By Michael Dabaie

Corning Inc. (GLW) on Wednesday said its board approved a new $5 billion share-repurchase authorization.

The company also declared a regular quarterly dividend of 20 cents per share.

Corning said these are initial milestones under its priorities for 2020 to 2023. At the company's Investor Day last month, Corning said it expects to deliver $8 billion to $10 billion in shareholder distributions under its new framework, including an annual dividend increase of at least 10% and share repurchases in the range of $5 billion to $7 billion.

Shares are down 1% to $32.91.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

July 17, 2019 12:03 ET (16:03 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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