Weeks: "We are confident in Corning's ability to deliver
sustainable growth"
CORNING, N.Y., APRIL 26, 2018 - 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, told the audience that Corning is
strong.
"We have delivered solid financial performance,
strengthened Corning's portfolio with strategic acquisitions, and
advanced key innovation programs. Most importantly, we have
continued to live the Values that make Corning such a special
company," Weeks said.
2017 Performance and 2018
First-Quarter Results
Weeks began by briefly reviewing Corning's 2017 performance.
Highlights include:
- Earned a record 563 U.S. patents;
- Increased the adoption of Corning® Gorilla® Glass
5;
- Recorded the first commercial sales for gasoline
particulate filters;
- Captured new customer opportunities in Corning®
Gorilla® Glass for Automotive;
- Made strategic acquisitions to expand the
company's product portfolio, extend its global reach, and increase
its market access; and
- Introduced Corning Valor® Glass, Corning's
revolutionary new pharmaceutical glass packaging solution that
helps protect patients.
Weeks acknowledged that all of Corning's
businesses contributed to strong financial results in 2017. He told
shareholders that Tuesday's first-quarter results provided a solid
start to Corning's strong full-year performance expectations,
saying that Corning is investing in capacity for growth, and that
he expects to see the benefits of that investment through 2018 and
beyond.
Weeks also told shareholders, "How we do things is
as important as what we achieve." He shared several examples of how
the company was living its Values, including earning its third
Sustained Excellence award and fifth consecutive Energy Star
Partner of the Year award from the U.S. Environmental Protection
Agency.
"I think you'll agree that Corning is not only a
company that delivers strong results, but also one you can be proud
of," he said.
Strategy and Capital Allocation
Framework
Weeks reminded shareholders that as part of the company's Strategy
and Capital Allocation Framework, Corning expects to generate
between $26 billion and $30 billion through 2019. The company is
investing $10 billion to grow and extend its market leadership and
deliver business growth over the long term. Corning also plans to
distribute more than $12.5 billion to shareholders through share
repurchases and annual dividend increases of at least 10%.
"We're making good on that commitment," Weeks
said. In February, the company announced a 16.1% increase to its
quarterly dividend. And in less than three years, Corning has
returned $10 billion to shareholders. Turning to the company's
focused portfolio, Weeks described how Corning was capturing
opportunities across its five market-access platforms.
Weeks concluded: "We are confident in Corning's
ability to deliver sustainable growth. We are also confident that
we can continue doing what Corning does best - transforming
industries, enhancing people's lives, and delivering innovations
that create value for decades."
Formal Business
During the meeting's formal business, shareholders re-elected the
following 13 directors to one-year terms: Donald W. Blair, 60;
Stephanie A. Burns, 63; John A. Canning Jr., 73; Richard T. Clark,
72; Robert F. Cummings Jr, 68; Deborah A. Henretta, 56; Daniel P.
Huttenlocher, 59; Kurt M. Landgraf, 71; Kevin J. Martin, 51;
Deborah D. Rieman, 68; Hansel E. Tookes II, 70; Wendell P. Weeks,
58; and Mark S. Wrighton, 68. Shareholders also approved the 2017
compensation of the company's executives named in its proxy
statement ("Say on Pay") and ratified the appointment of
PricewaterhouseCoopers as the company's independent registered
public accounting firm for 2018.
Special
Presentation
Following the meeting, Michael Bell, senior vice president and
general manager, Optical Connectivity Solutions, Corning Optical
Communications, provided an overview of Corning's opportunities in
the optical communications market-access platform. He told
shareholders that because of the increasingly connected world,
"network operators are challenged to keep pace with video,
connected devices, and mobility."
Bell explained that Corning can solve these
problems: "Since mobility is growing, network operators will be
starting to deploy 5G networks. These new networks will have to
carry much higher data rates: up to 10 gigabits per second, over a
distance of 1 kilometer. Optical fiber is necessary to meet that
need." Bell told shareholders that Corning Optical
Communications is on track to reach its goal of $5 billion in
annual sales by 2020.
Webcast Information
The company hosted a live webcast of the 2018 annual meeting of
shareholders in Corning, New York, from 11 a.m. to 12:15 p.m. EDT,
April 26, 2018. To access the webcast, please go to
www.corning.com/investor_relations, select "Events" and click on
"More Information" next to the annual meeting event. No
password is required. The webcast will be archived on the website
for one year.
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 business, financial, economic and
political conditions; tariffs and import duties; currency
fluctuations between the U.S. dollar and other currencies,
primarily the Japanese yen, New Taiwan dollar, euro, Chinese yuan,
and South Korean won; product demand and industry capacity;
competitive products and pricing; availability and costs of
critical components and materials; new product development and
commercialization; order activity and demand from major customers;
the amount and timing of our cash flows and earnings and other
conditions, which may affect our ability to pay our quarterly
dividend at the planned level or to repurchase shares at planned
levels; possible disruption in commercial activities due to
terrorist activity, cyber-attack, armed conflict, political or
financial instability, natural disasters, or major health concerns;
unanticipated disruption to equipment, facilities, IT systems or
operations; effect of regulatory and legal developments; ability to
pace capital spending to anticipated levels of customer demand;
rate of technology change; ability to enforce patents and protect
intellectual property and trade secrets; adverse litigation;
product and components performance issues; retention of key
personnel; customer ability, most notably in the Display
Technologies segment, to maintain profitable operations and obtain
financing to fund their ongoing operations and manufacturing
expansions and pay their receivables when due; loss of significant
customers; changes in tax laws and regulations including the Tax
Cuts and Jobs Act of 2017; and the potential impact of legislation,
government regulations, and other government action and
investigations.
For a complete listing of risks and other factors, please reference
the risk factors and forward-looking statements described in our
annual reports on Form 10-K and quarterly reports on Form 10-Q.
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.
Web Disclosure
In accordance with guidance provided by the SEC regarding the use
of company websites and social media channels to disclose material
information, Corning Incorporated ("Corning") wishes to notify
investors, media, and other interested parties that it uses its
website
(http://www.corning.com/worldwide/en/about-us/news-events.html) to
publish important information about the company, including
information that may be deemed material to investors, or
supplemental to information contained in this or other press
releases. The list of websites and social media channels that the
company uses may be updated on Corning's media and website from
time to time. Corning encourages investors, media, and other
interested parties to review the information Corning may publish
through its website and social media channels as described above,
in addition to the company's SEC filings, press releases,
conference calls, and webcasts.
About Corning
Incorporated
Corning (www.corning.com) is one of the world's leading innovators
in materials science, with a more than 165-year track record of
life-changing inventions. Corning applies its unparalleled
expertise in glass science, ceramic science, and optical physics
along with its deep manufacturing and engineering capabilities to
develop category-defining products that transform industries and
enhance people's lives. Corning succeeds through sustained
investment in RD&E, a unique combination of material and
process innovation, and deep, trust-based relationships with
customers who are global leaders in their industries.
Corning's capabilities are versatile and synergistic, which allows
the company to evolve to meet changing market needs, while also
helping our customers capture new opportunities in dynamic
industries. Today, Corning's markets include optical
communications, mobile consumer electronics, display technology,
automotive, and life sciences vessels. Corning's industry-leading
products include damage-resistant cover glass for mobile devices;
precision glass for advanced displays; optical fiber, wireless
technologies, and connectivity solutions for state-of-the-art
communications networks; trusted products to accelerate drug
discovery and delivery; and clean-air technologies for cars and
trucks.
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
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This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq 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
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