Corning Announces Fourth-Quarter And Full-Year Results

Date: 1 February 2010
Source: Corning
CORNING, N.Y., January 26, 2010 – Corning Incorporated (NYSE:GLW) today announced its results for the fourth quarter and full year 2009. Fourth-Quarter Highlights  Sales were $1.53 billion, an increase of 4% sequentially and 41% year over year.

Earnings per share were $0.47. Excluding special items, EPS was $0.44*, a gain of 5% sequentially and 238% from a year ago.
Display Technologies combined glass volume, including Corning’s wholly owned business and Samsung Corning Precision Glass Co., Ltd., increased 3% over a robust third-quarter level and increased 86% year over year.
Gross margin was 42%, up 2% from the previous quarter, and greatly improved from last year’s gross margin of 28%.
Equity earnings were $461 million surpassing the previous quarter’s $418 million figure. Year-over-year equity earnings improved by 60%.
 
Full-Year Highlights
 
Sales were $5.4 billion versus $5.9 billion a year ago.
EPS was $1.28. Excluding special items, earnings per share were $1.35,* down 12% from a year ago. 
Display Technologies combined LCD glass volume increased 18% over a year ago. Volume in Corning’s base business declined 2% year over year while SCP volume increased 35% for the same period.
Equity earnings were $1.4 billion for the full year, an increase of 6% over the previous year.
Free cash flow* for the year was $798 million.
The company ended the year with $1.6 billion more cash and short-term investments than debt.
 
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