echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Coatings News > Paints and Coatings Market > Corning Announces Fourth Quarter and Full Year 2019 Financial Results

    Corning Announces Fourth Quarter and Full Year 2019 Financial Results

    • Last Update: 2020-02-03
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

    Corning Corporation (NYSE: GLW) has reported fourth-quarter and full-year financial results for 2019" was a 2% increase in full-year 2019 sales, helped by strong performance in three business unitsWe are advancing key development projects and taking action to address the material impact of market and customer dynamics that demonstrate in the technology and optical communications sectors," said Wende Wei, Chairman of the Board, Chief Executive Officer and President"While the company's growth in 2019 has not met its long-term goals, we are once again outperforming our markets, and we look forward to building momentum in 2020 and moving steadily towards the four-year strategic and development framework." "
    2
    019 business highlightsCorning has successfully achieved its Strategic Capital Allocation Framework target for 2016-2019, giving back more than $12.5 billion to shareholders over four years, including a 67 per cent increase in dividends per share, while continuing to invest in longer-term development plansall businesses grew faster than their markets, with three of them performing well:o
    in an environment where the overall market sector has fallen by single digits, thanks to innovative applications of Corning's proprietary petrol particulate filter (GPF), which has increased sales by 16 per cent for the yearWhile overall smartphone sales fell 3%, specialty materials sales grew 8% for the full year thanks to innovative applications of industry-leading cover glasslife sciences reached a $1 billion sales milestone, with business growth almost twice as fast as in this strong marketCorning showed that the annual price reduction for glass was a single-digit lowafterwas approved by the U.SFood and Drug Administration (FDA), the company aggressively pushed for the commercialization of CorningValor®
    Glass productsIn automotive glass solutions, the new plant will support the growing demand for products from industry leadersfinancial results.
    fourth-quarter GAAP sales of $2.82 billion, core sales of $2.85 billion, full-year GAAP sales of $11.5 billion and core sales of $11.7 billionfourth-quarter GAAP earnings per share of $0.01, or core earnings of $0.46 per share, and full-year GAAP earnings of $1.07 per share and core earnings of $1.76 per shareThe main difference between GAAP and core earnings comes from expenses related to capacity adjustmentsthree of Corning's strong business portfolio grew, mitigating the impact of market instability on other businesses, resulting in full-year sales growth of 2 per cent"Sq.e., the company's sales and earnings per share rose to more than $1 billion in the fourth quarter, with adjusted operating cash flow increasing by more than $1 billion," said Tony Tripeny, executive vice president and chief financial officer"The optical communications business adjusts its capacity and operating costs to market demandThis resulted in a lower-than-expected gross margin in the fourth quarter"
    2019 market access platform progressautomotive applications:particle filter (GPF) product applications accelerated sales of more than 250 million U.Sdollars in 2019™; Optical Communications: continue to collaborate with industry leaders including Intel, Verizon, CenturyLink, and AlticePortugal to advance 5G and large-scale data centers to improve network efficiency, and product innovations such as ultra-high density fiber optic cables for ultra-large-scale data centers, such as RocketRibbon ™, gain global recognition Mobile Consumer Electronics: further expand its industry leadership with deeper customer commitments such as a new generation of cover glass solutions and a $250 million investment from Apple, laying a strong foundation for continued innovation Life Sciences: a leading pharmaceutical manufacturer has obtained approval from the U.S Food and Drug Administration (FDA) to use Corning Valor ®
    Glass as its primary packaging for its listed drugs On this basis, the company has entered into commercial agreements with three leading pharmaceutical companies to continue to expand market leadership in two key growth areas, cell culture and gene therapy, with innovation and capacity leadership Display Technology: continue to move towards steady returns, create richer entertainment experiences through innovations in display glass technology, leading 10.5-generation glass substrates support the development of large-size televisions, and Corning display glass prices remain moderate vision for the 2020-2023 strategic and development framework
    Corning is confident of meeting the goals it has set out in the Strategy and Development Framework Within this framework, the company will continue to focus its portfolio, using its financial strength to achieve significant organic growth over the next four years and generate more revenue for shareholders By 2023, Corning expects to achieve a CAGR of 6% to 8% in sales and a CAGR of 12%-15% per share, and plans to invest $10 billion to $12 billion in research and development, capital operations and mergers and acquisitions Corning also plans to improve its operating margin and return on capital and return $8 billion to $10 billion to shareholders, including a dividend per share that grows at least 10 per cent a year "To achieve our strategic and development framework goals, we expect to achieve growth of $3 billion to $4 billion in annual sales by 2023 and improve the company's profitability," said Mr Wei, The firm's ability to achieve these goals is consistent with the key growth drivers in the market access platform to develop and deliver new product categories In short, we plan to incorporate more Corning technology into products that consumers have already purchased This provides us with a development mechanism in a challenging environment "
    " we firmly believe that the benefits of implementing the framework have been demonstrated For the automotive application market, our environmental technology business grew 16% in an environment technology business in an environment environment environment with lower car sales In the mobile consumer electronics market, even though smartphone sales have declined, annual sales in our specialty materials business grew by 8% In the life sciences vessel market, the company's life sciences business continues to grow faster than the market, thanks to our new products for cell culture and gene therapy Wei Wende added fourth quarter and full-year results for the fourth quarter of 2019 compared to the of the calendar year (in millions of dollars, excluding per share amount) core performance measures are non-GAAP financial measures Adjustments between GAAP measures and non-GAAP measures can be found in the form published in the same form as the press release, or on the Company's website , we will replace "core earnings" with "core net income" as of July 1, 2019 These terms can be converted to each other, and the basic algorithms are the same "We are firmly optimistic about the company's long-term prospects and will continue to focus on key operational priorities," division results and outlook
    ." These matters will help accelerate growth and help us achieve the objectives of the strategic and development framework We are preparing for a smooth climb in 10.5 plant capacity, coordinating costs and capacity to meet current needs, and commercializing innovative projects to support our customers Tripeny said " We expect our specialty materials, environmental technology and life sciences businesses to continue to grow in 2020 At the same time, the company expects to return to sales and profit margin growth in the second half of the year as sales in its display technology and optical communications businesses improve Tripeny added Show Technology: showed full-year sales of $3.3 billion and net income of $786 million Benefiting from this year's 10.5 generation line production growth, Corning's glass sales grew at a mid-single-digit rate, higher than the overall market Corning showed that the percentage reduction in the price of glass for the year improved to a single-digit low fourth-quarter sales of $795 million and net income of $180 million Corning showed a single-digit increase in glass sales in the fourth quarter Corning expects full-year sales growth in glass to be in the middle of single digits, in proportion to the expected growth in the single-digit mid-range of the show glass market The company expects the full-year decline in glass prices to continue to moderate, with the full-year decline expected to be the mid-single digit in the first quarter of this year, Corning showed that glass sales were expected to decline month-on-month, falling by a single-digit low Optical Communications: Optical Communications' full-year 2019 sales of $4.1 billion, down 3% YoY In contrast, the annual decline rate of the optical communications market as a whole reached a single-digit high Full-year net income was down 17% year-on-year Its fourth-quarter sales were $903 million and net income was $62 million Lower sales and reduced production to reduce inventory backlogs have affected the business's profitability expects sales weakness to continue into the first half of 2020, starting in the second half of 2019, and optical communications is expected to decline by 5 to 10 percent for the full year 2020 Driven by projects such as 5G networks, fiber-to-the-home and hyperscale data center deployments, Corning expects optical communications sales and profits to return to year-on-year growth in the second half of 2020 The company expects sales in the business to fall by about 25% year-on-year in the first quarter of 2020 compared to strong project spending in the first quarter of 2019 Environmental Technology: 's 2019 full-year sales of $1.5 billion, up 16% YoY, were mainly due to the continued growth of market demand for gasoline particulate filters (GPFs), with a net income of $263 million Its fourth-quarter sales rose 17 percent year-on-year to $374 million compared with the same period last year, the company expects the Department of Environmental Science and Technology to achieve a median percentage of sales growth in the first quarter of 2020 and the full year Special Materials: Special Materials Full Year 2019 sales were in line with expectations Its full-year sales grew 8% year-on-year, thanks to the development of innovative products and strong market demand for high-end glass Fourth-quarter sales were $453 million, up 14% from the fourth quarter of 2018 expect symparing percentage selling for the full year of 2020 The percentage increase in first-quarter sales is expected to be a mid-single digit Life Sciences: Life Sciences' full-year 2019 sales growth of 7%, strong fourth quarter sales continued to outpace market growth The Life Sciences division will see a median year-on-year increase in sales in the first quarter of 2020 and for the full year Corning Corporation Corning ( is a leading innovator in materials science worldwide, dedicated to life-changing breakthrough innovations for the past 167 years Corning has developed products that open up innovative industries and improve people's lives with their expertise in glass technology, ceramics and optical physics, as well as its in-experience production and process capabilities Corning has been successful through its continuous investment in research and development, its unique combination of material and process innovation, and its close trust and cooperation with leading customers in the global industry Corning's diverse business and collaboration capabilities to meet evolving market demands and help customers capture more opportunities in dynamic markets Today, Corning's products cover areas such as optical communications, mobile consumer electronics, display technology, automotive applications, and life sciences vessels Corning's industry-leading products include damage-resistant protection glass for mobile devices, precision glass for advanced displays, fiber optics, wireless communication technology and connector solutions for modern communications networks, trusted products for drug development and transportation, and air purification technology for automotive and trucks about Corning China Corning has been actively participating in China's development for nearly 40 years, improving people's lives with its professionals and local knowledge to develop and apply breakthrough technologies Today, Corning's investments in China are closely aligned with emerging market trends in the region, with a total investment of US$7 billion and a total of more than 5,000 employees in mainland China Visit Corning China's official WeChat (WeChat: Corning) and the official Twitter feed of Corning China to learn more about Corning China
    This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

    Related Articles

    Contact Us

    The source of this page with content of products and services is from Internet, which doesn't represent ECHEMI's opinion. If you have any queries, please write to service@echemi.com. It will be replied within 5 days.

    Moreover, if you find any instances of plagiarism from the page, please send email to service@echemi.com with relevant evidence.