Tuesday, April 28, 2020

Corning, Inc. Reports First-Quarter 2020 Results

Delivered solid results while responding to COVID-19 pandemic; Committed to meeting customer needs and maintaining strong balance sheet

Corning Incorporated (NYSE: GLW) today announced results for first-quarter 2020.
  • GAAP sales were $2.4 billion; core sales were $2.5 billion
  • GAAP EPS was $(0.16); core EPS was $0.20
  • GAAP net loss was $96 million; core net income was $177 million
  • The primary difference between GAAP and core results was non-cash charges related to capacity realignment and cash severance payments
Given the economic uncertainty and disruption created by COVID-19, the company is withdrawing its full-year 2020 guidance. In response to the pandemic, the company has been and will continue focusing actions on three core priorities: preserving the financial strength of the company, protecting employees and communities, and delivering on customer commitments.
Wendell P. Weeks, chairman and chief executive officer, said: “We’re keeping our company strong throughout this difficult period. Guided by our Values, Corning is acting compassionately and systematically to support our stakeholders in multiple ways. We’ve prioritized the safety of our employees, workplaces, and communities while delivering for customers and contributing to public-health and economic-relief efforts. I am proud of our employees’ dedication to executing on all these fronts.
“We’ve built Corning to survive difficult circumstances – across three centuries, our people have persevered and succeeded through world wars, natural disasters, and economic catastrophes. We are confident in our ability to manage through the current challenges while maintaining our financial strength and growth prospects.
“We, like all companies, are being impacted by the escalating global economic and health consequences of the pandemic. In the first quarter we took actions to navigate through these unprecedented times and will take additional actions in the second quarter,” Weeks continued.