Corning Continues Growing in Q1

Corning Inc. (Corning) mentioned plans to strengthen the Gorilla Glass used in its automotive department during the company’s first fiscal quarter financial report conference call held today. Corning manufactures Gorilla Glass, which is found in both the smartphone and automotive industry, among others. The company makes its Gorilla Glass available as a replacement option for certain Jeep models.

“We want to launch a disruptive automotive glass business as the industry transitions to more technical glass,” said Wendell P. Weeks, chairman, CEO, and president.

Corning representatives mentioned the company had a strong start to the quarter, and has seen growth in its auto glass and other glass avenues. Core sales were up by 13%, while the generally accepted accounting principles (GAAP) were up by 12%. The glass company’s executive team is thrilled with the overall momentum it’s seen thus far in quarter 1 and aims to continue growing in its second quarter, according to the company.

“We built on our 2018 momentum by delivering double-digit sales and earnings growth in the first quarter. Our investments in product development and manufacturing capacity delivered sales and profit growth in all our markets, and we’re confident that Corning is positioned to create additional value,” said Weeks.

Corning mentioned its display technologies as an area that aided in its successful first quarter. It delivered stable returns, and the company found this was the best first-quarter glass pricing environment in well over a decade.

Its automotive department is one of the many areas that took off this quarter. The company attributes this achievement to obtaining strong customer engagement with its AutoGradeTM cover glass solutions for automotive interiors and also by expanding its Gorilla Glass. Meanwhile, its 518 patents issued at the end of 2018 “helped strengthen the company’s leadership in glass and proprietary manufacturing technology.”

“This strong growth resulted from our technology and manufacturing leadership. We are benefitting from recent investments including Gen 10.5 display glass and multiple development projects such as Gorilla® Glass for automotive. We continue to invest, and we expect to grow sales significantly in 2019 and beyond,” said Tony Tripeny, Corning Inc. executive vice president and chief financial officer.

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