Corning to Provide Financial Update at Credit Suisse Annual Technology Conference

Rhea-AI Summary

Corning (GLW) forecasts robust financial performance in Q4 2020, with expected sales growth of 5% to 8% sequentially. The operating margin is anticipated to increase at roughly double the sales growth rate, highlighting the effectiveness of their strategic investments. Despite challenging market conditions, Corning's diverse portfolio and strong industry relationships are driving growth across multiple sectors. These insights were shared by Chief Strategy Officer Dr. Jeffrey Evenson at the Credit Suisse Annual Technology Conference.

Positive

• Q4 2020 sales are projected to grow 5% to 8% sequentially.
• Operating margin expected to rise at approximately double the rate of sales growth.

Negative

• None.

Company expects strong sales and earnings growth in the fourth quarter

CORNING, NY, Nov. 30, 2020 (GLOBE NEWSWIRE) -- At today’s Credit Suisse Annual Technology Conference, Corning Incorporated (NYSE: GLW) Chief Strategy Officer Dr. Jeffrey Evenson will provide investors with an update about the company’s expected financial performance in the fourth quarter of 2020.

Highlights of Dr. Evenson’s remarks will include:

• Fourth-quarter sales are expected to grow 5% to 8% sequentially  
   
• Operating margin is expected to grow at approximately double the rate of sales sequentially

Dr. Evenson will tell conference attendees, “Despite a challenging macro environment, we continue to perform well and deliver meaningful accomplishments across the company. The relevance of our capabilities and our relationships with industry leaders are creating new opportunities for us to support customers with more Corning content. We are generating top- and bottom-line growth in multiple businesses and our strategic investments are paying off. Overall, our performance demonstrates the strength of Corning’s portfolio and our ability to execute.”

Corning’s presentation to investors will be available via webcast by accessing the investor events calendar on Corning’s Investor Relations website 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 optical communications, mobile consumer electronics, display, automotive, and life sciences.

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

FAQ

What is Corning's expected sales growth for Q4 2020?

Corning expects sales growth of 5% to 8% sequentially for Q4 2020.

How is Corning's operating margin expected to perform in Q4 2020?

The operating margin is expected to grow at approximately double the rate of sales growth in Q4 2020.

When did Corning present their financial outlook for Q4 2020?

Corning provided their financial outlook during the Credit Suisse Annual Technology Conference on November 30, 2020.

What challenges is Corning facing amid its Q4 2020 projections?

Corning acknowledges a challenging macro environment but continues to perform well.