Corning Reports Strong Second-Quarter Results with Year-Over-Year Growth Across All Businesses

Corning Incorporated (NYSE: GLW) today announced results for its second-quarter 2019 ended June 30, 2019.
News Summary:

• Strong second-quarter 2019 performance driven by year-over-year growth in every business segment
  • GAAP sales of $2.9 billion and core sales of $3.0 billion increased 7% and 8%, respectively, on a year-over-year basis
  • GAAP EPS of $0.09 declined from $0.78 in the second quarter of 2018 driven primarily by non-cash, mark-to-market losses associated with the company’s currency-hedging contract
  • Core EPS grew by 18% to $0.45, reflecting year-over-year sales and earnings growth across all businesses
  • Display Technologies, Environmental Technologies, and Life Sciences posted double-digit net income growth
     
• All business segments on track for sales growth for full-year 2019
  • Environmental Technologies second-quarter sales growth of 15% year over year significantly exceeded expectations; results position business segment to surpass previous full-year growth expectations
  • Display Technologies second-quarter sales grew 9% year over year; glass pricing environment better than expected with full-year 2019 price declines now expected to further improve to a low- to mid-single digit percentage
  • Optical Communications met second-quarter expectations; continues to grow approximately twice as fast as the passive optical market despite lowered full-year 2019 growth expectations
  • Specialty Materials sales grew 8% year over year; Life Sciences sales increased 6% year over year; both business segments remain on track to meet full-year growth expectations
  • 2020-2023 Strategy & Growth Framework commenced following company’s successful achievement of 2016-2019 Strategy and Capital Allocation Framework
    • Returned $306 million to shareholders in second-quarter 2019, for a total of $12.6 billion under the 2016-2019 Framework
    • Announced a new $5 billion share repurchase authorization to support new Strategy & Growth Framework

“Our second-quarter performance reflects our strong execution against our now-completed Strategy and Capital Allocation Framework, which guided Corning during the 2016-2019 period,” said Wendell P. Weeks, chairman, chief executive officer, and president. “We’re outpacing the markets we serve, which demonstrates the resilience of our portfolio in the face of macro-economic headwinds. We look forward to extending our strong performance under our new 2020-2023 Strategy & Growth Framework.”