Corning Inc. stated the company not only had an excellent fourth quarter, but it also had an excellent year as a whole. The glass company released its quarterly and annual financial report today. The company also manufactures Gorilla Glass, which can be found in the automotive industry. According to company representatives on the conference call, the team is excited about the framework in place currently in place and expects to see an increase in its long term growth beyond 2019.
“We had another outstanding quarter, and our full-year results exceeded our expectations,” said Tony Tripeny, executive vice president and chief financial officer.
The company’s 2018 core sales were $11.4 billion, an increase of 11 percent. Its fourth quarter sales reached $3.1 billion, a significant increase of 15 percent when compared to its results last year.
“For the past three years, we have invested for growth through our Strategy and Capital Allocation Framework,” said Wendell P. Weeks, chairperson, CEO and president.
During the call questions were asked about Corning’s capital allocation framework, and according to the company, it achieved key milestones in all five market-access platforms. Some of the platforms included customer and platform wins, as well as new product and market development advancements.
“The significant benefits of these investments are evident in our financial performance. In 2018, we built new capacity, launched new products, grew sales by more than $1 billion, and extended our leadership position in all businesses. We exited the year with strong execution, expanded margins, and great momentum,” said Weeks.
Another highlight from the company’s financial report was directly related to its automotive Gorilla Glass. Corning saw an increased pull for its Gorilla Glass for Automotive solutions, particularly the industry’s first AutoGrade™ Glass Solutions for automotive interiors.
“In 2018, we did what we said we were going to do, which was to expand our manufacturing capacity in the first half and begin leveraging those growth investments in the second half. In 2019, we expect to build on this momentum and keep growing across all of our businesses,” said Tripeny.
