“Corning is successfully taking actions to offset recent headwinds. At the same time, we remain confident in our strategy and continue to advance our long-term growth initiatives,” said Wendell P. Weeks, chairman, chief executive officer, and president.
“Two recent announcements – an additional $250 million investment from Apple in Corning’s advanced manufacturing, as well as FDA approval of Valor Glass packaging for its first commercial use – are testament to our confidence in Corning’s long-term outlook.”
News Summary
- Third-quarter results were consistent with Sept. 16 update:
- GAAP sales of $2.9 billion and core sales of $3.0 billion
- GAAP EPS of $0.38 and core EPS of $0.44
- Highlights from the third quarter included:
- Display Technologies continued to experience a favorable pricing environment and management now expects the full-year price decline to be a low-single digit percentage, improving from prior expectation of a low-to-mid single digit percentage decline
- Environmental Technologies sales grew 20% year over year as the success of the company’s gasoline particulate filter innovation drove sales well above the underlying auto industry growth rate, putting the company on track to exceed $200 million in 2019 GPF sales
- Specialty Materials and Life Sciences also grew sales faster than their underlying markets, driven by the strength and relevance of the company’s technology and innovation approach
- Optical Communications advanced 5G innovation with key industry leaders
- Key actions to offset recent headwinds include:
- Reducing operating expenses
- Aligning capacity in Display to demand
- Idling capacity and pacing capital projects in Optical Communications
- Continued investments in technology and innovation with customers led to notable progress, including Apple’s investment and FDA approval of Corning Valor® Glass for its first commercial use
