CORNING, N.Y., April 30,
2015 - Speaking at the company's annual meeting of
shareholders this morning, Wendell P. Weeks, Corning Incorporated's
(NYSE: GLW) chairman, chief executive officer, and president, said,
"Corning is financially healthy, our businesses are growing, and we
are capturing exciting new opportunities to apply our unique
expertise to solve tough technology challenges." Looking ahead, he
conveyed his confidence in Corning's future and noted that
"multiple businesses are driving the company's growth."
2014 Results and 2015 Quarter
Performance
Weeks described 2014 as an "outstanding year," including the
highest sales in Corning's history. He attributed profitability
increases to a combination of top-line growth and cost reductions
across the organization. He also noted that Corning had exceeded
its expectations for synergies from the integration of Corning
Precision Materials Co., Ltd.
Weeks told shareholders that Corning's 2015 focus
is to "build on this momentum and grow." On Tuesday, the company
announced its first-quarter results, which saw core sales growth in
four of five business segments.
Driving Near-Term and Long-Term
Growth
Weeks reminded shareholders that the primary way Corning grows is
through innovation. He shared examples of several recent products
that would drive growth this year and in the years ahead. They
included: Corning® Gorilla® Glass 4, which is twice as tough as
other cover glasses and specifically designed to resist breakage
when dropped; ONE(TM) Wireless, an all-optical technology that
provides robust cellular service while also supporting Wi-Fi, video
surveillance, building automation, and more on a converged
platform; and FLORA(TM) substrates, which reduce engine start-up
emissions.
Weeks told shareholders that, in addition to
innovating in today's businesses, Corning is also innovating to
create entirely new businesses. He cited Corning® Gorilla® Glass
Automotive as an example of how the company is leveraging its
longstanding relationships in the automotive industry to create a
new market opportunity for its specialty glass. Gorilla Glass
Automotive enables windshields that are at least 25% thinner and
weigh one-third less than conventional windshields. "Lower weight
means better fuel economy," Weeks noted.
Questions from
Shareholders
Weeks devoted the remaining portion of his remarks to addressing
questions that the company frequently receives from investors. He
began by explaining why Corning maintains a diverse portfolio. "At
any given time, there may be disruptions in one or two of our
markets, but the strength of our other businesses helps to mitigate
that volatility," Weeks said. He told shareholders that Corning's
commitment to its other businesses led to the company's survival
following the telecommunications industry crash and remains a key
source of the company's strength today. "In 2014, market growth in
our specialty materials and life sciences businesses was not as
strong as the company originally expected, but we exceeded
expectations in our display, optical communications and
environmental technologies businesses, which led to outstanding
performance overall," Weeks said.
Weeks also addressed the question of why Corning
spends more on research, development, and engineering than its
peers. He explained that Corning's investment in RD&E gives the
company a set of distinctive capabilities, leads to long-standing
customer relationships, and creates strong competitive advantage.
He also shared data showing that Corning generates a larger return
on investment in terms of operating profit than its peers. "That's
why our commitment to innovation is unwavering," he said.
Turning to the topic of Corning's "next big thing," Weeks
acknowledged that the company was excited about opportunities for
Gorilla® Glass in adjacent markets and a potential new business in
the life sciences market, but encouraged shareholders to take a
broader view. "Historically, there has been a primary business
driving the company's growth until a new primary business takes
over. But today, multiple businesses are driving growth," Weeks
explained. He added, "We unlock new opportunities by innovating for
both existing and future businesses."
Weeks ended this portion of the discussion by
explaining Corning's investment in the communities where the
company operates. "As part of our commitment to good corporate
citizenship, we invest to make our communities better places to
live and work," Weeks said. He shared examples of investments in
Corning, N.Y., where the company is headquartered, while noting
that Corning is engaged in similar initiatives around the
globe.
"Our people are also generous with their time and
their talent," Weeks added. "I'm proud to be part of a company that
makes a positive difference in people's lives and part of a
community where people support each other."
Weeks concluded his remarks by telling
shareholders, "We are committed to earning your confidence with our
performance and your trust with our actions."
Formal Business
During the meeting's formal business, shareholders elected the
following 14 directors to one-year terms: Donald Blair, 57;
Stephanie Burns, 60; John Canning, 70; Richard Clark, 69; Robert
Cummings, 65; James Flaws, 66; Deborah Henretta, 53; Daniel
Huttenlocher,55; Kurt Landgraf, 68; Kevin Martin, 48; Deborah
Rieman, 65; Hansel Tookes, 67; Wendell Weeks, 55; and Mark
Wrighton, 65. They also ratified the appointment of
PricewaterhouseCoopers as the company's independent registered
public accounting firm for 2015 and approved the company's 2015
Executive Compensation Plan. A shareholder proposal by The Holy
Land Principles, Inc., failed to receive a majority of the votes
cast.
Special
Presentation
Following the meeting, Clark S. Kinlin, executive vice president,
Corning Optical Communications, provided an overview of Corning's
optical solutions and discussed the company's growth opportunities
as demand for data continues to increase. Kinlin told shareholders,
"Global demand for bandwidth is increasing faster than most
networks can keep up with, especially in places like sports
stadiums, apartment buildings and homes, data centers, and office
buildings." He said, "Optical solutions are the best technology for
solving network challenges and Corning is a leader in this
space."
Kinlin noted that this year is the 45th anniversary
of Corning's life-changing invention of optical fiber and told
shareholders that Corning continues to innovate in this area.
"Since we invented optical fiber 45 years ago, we have found ways
to reduce the signal loss of our fiber by 100 times, said Kinlin.
"We've also cut manufacturing costs by half in just the last
decade." He noted that today's optical fiber can transmit the
entire collection of the U.S. Library of Congress from Florida to
London in less than 25 seconds.
Webcast Information
The company hosted a live audio webcast of the 2015 annual meeting
of shareholders in Corning, N.Y., from 11 a.m. to 12:15 p.m. EDT,
April 30, 2015. To access the audio webcast, please go to
www.corning.com/investor_relations, select "Investor Events" in the
left-hand column, and click on "More Information" next to the
archived event. No password is required. The audio webcast
will be archived on the website for one year following the
broadcast.
Presentation of Information in
this News Release
Non-GAAP financial measures are not in accordance with, or an
alternative to, GAAP. Corning's non-GAAP financial measures exclude
the impact of items that are driven by general economic conditions
and events that do not reflect the underlying fundamentals and
trends in the company's operations. The company believes
presenting non-GAAP financial measures assists in analyzing
financial performance without the impact of items that may obscure
trends in the company's underlying performance. Detailed
reconciliations outlining the differences between these non-GAAP
measures and the most directly comparable GAAP measure can be found
on the company's website by going to
www.corning.com/investor_relations and clicking "Financial Reports"
on the left. These reconciliations also accompany this news
release.
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 (www.corning.com) is one of the world's leading innovators
in materials science. For more than 160 years, Corning has applied
its unparalleled expertise in specialty glass, ceramics, and
optical physics to develop products that have created new
industries and transformed people's lives. Corning succeeds through
sustained investment in R&D, a unique combination of material
and process innovation, and close collaboration with customers to
solve tough technology challenges. Corning's businesses and markets
are constantly evolving. Today, Corning's products enable diverse
industries such as consumer electronics, telecommunications,
transportation, and life sciences. They include damage-resistant
cover glass for smartphones and tablets; precision glass for
advanced displays; optical fiber, wireless technologies, and
connectivity solutions for high-speed communications networks;
trusted products that accelerate drug discovery and manufacturing;
and emissions-control products for cars, trucks, and off-road
vehicles.
Media Relations
Contact:
Daniel F.
Collins
(607)
974-4197
collinsdf@corning.com
Investor Relations
Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com
Follow
Corning: RSS
Feeds | Facebook | Twitter | YouTube
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Corning Incorporated via Globenewswire
HUG#1917589
Corning (NYSE:GLW)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Corning (NYSE:GLW)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024