Corning Announces Fourth-Quarter Results

Corning Incorporated announced results for the fourth quarter and full year 2007, and its first-quarter 2008 guidance.

Fourth-Quarter Highlights

- Sales reached $1.58 billion, up 16% year over year.

- Earnings per share were $0.45. Excluding special items, earnings per share were $0.40.*

- Display Technologies glass volume increased 31% and Samsung Corning

- Precision Glass Co. Ltd.'s volume increased 38% year over year. Both had volume increases of more than 6% over the third quarter.

- Telecommunications sales increased 6% year over year and, as expected, declined 9% sequentially. Year-over-year growth was 16%*, excluding the impact of the divestiture of the company's submarine cabling business in the second quarter.

First-Quarter Outlook Highlights

- Sales are expected in the range of $1.59 billion to $1.62 billion, up more than 20% compared to first quarter last year.

- Earnings per share, excluding special items, are expected in the range of $0.41 to $0.43*, about 50% higher than last year's first quarter. 

- Display LCD glass volume is expected to remain strong throughout the quarter, and increase about 45% year over year.

Full-Year Highlights

- Sales increased 13% to $5.86 billion. 

- Net income was $2.15 billion, or $1.34 per share. Excluding special items, net income was $2.26 billion* or $1.41 per share*, a 27% increase over 2006.

- Display Technologies glass volume increased 38% year over year, and pricing declined only 11%. Volume at Samsung Corning Precision increased 39%, with pricing down 15%. 

- Environmental Technologies sales increased 23% year over year to $757 million, with diesel product sales increasing more than 50%.

"Our strong fourth-quarter performance contributed to an outstanding year for Corning," Wendell P. Weeks, chairman and chief executive officer, said. "We delivered all-time records in gross margin percent, net income, EPS and operating cash flow in 2007. Our 38% annual volume growth in display and continued leadership in developing innovative solutions such as EAGLE XG™, Jade™ glass for advanced displays and Vita™, an OLED sealing solution for the flat panel industry, were highlights of the year."

"Additionally, we saw a greater than 50% increase in diesel product sales and a record level of automotive product sales in 2007. We also placed our first Epic™ Systems with pharmaceutical and research companies, and introduced ClearCurve™, our revolutionary new ultra-bendable fiber solution."

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