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Corning Inc. Message Board

  • bluecheese4u bluecheese4u Jan 28, 2008 7:51 AM Flag

    Corning Announces Fourth-Quarter Results

    Corning Announces Fourth-Quarter Results

    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.

    Fourth-Quarter Highlights

    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.

    Full-Year Highlights

    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.�

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