Corning Inc. reports “strong” Q1 with double-digit increase in sales and net income

Corning

CORNING, N.Y. (WETM) – Corning Inc. has released their first quarter reports, saying they experienced a “strong” first three months of the fiscal year.

“We are off to an outstanding start in 2021,” said Wendell P. Weeks, chairman and chief executive officer. “Our success in the first quarter is yet another proof point that we have built a stronger, more resilient company. And we’re confident that we can build on these results to maintain momentum throughout the year.”

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The company reported the following sales and growth in Q1:

  • GAAP and core sales were $3.3 billion, year-over-year increases of 38% and 29%, respectively
  • GAAP EPS was $0.67, reflecting strong performance and a non-cash, mark-to-market gain associated with the company’s currency-hedging contracts
  • Core EPS grew 125% year over year to $0.45
  • All segments grew sales and net income by double-digit percentages year over year:
        o Environmental Technologies grew sales 38% and net income 111%
        o Specialty Materials grew sales 28% and net income 78%
        o Optical Communications grew sales 18% and net income 283%
        o Life Sciences grew sales 16% and net income 26%
        o Display Technologies grew sales 15% and net income 40%
  • Free cash flow of $372 million grew $691 million year over year and equates to 39% of 2020 total
  • Profitability was impacted by approximately $50 million due to elevated freight and logistic costs and global supply chain disruptions

Weeks continued, “Corning is uniquely qualified to address some of the world’s toughest challenges. Our innovative capabilities put us at the heart of multiple trends that are reshaping the world. This provides a powerful source of long-term growth as we drive more Corning content into the industries we serve.”

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Weeks concluded, “We remain steadfast in our commitment to support our people, customers, and communities by applying the strength of our products and resources.”

Additional details on Corning’s Q1 results can be found on the Corning Inc. website.

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