Weeks: "I truly believe that Corning's
future has never been brighter"
CORNING, N.Y.; MAY 2, 2019 - 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 results,
returned cash to shareholders, and launched new products that
extend our track record of innovation. Most importantly, we have
continued to live the values that make Corning such a special
company," Weeks said.
2018 Performance and 2019
First-Quarter Results
Weeks began by briefly reviewing Corning's 2018
performance. Highlights include:
- Earned 518 U.S. patents, strengthening the
company's leadership in glass, ceramics, optical physics, and
proprietary manufacturing technology;
- Introduced Corning® Gorilla® Glass 6;
- Passed more than 45 million homes globally with
fiber-to-the-home solutions;
- Exceeded $50 million in sales of gasoline
particulate filters; and
- Continued to grow faster than the market in Life
Sciences Vessels, driven by innovative products for bioprocessing
and cell therapy.
Weeks acknowledged that all of Corning's
businesses contributed to strong financial results in 2018. He told
shareholders that Tuesday's first-quarter results provided an
excellent start to Corning's strong full-year 2019 performance
expectations, adding that Corning has a robust set of opportunities
in diverse markets.
Weeks also told shareholders, "How we do things is
as important as what we achieve." He shared several examples of how
the company is living its values, including earning its sixth
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 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 are extremely pleased with our execution,"
Weeks said. In February, the company announced an 11% increase to
its quarterly dividend. And in more than three years, Corning has
returned $12.3 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: "I truly believe that Corning's
future has never been brighter. We have multiple businesses driving
our growth. We have best-in-the-world capabilities that are
becoming increasingly vital. We have relationships with
industry-leading customers that continue to unlock new
opportunities. We have a proven track record of delivering results.
And we have more than 50,000 employees committed to making the
company stronger and the world better."
Formal Business
During the meeting's formal business, shareholders re-elected the
following 14 directors to one-year terms: Donald W. Blair, 61;
Leslie A. Brun, 66; Stephanie A. Burns, 64; John A. Canning Jr.,
74; Richard T. Clark, 73; Robert F. Cummings, Jr., 69; Deborah A.
Henretta, 58; Daniel P. Huttenlocher, 60; Kurt M. Landgraf, 72;
Kevin J. Martin, 52; Deborah D. Rieman, 69; Hansel E. Tookes II,
71; Wendell P. Weeks, 59; and Mark S. Wrighton, 69. Shareholders
also approved the 2018 compensation of the company's executives
named in its proxy statement ("Say on Pay"), ratified the
appointment of PricewaterhouseCoopers as the company's independent
registered public accounting firm for 2019 and approved the 2019
Equity Plan for Non-Employee Directors.
Special
Presentation
Following the meeting, Dr. Richard Eglen, vice president and
general manager, Corning Life Sciences, presented how customers are
using Corning's innovative technologies and products to drive
advancements in cell and gene therapy, bioprocess, and drug
discovery.
Webcast Information
The company will host a live webcast of the 2019 annual meeting of
shareholders in Corning, New York, from 11 a.m. to 12:15 p.m. EDT,
May 2, 2019. 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.
Caution Concerning
Forward-Looking Statements
The statements contained in this release that are
not historical facts or information and contain words such as
"will," "believe," "anticipate," "expect," "intend," "plan,"
"seek," "see," "would," and "target" and similar expressions are
forward-looking statements. These forward-looking statements are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and include estimates and
assumptions related to economic, competitive and legislative
developments. Such statements relate to future events that by their
nature address matters that are, to different degrees,
uncertain. These estimates are subject to change and
uncertainty which are, in many instances, beyond our control. There
can be no assurance that future developments will be in accordance
with management's expectations. Actual results could differ
materially from those expected by us, depending on the outcome of
various factors. We do not undertake to update forward-looking
statements.
Some of the risks, uncertainties and other factors
that could cause actual results to differ materially from those
expressed in or implied by the forward-looking statements include,
but are not limited to: the effects of acquisitions, dispositions
and other similar transactions, 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, 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;
the impacts of audits by taxing authorities; 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.
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 West Corporation on behalf of West
Corporation 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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