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Corning Incorporated (NYSE: GLW) is a global leader in materials science with a rich history spanning over 160 years. The company's core expertise lies in specialty glass, ceramics, and optical physics, which they leverage to develop groundbreaking products that have transformed various industries.
Corning is renowned for its invention of damage-resistant Gorilla Glass, used extensively in smartphones and tablets, and precision glass for advanced displays. Their product portfolio also includes optical fiber and connectivity solutions pivotal for high-speed communication networks, as well as products that facilitate drug discovery and manufacturing in the life sciences sector.
The company operates across diverse markets, including consumer electronics, telecommunications, transportation, and environmental technologies. Recent achievements include significant progress in improving profitability and cash flow, even amid weak market conditions. For instance, Corning's second-quarter 2023 results saw a sequential margin expansion and $310 million in free cash flow, with plans to sustain this improvement in the latter half of the year.
Strategically, Corning emphasizes sustained investment in R&D, unique material and process innovations, and close customer collaborations. The company anticipates core sales of approximately $3.5 billion and core EPS to be stable or slightly improved in the third quarter of 2023.
Corning's commitment to innovation is reflected in their 'More Corning' approach, aiming to integrate more of their content into customers' offerings. The company is also advancing new projects such as the Corning® Gorilla® Armor for Samsung Galaxy S24 Ultra, showcasing enhanced durability and visual clarity.
Financially, Corning has managed to expand core gross margin by 330 basis points in the fourth quarter of 2022. The company expects first-quarter 2024 core sales of around $3.1 billion with core EPS ranging between $0.32 to $0.38. Despite current market challenges, Corning is well-positioned to capture new growth opportunities as markets recover.
Corning Incorporated (NYSE: GLW) has launched the Velocity® Vials, designed to enhance the manufacturing efficiency of COVID-19 vaccines by 20% to 50%. These Type I borosilicate vials feature a proprietary coating that improves filling line efficiency, reduces damage during production, and supports a streamlined regulatory process. Corning aims to address supply chain challenges while producing up to 500 million vials annually at its new facility in Durham, North Carolina. This innovation strengthens its role in life sciences and expands its market reach, having supported over 3 billion vaccine doses globally.
Corning Incorporated (GLW) reported a strong Q3 2021 with core sales and EPS growth of 21% and 30% year over year, respectively. Core sales reached $3.6 billion, while GAAP net income was $371 million. Despite challenges from the semiconductor shortage impacting automotive sales, gross margin improved to 38.3%. The company expects core sales in Q4 between $3.5 billion and $3.7 billion and core EPS of $0.50 to $0.55. Corning is on track for $14 billion in sales and over $2 in EPS for 2021, driven by significant partnerships and innovations in multiple sectors.
Corning has declared a quarterly dividend of $0.24 per share on its common stock. This dividend will be payable on December 17, 2021, to shareholders on record as of November 12, 2021. The company emphasized its commitment to maintaining dividend payments, reflecting confidence in its financial stability despite uncertainties in the market. Forward-looking statements indicate potential risks related to global conditions, including the impact of the COVID-19 pandemic and competitive pressures.
Corning (NYSE: GLW) announced a significant collaboration with AT&T (NYSE: T) to enhance fiber infrastructure across the U.S. This partnership includes a $150 million investment in optical cable manufacturing in North Carolina, creating 200 new jobs. The expansion aims to support broadband growth and accelerate 5G deployment. Corning's strategic investments in innovation are anticipated to meet soaring demand for network capacity. This initiative underscores both companies' commitments to American manufacturing and the crucial role of advanced broadband in community development.
Corning (NYSE:GLW) announced its new Everon™ mmWave solutions for enhancing indoor 5G connectivity in small to mid-sized venues such as offices, schools, and hospitals. These systems are designed for efficient deployment and operation, addressing the rising demand for reliable indoor 5G, as approximately 80% of mobile traffic occurs indoors. Operating on frequencies of 28 GHz and 39 GHz, Corning aims to support network operators in managing high data volumes in dense environments. Additional products in the Everon portfolio are expected in upcoming months.
Corning reported robust second-quarter results, achieving $3.5 billion in core sales, marking a 35% increase year over year and a 17% rise from Q2 2019. Core EPS surged 112% to $0.53, driven by higher sales and improved margins, while free cash flow reached $471 million, up 65% year over year. The company anticipates core sales between $3.5 billion and $3.7 billion for Q3 2021. Key growth areas include Automotive, Mobile Consumer Electronics, and Optical Communications, substantiating Corning's commitment to innovation and market expansion.
Corning (GLW) has introduced a new product category for Automotive Glass Solutions, featuring its Curved Mirror Solutions now integrated into an Augmented Reality (AR) Head-Up Display (HUD) by Hyundai Mobis. This technology debuted in the 2021 IONIQ 5 electric vehicle, with projections indicating that sales of cars with HUD technology will double by 2025. The AR HUD enhances driver visibility by projecting vital information 7.5 meters ahead, leveraging Corning's expertise in glass science for immersive driving experiences.
Corning Incorporated (GLW) has launched a new category of camera lens covers, Gorilla Glass DX and DX+, which capture 98% of light for high-quality images and videos. This advanced glass composite offers superior scratch resistance and durability, addressing consumer demand for enhanced mobile camera technology. With over 8 billion devices utilizing Gorilla Glass, the technology is set to be adopted first by Samsung. This innovation underscores Corning's commitment to improving mobile optics and responding to the growing demand for professional-grade image quality.
Corning Incorporated (NYSE: GLW) announced a quarterly dividend of $0.24 per share on June 30, 2021. This dividend will be payable on September 29, 2021, to shareholders on record as of August 31, 2021. The company emphasizes confidence in its financial stability despite uncertainties from the COVID-19 pandemic and other market conditions.
Corning (NYSE:GLW) has appointed Pamela J. Craig, former CFO of Accenture, to its Board of Directors effective June 29, 2021. Craig brings extensive financial and operational experience, having held key roles in her 34-year career at Accenture. She will serve on the Corporate Responsibility and Sustainability Committee and the Audit Committee. Her appointment increases the board's size to 15 members. Craig’s expertise is expected to contribute to Corning’s mission of driving innovation across industries. She has also held board positions at 3M, Progressive, and Merck.
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