Corning to Present at UBS Global Technology Conference
20 Novembro 2013 - 12:00PM
CFO will reiterate fourth-quarter outlook and highlight
recent acquisition
CORNING, N.Y., November 20,
2013 - Corning Incorporated (NYSE: GLW) James B.
Flaws, vice chairman and chief financial officer, will update
investors on the company's recent announcements at today's UBS 2013
Global Technology Conference in Sausalito, Calif. Flaws'
presentation will cover topics such as expectations for the fourth
quarter, the company's recently announced series of agreements with
Samsung Display Co., Ltd., and growth in Corning's major business
segments.
Flaws will report that the company expects
earnings in the fourth quarter to be down sequentially, driven by
normal seasonality and a few special business factors. He will note
that the fiber market is lower than anticipated entering the fourth
quarter, and the company is taking actions to control costs and
inventory. He also will say that sales in Corning's Specialty
Materials segment are expected to be down 20% year over year in
quarter four, driven by the supply chain inventory build of
Corning® Gorilla® Glass in the fourth quarter last year.
"Gorilla Glass continues to perform well in the
cover glass market," Flaws will tell investors. "Corning's Gorilla
Glass can now be found on more than 2 billion consumer electronics
devices in use today. The popularity of our cover glass
continues to grow, as we constantly develop material compositions
that enhance its legendary durability and scratch resistance.
Corning continues to innovate with Apple to advance the state of
the art with even tougher versions of our glass.
"As we look ahead, with supply and demand in
balance," Flaws will say, "we expect our volume to increase, driven
by growth in the end market for smartphones, tablets, and notebook
computers."
Flaws also will summarize the strategic and
financial benefits Corning expects from the closing of its series
of agreements with Samsung Display. He will note that the company
expects full ownership of Samsung Corning Precision Materials Co.,
Ltd. will provide immediate and significant benefits.
"There are many advantages to owning these
assets," Flaws will say, "including greater flexibility in meeting
the needs of our customers, lower capital spending, increased cash
flow, and cost savings from synergies.
"We expect that these synergies will equate to
$460 million through 2017, and the future free cash flow will
enable us to pursue additional share repurchases," Flaws will say.
"We anticipate the combination of this additional income and share
repurchases will provide accretion of about 20% in 2014 and 2015 on
a fully diluted basis."
Live audio webcast:
To listen to Corning's comments at the conference via webcast, go
to www.corning.com/investor_relations and click "Investor Events"
on the left.
Forward-Looking and
Cautionary Statements
This press release contains "forward-looking statements" (within
the meaning of the Private Securities Litigation Reform Act of
1995), which are based on current expectations and assumptions
about Corning's financial results and business operations, that
involve substantial risks and uncertainties that could cause actual
results to differ materially. These risks and uncertainties
include: the effect of global political, economic and business
conditions; conditions in the financial and credit
markets; currency fluctuations; tax rates; product demand
and industry capacity; competition; reliance on a concentrated
customer base; manufacturing efficiencies; cost reductions;
availability of critical components and materials; new product
commercialization; pricing fluctuations and changes in
the mix of sales between premium and non-premium products; new
plant start-up or restructuring costs; possible
disruption in commercial activities due to terrorist activity,
armed conflict, political or financial instability, natural
disasters, adverse weather conditions, or major health concerns;
adequacy of insurance; equity company activities; acquisition and
divestiture activities; the level of excess or obsolete inventory;
the rate of technology change; the ability to enforce patents;
product and components performance issues; retention of key
personnel; stock price fluctuations; and adverse litigation or
regulatory developments. These and other risk factors
are detailed in Corning's filings with the Securities and
Exchange Commission. Forward-looking statements speak only as
of the day that they are made, and Corning undertakes no obligation
to update them in light of new information or future events.
About Corning
Incorporated
Corning Incorporated (www.corning.com) is the world leader in
specialty glass and ceramics. Drawing on more than 160 years of
materials science and process engineering knowledge, Corning
creates and makes keystone components that enable high-technology
systems for consumer electronics, mobile emissions control,
telecommunications and life sciences. Our products include glass
substrates for LCD televisions, computer monitors and laptops;
ceramic substrates and filters for mobile emission control systems;
optical fiber, cable, hardware & equipment for
telecommunications networks; optical biosensors for drug discovery;
and other advanced optics and specialty glass solutions for a
number of industries including semiconductor, aerospace, defense,
astronomy, and metrology.
Media Relations
Contact:
M. Elizabeth Dann
(607) 974-4989
dannme@corning.com
Investor Relations
Contact:
Ann H. S. Nicholson
(607) 974-6716
nicholsoas@corning.com
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announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the
information contained therein.
Source: Corning Incorporated via Thomson Reuters ONE
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