (Recognized Amounts Of Identified Assets Acquired And Liabilities Assumed) (Details)
Hsg Transactions And Acquisitions (Tables)
Income Taxes
Income Taxes (Current And Deferred Amounts Of Provision) (Details)
Income Taxes (Deferred Tax Assets For Loss And Tax Credit Carryforwards) (Details)
Income Taxes (Income Before Income Taxes) (Details)
Income Taxes (Narrative) (Details)
Income Taxes (Net Deferred Tax Assets) (Details)
Income Taxes (Reconciliation Of The U.S. Statutory Income Tax Rate To Effective Tax Rate) (Details)
Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details)
Income Taxes (Tables)
Income Taxes (Tax Effects Of Temporary Differences And Carryforwards Of Deferred Tax Assets And Liabilities) (Details)
Inventories, Net
Inventories, Net (Inventories, Net) (Details)
Inventories, Net (Narrative) (Details)
Inventories, Net (Tables)
Investments
Investments (Investments) (Details)
Investments (Narrative) (Details)
Investments (Results From Operations) (Details)
Investments (Tables)
Leases
Leases (Components Of Lease Expense) (Details)
Leases (Components Of Lease Liabilities) (Details)
Leases (Maturities Of Lease Liabilities) (Details)
Leases (Narrative) (Details)
Leases (Supplemental Balance Sheet Information) (Details)
Leases (Tables)
Other Assets And Other Liabilities
Other Assets And Other Liabilities (Narrative) (Details)
Other Assets And Other Liabilities (Other Assets) (Details)
Other Assets And Other Liabilities (Other Liabilities) (Details)
Other Assets And Other Liabilities (Tables)
Property, Plant And Equipment, Net Of Accumulated Depreciation
Property, Plant And Equipment, Net Of Accumulated Depreciation (Narrative) (Details)
Property, Plant And Equipment, Net Of Accumulated Depreciation (Property, Plant And Equipment, Net Of Accumulated Depreciation) (Details)
Property, Plant And Equipment, Net Of Accumulated Depreciation (Tables)
Reportable Segments
Reportable Segments (Information Concerning Principal Geographic Areas) (Details)
Reportable Segments (Narrative) (Details)
Reportable Segments (Reconciliation Of Reportable Segment And All Other Net Sales To Consolidated Net Sales) (Details)
Reportable Segments (Reconciliation Of Reportable Segment Assets To Consolidated Total Assets) (Details)
Reportable Segments (Reconciliation Of Reportable Segment Net Income To Consolidated Net Income (Loss)) (Details)
Reportable Segments (Reportable Segments) (Details)
Reportable Segments (Selected Financial Information On Product Lines And Reportable Segments) (Details)
Reportable Segments (Tables)
Restructuring, Impairment And Other Charges (Tables)
Restructuring, Impairment And Other Charges And Credits
Restructuring, Impairment And Other Charges And Credits (Narrative) (Details)
Restructuring, Impairment And Other Charges And Credits (Restructuring, Impairment, And Other Charges And Credits) (Details)
Revenue
Revenue (Disaggregation Of Revenue) (Details)
Revenue (Narrative) (Details)
Revenue (Tables)
Share-Based Compensation
Share-Based Compensation (Inputs Used For Valuation Of Option Grants Under Stock Option Plans) (Details)
Share-Based Compensation (Narrative) (Details)
Share-Based Compensation (Summary Of Information Concerning Stock Options Outstanding Including The Related Transactions Under The Stock Option Plans) (Details)
Share-Based Compensation (Summary Of The Status Of Non-Vested Time-Based Restricted Stock And Restricted Stock Units) (Details)
Share-Based Compensation (Tables)
Shareholders' Equity
Shareholders' Equity (Accumulated Other Comprehensive Income (Loss)) (Details)
Shareholders' Equity (Changes In Capital Stock) (Details)
Shareholders' Equity (Narrative) (Details)
Shareholders' Equity (Reclassifications Out Of Accumulated Other Comprehensive Income By Component) (Details)
Shareholders' Equity (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policy)
Summary Of Significant Accounting Policies (Supplemental Disclosure Of Cash Flow Information) (Details)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies (Useful Life Of Equipment) (Details)
Ticker: GLW
CIK: 24741
Form Type: 10-K Annual Report
Accession Number: 0001562762-21-000023
Submitted to the SEC: Fri Feb 12 2021 5:24:24 PM EST
Accepted by the SEC: Fri Feb 12 2021
Period: Thursday, December 31, 2020
Industry: Drawing And Insulating Of Nonferrous Wire

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