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Corning Inc. Message Board

  • bluecheese4u bluecheese4u Jan 29, 2013 9:21 AM Flag

    Corning Announces Fourth-Quarter and Full-Year Financial Performance

    Corning Announces Fourth-Quarter and Full-Year Financial Performance

    Annual sales largest in company history
    2012 Corning® Gorilla® Glass sales exceed $1 billion

    CORNING, N.Y., January 29, 2013 – Corning Incorporated (NYSE: GLW) today announced its results for the fourth quarter and full year of 2012.

    Fourth-Quarter Highlights
    •Sales were $2.15 billion, a 14% year-over-year increase. The quarter performance reflects the largest quarterly sales in Corning history.
    •Earnings per share were $0.34,* excluding special items, the company’s first year-over-year quarterly improvement since 2010; GAAP earnings per share were $0.19.
    •Display Technologies total glass volume from Corning’s wholly owned business and Samsung Corning Precision Materials Co., Ltd. (SCPM) increased sequentially by a high-single digit percentage, reflecting overall improved market demand throughout the quarter. Price declines in Corning’s wholly owned business were slightly higher than in the third quarter, as expected. For SCPM, price declines were consistent with the previous quarter.
    •Specialty Materials sales were up 68% on a year-over-year basis and 10% sequentially, driven by the continued strength of Corning® Gorilla® Glass.
    •Telecommunications sales improved 10% over the year-ago period and 3% sequentially.

    Full-Year Highlights
    •Sales were $8.01 billion, a 2% increase over $7.9 billion last year, representing a sales record for the company.
    •Excluding special items, earnings per share for the year were $1.29* compared to last year’s $1.76*. GAAP earnings per share for the year were $1.15 versus $1.77 last year.
    •Free cash flow for the year was $579 million*.

    *These are non-GAAP financial measures. The reconciliation between GAAP and non-GAAP measures is provided in the tables following this news release, as well as on the company’s investor relations website.

    Quarter-Four Financial Comparisons


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