Corning CEO: “We’re Succeeding at Building a Bigger, More Balanced Company”

CORNING, N.Y., April 26, 2012 – Speaking at the company’s annual meeting this morning, Wendell P.

Weeks, Corning Incorporated’s (NYSE: GLW) chairman, chief executive officer, and president, told shareholders, “We’re financially strong. We’re uniquely positioned to solve tough technology problems. And we’re succeeding at building a bigger, more balanced company.”

Weeks said that the company remains on track to reach $10 billion in sales within the next few years. However, he acknowledged that Corning also experienced some surprises and disappointments in the past year. “But when we step back and assess the state of the company, we really like our hand,” he said. “Corning’s growth opportunities are the strongest they’ve ever been. And we are well prepared and equipped to manage the challenges we face.”

2011 Results and 2012 First-Quarter Performance

Weeks described the company’s 2011 performance as “extremely strong in a very tough environment.” He briefly summarized the company’s 2011 year-end results, which included record sales of $7.9 billion, record gross margin dollars, and double-digit sales growth in four of Corning’s major business segments.

Weeks noted that profits were down, however, which has also placed pressure on Corning’s stock performance. Weeks cited three main factors: price declines in the LCD industry, higher taxes, and lower equity earnings from Dow Corning Corporation.

Weeks explained that these trends also impacted the company’s 2012 first quarter results. On Wednesday, Corning reported that sales were up 2% sequentially, including growth in the company’s Telecommunications, Environmental Technologies, Specialty Materials, and Life Sciences segments. However, net income was down 6% from last quarter.

Weeks noted that Corning is once again undergoing a transition as the LCD industry begins to mature. But he reminded shareholders that “evolution is part of Corning’s DNA.” Weeks asserted, “Our leadership team knows how to manage transitions, and we are not afraid of challenges.”

Read more on:

600450 Corning CEO: “We’re Succeeding at Building a Bigger, More Balanced Company”
Date: 30 April 2012

See more news about:

Others also read

Joint study by Corning and Ford showcases the benefits of using Gorilla Glass for Automotive in windshield applications.   Random stones are one of the biggest reasons windshields need replacing.
Corning hosts second Glass Summit to inspire new thinking about emerging applications for glass.   Glass experts from Corning, academia, funding agencies, and other facets of the industry meet and discuss the future direction of glass science around the globe.
Iris™ Glass earns honors for enabling thinner displays with low-color shift - Corning Incorporated’s light-guide plate solution, Iris™ Glass, has received a 2016 Display Component of the Year award from the Society for Information Display (SID).
Corning Incorporated today announced the results of a recently delivered joint research paper with the Ford Motor Company about the damage resistance of thin, lightweight glass for automotive windshields.
Corning’s specialty glass is finding myriad new applications in industries such as retail  Corning first introduced its vision for advanced glass technologies back in 2011 with its “A Day Made of Glass” video series.
Glass Performance Days (GPD) will present a Learning Event entitled "The Art of Modern Glass Architectural Applications" on Thursday 10th March, in co-operation with The Glass Innovation Institute and alongside the Glass Window and Door Expo in Istanbul, Turkey.

Add new comment