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Tuesday, October 25, 2016

Corning Announces Third-Quarter 2016 Financial Performance

Corning Incorporated (NYSE: GLW) today announced its results for the third quarter ended Sept. 30, 2016.
News Summary:
  • Q3 GAAP EPS was $0.26, up 73% on a year-over-year basis; core EPS was $0.42, up 24% year over year and 14% sequentially, exceeding company expectations
  • GAAP and core sales up both sequentially and year over year, with solid operating performance across all businesses, particularly Optical Communications and Display Technologies
  • Year-over-year core sales, core earnings, and core EPS growth expected to continue in the fourth quarter
  • Strong corporate gross margin in the third quarter expected to extend into the fourth quarter
  • Strategy and Capital Allocation Framework remains on track; third-quarter highlights included new product introductions and $2 billion accelerated share repurchase

“Corning’s strong third-quarter results reflect the increasing momentum that we expected in the second half of this year. Sales and gross margins increased in every business segment year over year. We also grew the company’s sales, core earnings and core EPS both sequentially and year over year,” Wendell P. Weeks, chairman, chief executive officer, and president, said. “Our operating results and progress on key growth initiatives continue to reinforce our confidence in Corning’s strategy.”
“Third-quarter core earnings grew by 16% versus last year excluding core equity earnings from the former Dow Corning Corporation’s silicones business, which no longer contribute to our results. Even without this adjustment, core earnings were 4% higher. We are very pleased by this strength and expect continued year-over-year core sales, core earnings, and core EPS growth in the fourth quarter,” R. Tony Tripeny, senior vice president and chief financial officer, added.