Corning Provides Financial Update at Citi 2020 Global Technology Conference

Rhea-AI Summary

Corning (NYSE: GLW) will present at the Citi 2020 Global Technology Conference on September 9, 2020. CFO Tony Tripeny and Chief Strategy Officer Jeff Evenson will discuss the company’s expected third-quarter performance, predicting sales growth in the low-teens percentage range sequentially, surpassing analyst expectations. Profitability is set to grow faster than sales due to effective cost control measures, with positive free cash flow anticipated for the year. Tripeny highlighted sustained positive momentum and a robust outlook for Corning's growth drivers.

Positive

• Third-quarter sales expected to grow by a low-teen percentage sequentially.
• Profitability growth expected to outpace sales growth due to cost-control efforts.
• Positive free cash flow anticipated for the year.

Negative

• None.

CORNING, NY, Sept. 09, 2020 (GLOBE NEWSWIRE) -- Corning Incorporated (NYSE:GLW) Chief Financial Officer Tony Tripeny and Chief Strategy Officer Jeff Evenson will address investors during a fireside chat followed by a question-and-answer session at the Citi 2020 Global Technology Conference Wednesday.

A financial update about the company’s expected performance in the third quarter will be provided. Highlights include:

• Third-quarter sales are expected to grow by a low-teen percentage sequentially.
   
• Profitability growth is expected to outpace sales growth as the company’s cost-control efforts enhance operating leverage.
   
• The company remains on track for positive free cash flow for the year.

Tripeny will tell conference attendees, “I’m pleased to share that the positive momentum seen in July has continued, and we expect third-quarter sequential sales growth in the low teens, higher than the current consensus estimate of high-single digits.

“Our decisive actions and strong execution are driving our results. We’re delivering for our customers, outperforming our markets, and preserving our financial strength,” Tripeny will expand. “Looking ahead, our underlying growth drivers are intact. We’re confident Corning is positioned to come back stronger than ever.”

Corning’s presentation to investors will be available via webcast by accessing the investor events calendar on Corning’s Investor Relations web site at www.corning.com/investor_relations.

Forward-Looking and Cautionary Statements

This press release contains “forward-looking statements” (within the meaning of the Private Securities Litigation Reform Act of 1995), which are based on current expectations and assumptions about Corning’s financial results and business operations, that involve substantial risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include: the duration and severity of the recent COVID-19 (coronavirus) outbreak, and its ultimate impact across our businesses on demand, operations and our global supply chains; the effects of acquisitions, dispositions and other similar transactions by the Company, the effect of global business, financial, economic and political conditions; tariffs and import duties; currency fluctuations between the U.S. dollar and other currencies, primarily the Japanese yen, New Taiwan dollar, euro, Chinese yuan, and South Korean won; product demand and industry capacity; competitive products and pricing; availability and costs of critical components and materials; new product development and commercialization; order activity and demand from major customers; the amount and timing of our cash flows and earnings and other conditions, which may affect our ability to pay our quarterly dividend at the planned level or to repurchase shares at planned levels; possible disruption in commercial activities due to terrorist activity, cyber-attack, armed conflict, political or financial instability, natural disasters, or major health concerns; unanticipated disruption to equipment, facilities, IT systems or operations; effect of regulatory and legal developments; ability to pace capital spending to anticipated levels of customer demand; rate of technology change; ability to enforce patents and protect intellectual property and trade secrets; adverse litigation; product and components performance issues; retention of key personnel; customer ability, most notably in the Display Technologies segment, to maintain profitable operations and obtain financing to fund their ongoing operations and manufacturing expansions and pay their receivables when due; loss of significant customers; changes in tax laws and regulations including the Tax Cuts and Jobs Act of 2017; and the potential impact of legislation, government regulations, and other government action and investigations.

For a complete listing of risks and other factors, please reference the risk factors and forward-looking statements described in our annual reports on Form 10-K and quarterly reports on Form 10-Q. Forward-looking statements speak only as of the day that they are made, and Corning undertakes no obligation to update them in light of new information or future events.

Web Disclosure

In accordance with guidance provided by the SEC regarding the use of company websites and social media channels to disclose material information, Corning Incorporated (“Corning”) wishes to notify investors, media, and other interested parties that it uses its website (http://www.corning.com/worldwide/en/about-us/news-events.html) to publish important information about the company, including information that may be deemed material to investors, or supplemental to information contained in this or other press releases. The list of websites and social media channels that the company uses may be updated on Corning’s media and website from time to time. Corning encourages investors, media, and other interested parties to review the information Corning may publish through its website and social media channels as described above, in addition to the company’s SEC filings, press releases, conference calls, and webcasts.

About Corning Incorporated

Corning (www.corning.com) is one of the world's leading innovators in materials science, with a 169-year track record of life-changing inventions. Corning applies its unparalleled expertise in glass science, ceramic science, and optical physics along with its deep manufacturing and engineering capabilities to develop category-defining products that transform industries and enhance people's lives. Corning succeeds through sustained investment in RD&E, a unique combination of material and process innovation, and deep, trust-based relationships with customers who are global leaders in their industries. Corning's capabilities are versatile and synergistic, which allows the company to evolve to meet changing market needs, while also helping our customers capture new opportunities in dynamic industries. Today, Corning's markets include mobile consumer electronics, optical communications, automotive technologies, life sciences technologies, and display technologies.

Corning Media Relations Contacts:                        Corning Investor Relations Contact:
Gabrielle Bailey                                                          Ann H.S. Nicholson
(607) 974-6394                                                           (607) 974-6716
baileygr@corning.com                                                nicholsoas@corning.com

FAQ

What are Corning's expected third-quarter sales for 2020?

Corning expects third-quarter sales to grow by a low-teen percentage sequentially.

How is Corning's profitability expected to change in the third quarter of 2020?

Corning's profitability growth is expected to outpace sales growth due to effective cost-control measures.

Will Corning have positive free cash flow in 2020?

Yes, Corning is on track for positive free cash flow for the year.

What is the stock symbol for Corning?

The stock symbol for Corning is GLW.

When will Corning present at the Citi 2020 Global Technology Conference?

Corning will present at the Citi 2020 Global Technology Conference on September 9, 2020.