Corning Incorporated - GLW STOCK NEWS

Corning Incorporated (NYSE: GLW) announced a quarterly dividend increase of $0.28 per share, reflecting a 3.7% rise from the previous $0.27. This dividend will be payable on March 30, 2023, to shareholders recorded as of February 28, 2023. Edward Schlesinger, the CFO, stated that this decision signifies the company’s confidence in its growth prospects, indicating solid foundations for future performance. Corning aims to deliver multiyear growth while rewarding shareholders with increased dividends.

Corning Incorporated (GLW) reported solid growth in 2022, with GAAP sales rising 1% to $14.2 billion and core sales increasing 5% to $14.8 billion. The company achieved a full-year GAAP EPS of $1.54, up 20% year-over-year, and a core EPS of $2.09, up 1%. In Q4 2022, GAAP sales were $3.4 billion, but GAAP EPS fell to $(0.04) due to restructuring charges. For Q1 2023, Corning expects core sales between $3.2 billion to $3.4 billion and core EPS between $0.35 to $0.42, anticipating challenges from pandemic-related disruptions in China. Price and productivity improvements from Q4 2022 are expected to enhance profitability.

Corning (GLW) announced that Samsung's upcoming Galaxy flagship smartphones will feature Gorilla Glass Victus 2, improving drop performance on rough surfaces like concrete. This new glass maintains scratch resistance while enhancing durability. Launched in November 2022, Gorilla Glass Victus 2 includes 22% pre-consumer recycled content, supporting sustainability efforts. David Velasquez from Corning emphasized the importance of damage-resistant displays, while Samsung's Stephanie Choi highlighted their commitment to reducing environmental impact. With over 8 billion devices using Gorilla Glass, this collaboration continues to innovate in mobile consumer electronics.

Corning Incorporated (GLW) has introduced Gorilla Glass Victus 2, enhancing durability to withstand drops on rough surfaces like concrete. This new glass composition maintains scratch resistance while improving drop performance from heights of up to 1 meter on concrete and up to 2 meters on asphalt. Notably, 84% of consumers prioritize durability when purchasing smartphones, underscoring market demand. The product is currently under evaluation by multiple customers and is expected to be available in the coming months, reinforcing Corning's position in the mobile consumer electronics market.

Corning Incorporated (NYSE: GLW) reported a slight increase in core sales, reaching $3.7 billion for Q3 2022, despite challenges in the Display Technologies sector. Optical Communications saw a significant growth of 16% year-over-year, while Hemlock and Emerging Growth Businesses grew 33%. Free cash flow for the first nine months reached $866 million, supporting healthy cash generation. For Q4 2022, Corning expects core sales of $3.45 billion to $3.65 billion and core EPS of $0.41 to $0.47. The company emphasizes that display panel production appears to have hit a low point.

Corning Incorporated (GLW) has announced a quarterly dividend of $0.27 per share, payable on December 16, 2022, to shareholders recorded by November 18, 2022. This reflects the company's ongoing commitment to returning value to its shareholders, despite potential economic uncertainties highlighted in the press release. Factors influencing future performance include fluctuations in demand, supply chain disruptions, and global economic trends. The company reassures that it will keep investors informed through its website and SEC filings.

Corning (GLW) announced it will receive $103.8 million from the U.S. Department of Health and Human Services’ BARDA to expand its manufacturing of advanced pharmaceutical glass tubing and vials. This funding aims to enhance the healthcare industry’s capability to meet public health demands, particularly in response to the COVID-19 pandemic. The investment will focus on increasing production in Vineland, NJ, and Durham, NC, addressing efficiency constraints in the domestic pharmaceutical supply chain.

Corning Incorporated (NYSE: GLW) has inaugurated a significant optical fiber manufacturing facility in Mszczonów, Poland, bolstering its global investment exceeding $500 million since 2020. This plant, among the largest in the EU, is designed to meet the escalating demand for high-speed connectivity. It aims to support network operators expanding broadband and 5G services. The new facility also adds 250 jobs to Corning's existing workforce in Poland, enhancing operational capacity to serve both local and global markets effectively.

Corning Incorporated (GLW) announced a significant expansion of manufacturing capabilities for optical cable in Gilbert, Arizona, expected to open in 2024. This facility will create approximately 250 jobs and nearly double Corning's ability to serve the U.S. cable market, driven by an ongoing partnership with AT&T (T). The investment, exceeding $500 million since 2020, aims to meet the increasing demand for fiber networks. Corning will also collaborate with AT&T to develop training programs for future technicians to address the projected need for 850,000 workers in the fiber optics sector by 2025.