Corning Reports Second-Quarter Results; 10th Consecutive Quarterly Sales Increase.
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Corning Reports Second-Quarter Results; 10th Consecutive Quarterly Sales Increase.
CORNING, N.Y. -- Corning Incorporated (NYSE: GLW) today announced second-quarter sales of $1.141 billion, with net income of $165 million, or $0.11 per share. Net income includes net special charges of $141 million, or $0.09 per share.
Excluding these net charges, Corning's earnings per share (EPS) would have been $0.20, exceeding the company's previously announced EPS guidance range of $0.17 to $0.19. This EPS is a non-GAAP financial measure. This and all non-GAAP financial measures are reconciled on the company's investor relations Web site and in attachments to this news release. "We are pleased with our second-quarter performance and our 10th consecutive quarterly sales increase driven by the strong growth in our Display Technologies segment," Wendell P. Weeks, president and chief executive officer, said. "Our first-half results demonstrate that Corning's growth strategy is succeeding." Second-Quarter Operating Results Corning's second-quarter sales of $1.141 billion increased 17 percent over last year's second-quarter sales of $971 million, and increased 9 percent over the previous quarter's sales of $1.05 billion. Gross margin for the second quarter improved to 42 percent versus 41 percent in the first quarter. The second-quarter gross margin exceeded the company's expectation of 40 percent and was its highest since the first quarter of 2001. The gross-margin improvement is primarily the result of stronger overall performance in the Display Technologies segment, brought on by increased demand for larger-size glass substrates and strong manufacturing performance. Equity earnings for the second quarter were $172 million, compared to the first quarter's equity earnings of $166 million. Corning's equity earnings from Dow Corning Corporation were $77 million, including an $11 million non-recurring gain in the second quarter, versus $68 million in the first quarter. Corning's Display Technologies segment achieved record sales of $415 million in the second quarter, a 30-p...See the full content of this document
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