Results establish excellent start to another year of expected strong sales and earnings growth
Corning Incorporated (NYSE: GLW) today announced results for its first-quarter 2019 ended March 31, 2019.
News Summary:
“We built on our 2018 momentum by delivering double-digit sales and earnings growth in the first quarter. Our investments in product development and manufacturing capacity delivered sales and profit growth in all our markets, and we’re confident that Corning is positioned to create additional value,” said Wendell P. Weeks, chairman, chief executive officer, and president.
“In October 2015 we outlined a Strategic Framework to focus our portfolio, extend our market leadership, and increase shareholder returns. Having delivered another strong quarter, the benefits of our investments continue to be evident in our financial performance and we are within striking distance of fully delivering on the goals of this Framework.” More HERE.
News Summary:
- Excellent first-quarter results established strong start to 2019
- GAAP sales of $2.8 billion and core sales of $2.9 billion increased 12% and 13%, respectively, year over year
- GAAP EPS of $0.55 increased $1.27 versus 2018, reflecting a non-cash, mark-to-market gain associated with the company’s currency-hedging contracts
- Core EPS grew to $0.40, a 29% year-over-year increase, reflecting sales and earnings growth across all business segments
- Ongoing technology and manufacturing investments drive additional growth in 2019
- Continued growth expected in Optical Communications, Specialty Materials, Environmental Technologies, and Life Sciences business segments
- Display Technologies continues to deliver stable returns, with first-quarter sales and net income up double digits year over year, and the best first-quarter glass pricing environment in well over a decade
- On track to achieve goals of 2016-2019 Strategy and Capital Allocation Framework
- Returned $414 million to shareholders in first-quarter 2019, for a total of $12.3 billion since the Framework’s introduction
- Investing to position businesses for short- and long-term sales growth
“We built on our 2018 momentum by delivering double-digit sales and earnings growth in the first quarter. Our investments in product development and manufacturing capacity delivered sales and profit growth in all our markets, and we’re confident that Corning is positioned to create additional value,” said Wendell P. Weeks, chairman, chief executive officer, and president.
“In October 2015 we outlined a Strategic Framework to focus our portfolio, extend our market leadership, and increase shareholder returns. Having delivered another strong quarter, the benefits of our investments continue to be evident in our financial performance and we are within striking distance of fully delivering on the goals of this Framework.” More HERE.