Company anticipates strong first-quarter performance
CORNING, N.Y. � Corning Incorporated (NYSE:GLW) today announced results for the fourth quarter and full year 2007, and its first-quarter 2008 guidance.
Sales reached $1.58 billion, up 16% year over year.
Earnings per share were $0.45. Excluding special items, earnings per share were $0.40.*
Display Technologies glass volume increased 31% and Samsung Corning Precision Glass Co. Ltd.�s volume increased 38% year over year. Both had volume increases of more than 6% over the third quarter.
Telecommunications sales increased 6% year over year and, as expected, declined 9% sequentially. Year-over-year growth was 16%*, excluding the impact of the divestiture of the company�s submarine cabling business in the second quarter.
First-Quarter Outlook Highlights
Sales are expected in the range of $1.59 billion to $1.62 billion, up more than 20% compared to first quarter last year.
Earnings per share, excluding special items, are expected in the range of $0.41 to $0.43*, about 50% higher than last year�s first quarter.
Display LCD glass volume is expected to remain strong throughout the quarter, and increase about 45% year over year.
Sales increased 13% to $5.86 billion.
Net income was $2.15 billion, or $1.34 per share. Excluding special items, net income was $2.26 billion* or $1.41 per share*, a 27% increase over 2006.
Display Technologies glass volume increased 38% year over year, and pricing declined only 11%. Volume at Samsung Corning Precision increased 39%, with pricing down 15%.
Environmental Technologies sales increased 23% year over year to $757 million, with diesel product sales increasing more than 50%.
Corning Announces Fourth-Quarter Results
�Our strong fourth-quarter performance contributed to an outstanding year for Corning,� Wendell P. Weeks, chairman and chief executive officer, said. �We delivered all-time records in gross margin percent, net income, EPS and operating cash flow in 2007. Our 38% annual volume growth in display and continued leadership in developing innovative solutions such as EAGLE XG�, Jade� glass for advanced displays and Vita�, an OLED sealing solution for the flat panel industry, were highlights of the year.�
�Additionally, we saw a greater than 50% increase in diesel product sales and a record level of automotive product sales in 2007. We also placed our first Epic� Systems with pharmaceutical and research companies, and introduced ClearCurve�, our revolutionary new ultra-bendable fiber solution.�