Corning Incorporated (NYSE: GLW) today announced results for fourth-quarter and full-year 2019.
“In 2019, we grew sales 2% driven by strong performance in three businesses. We advanced key growth initiatives and took actions to address the material impact of changing market and customer dynamics in Display Technologies and Optical Communications,” said Wendell P. Weeks, chairman, chief executive officer, and president. “While our 2019 growth did not meet long-term targets, we once again outperformed our underlying markets and expect to build momentum throughout 2020 that will keep us on track to achieve the goals set forth in our four-year Strategy & Growth Framework.”
2019 Highlights
- Corning successfully delivered on its 2016-2019 Strategy and Capital Allocation Framework goals, returning more than $12.5 billion to shareholders over four years, including a 67% increase in dividends per share, while investing to advance longer-term growth initiatives
- All businesses outperformed their underlying markets, with significant growth in three segments
- Environmental Technologies grew sales 16% in an auto market that was down mid-single digits, driven by the adoption of Corning’s proprietary gasoline particulate filter (GPF) innovation
- Specialty Materials grew sales 8% with adoption of industry-leading cover glass innovations despite smartphone unit sales being down 3%
- Life Sciences reached a $1 billion sales milestone, growing at nearly twice the rate of a strengthening market
- Corning’s display glass pricing reached low-single digit percentage declines for the year
- The company significantly advanced product commercialization of Corning Valor® Glass, with FDA approval and commercial agreements, and in Automotive Glass Solutions, with the opening of a dedicated factory to support growing demand from industry leaders
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SOURCE: Corning
