Corning Reports Growth in All Areas in Q2

Corning Inc. (Corning) highlighted its strong second quarter, attributing it to year-over-year growth in all businesses during the company’s second fiscal quarter financial report conference call. Corning manufactures Gorilla Glass, which is found in both the smartphone and automotive industry, among others.

Gorilla Glass was made available for select Jeep models as a replacement option for windshields, according to the company’s website. “The Mopar® Windshield made with Corning Gorilla Glass – a windshield with glass so tough, our scientists here at Corning had to invent a whole new technology just to test it,” a portion of the company’s website reads , though there have been field reports that its availability in the aftermarket may be limited.

“Our second-quarter performance reflects our strong execution against our now-completed Strategy and Capital Allocation Framework, which guided Corning during the 2016-2019 period,” said Wendell P. Weeks, chairman, CEO, and president.

During the call company representatives stated its core sales were up by 8%, while the generally accepted accounting principles (GAAP) were up by 7%. Overall the glass company’s executive team is expecting Corning’s growth to continue beyond the second quarter.

“We’re outpacing the markets we serve, which demonstrates the resilience of our portfolio in the face of macro-economic headwinds. We look forward to extending our strong performance under our new 2020-2023 Strategy & Growth Framework,” said Weeks.

Its automotive department was another area of high priority, as the company aims to increase its market sales within the next four years. According to the company, it aims to increase its sales by “increasing production capacity ramping in Hefei, China, facilities for both AutoGrade™ glass.”

“Our capabilities are becoming increasingly vital to diverse industries, and multiple opportunities support continued leadership across all of our market-access platforms,” said Weeks.

Corning’s display technologies second-quarter sales grew by 9% year-over-year, which the company says helped contribute to a successful quarter.

“Glass pricing was better than expected,” a portion of the report reads.

“These results are driven by our technology and manufacturing leadership and from recent investments across multiple businesses. We are on track to deliver sales and earnings growth for the full-year 2019,” said Tony Tripeny, Corning executive vice president and chief financial officer.

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