Corning to Participate in J.P. Morgan 52nd Global Technology, Media and Communications Conference

Rhea-AI Summary

Corning Incorporated (NYSE: GLW) announced that CEO Wendell P. Weeks will participate in the J.P. Morgan 52nd Global Technology, Media and Communications Conference. Weeks highlighted Corning's strategy to increase annualized sales by over $3 billion and achieve substantial profit and cash flow within three years. He noted the company's existing capacity and capabilities to support this growth are already in place. The discussion will provide insights into Corning's market outlook, trends, and growth drivers. A live and recorded webcast of the event will be available on Corning's Investor Relations website.

Positive

• Corning aims to increase annualized sales by over $3 billion within three years.
• The company expects to deliver substantial incremental profit and cash flow.
• Existing capacity and capabilities to support growth are already in place.
• Positive signs of improving market conditions were noted.
• Insights into key markets and growth drivers will be shared at the conference.

Negative

• Non-GAAP financial measures are used, which may obscure underlying performance.
• First quarter is expected to be the lowest for the year, indicating a slow start.

CORNING, N.Y.--(BUSINESS WIRE)-- Corning Incorporated (NYSE: GLW) today announced that Wendell P. Weeks, chairman and chief executive officer, will participate in a fireside chat at the J.P. Morgan 52nd Global Technology, Media and Communications Conference in Boston today.

During the discussion, Weeks will review Corning’s value-creation approach, which is centered on the company’s focused and cohesive portfolio of capabilities. He will also outline Corning’s framework to add more than $3 billion in annualized sales and deliver strong incremental profit and cash flow over the next three years.

“We’re seeing encouraging signs of improving market conditions, and we expect that the first quarter will be the low quarter for the year,” Weeks said. “We continue to execute on our plans to add more than $3 billion in annualized sales within the next three years. Importantly, the required capacity and capabilities to support this growth are in place and already reflected in our financials. As a result, we are poised to deliver powerful incremental profit and cash flow and generate substantial shareholder value.”

Overall, the event is expected to provide investors, analysts, and other stakeholders with insights into Corning’s outlook on key markets, evolving trends, and growth drivers – all through the lens of the company’s relevant capabilities and product portfolio.

A live webcast of this conference will be accessible on the homepage of Corning’s Investor Relations website. A recorded replay will be available on the Investor Relations website later today.

Presentation of Information in this News Release
This news release includes non-GAAP financial measures. Non-GAAP financial measures are not in accordance with, or an alternative to, GAAP. Corning’s non-GAAP financial measures exclude the impact of items that are driven by general economic conditions and events that do not reflect the underlying fundamentals and trends in the company’s operations. The company believes presenting non-GAAP financial measures assists in analyzing financial performance without the impact of items that may obscure trends in the company’s underlying performance. Definitions of these non-GAAP financial measures and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found on the company’s website by going to the Investor Relations page and clicking “Quarterly Results” under the “Financials and Filings” tab. These reconciliations also accompany this news release.​

With respect to the outlook for future periods, it is not possible to provide reconciliations for these non-GAAP measures because management does not forecast the movement of foreign currencies against the U.S. dollar, or other items that do not reflect ongoing operations, nor does it forecast items that have not yet occurred or are out of management’s control. As a result, management is unable to provide outlook information on a GAAP basis.

Caution Concerning Forward-Looking Statements
The statements contained in this release and related comments by management that are not historical facts or information and contain words such as “will,” “believe,” “anticipate,” “expect,” “intend,” “plan,” “seek,” “see,” “would,” “target,” “estimate,” “forecast” or similar expressions are forward-looking statements. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include estimates and assumptions related to economic, competitive and legislative developments. Such statements relate to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements relate to, among other things, the company’s future operating performance, the company’s share of new and existing markets, the company’s revenue and earnings growth rates, the company’s ability to innovate and commercialize new products, the company’s expected capital expenditure and the company’s implementation of cost-reduction initiatives and measures to improve pricing, including the optimization of the company’s manufacturing capacity.​

Although the company believes that these forward-looking statements are based upon reasonable assumptions regarding, among other things, current estimates and forecasts, general economic conditions, its knowledge of its business and key performance indicators that impact the company, there can be no assurance that these forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws.​

Some of the risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements include, but are not limited to: global economic trends, competition and geopolitical risks, or an escalation of sanctions, tariffs or other trade tensions between the U.S. and China or other countries, and related impacts on our businesses’ global supply chains and strategies; changes in macroeconomic and market conditions and market volatility, including developments and volatility arising from health crisis events, inflation, interest rates, the value of securities and other financial assets, precious metals, oil, natural gas, raw materials and other commodity prices and exchange rates (particularly between the U.S. dollar and the Japanese yen, New Taiwan dollar, euro, Chinese yuan and South Korean won), the availability of government incentives, decreases or sudden increases of consumer demand, and the impact of such changes and volatility on our financial position and businesses; the duration and severity of health crisis events, such as an epidemic or pandemic, and its impact across our businesses on demand, personnel, operations, our global supply chains and stock price; possible disruption in commercial activities or our supply chain due to terrorist activity, cyber-attack, armed conflict, political or financial instability, natural disasters, international trade disputes or major health concerns; loss of intellectual property due to theft, cyber-attack, or disruption to our information technology infrastructure; ability to enforce patents and protect intellectual property and trade secrets; disruption to Corning’s, our suppliers’ and manufacturers’ supply chain, equipment, facilities, IT systems or operations; product demand and industry capacity; competitive products and pricing; availability and costs of critical components, materials, equipment, natural resources and utilities; 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; the amount and timing of any future dividends; the effects of acquisitions, dispositions and other similar transactions; the effect of regulatory and legal developments; ability to pace capital spending to anticipated levels of customer demand; our ability to increase margins through implementation of operational changes, pricing actions and cost reduction measures; rate of technology change; adverse litigation; product and component performance issues; retention of key personnel; customer ability to maintain profitable operations and obtain financing to fund ongoing operations and manufacturing expansions and pay receivables when due; loss of significant customers; changes in tax laws, regulations and international tax standards; the impacts of audits by taxing authorities; the potential impact of legislation, government regulations, and other government action and investigations; and other risks detailed in Corning’s SEC filings. ​

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.​

​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 (https://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 170-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 its customers capture new opportunities in dynamic industries. Today, Corning’s markets include optical communications, mobile consumer electronics, display, automotive, solar, semiconductors, and life sciences.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240520838296/en/

Media Relations:

Michael A. West Jr.

(607) 684-1167

westm4@corning.com

Investor Relations:

Ann H.S. Nicholson

(607) 974-6716

nicholsoas@corning.com

Source: Corning Incorporated

FAQ

What is Corning's growth strategy mentioned at the J.P. Morgan Conference?

Corning's CEO highlighted a plan to add more than $3 billion in annualized sales and deliver strong profit and cash flow over the next three years.

What is the stock symbol for Corning?

The stock symbol for Corning is GLW.

When is the J.P. Morgan Global Technology, Media and Communications Conference?

The conference is held today in Boston.

How can I access the webcast of Corning's presentation?

A live and recorded webcast will be available on Corning's Investor Relations website.

What financial measures does Corning use in their forecast?

Corning uses non-GAAP financial measures, which exclude items driven by general economic conditions and non-recurring events.