Corning Incorporated’s (NYSE: GLW) Board of Directors today
declared a quarterly dividend of $0.27 per share, a 12.5% increase
versus the company’s previous quarterly common stock dividend of
$0.24. The dividend will be payable on March 30, 2022, to
shareholders of record on Feb. 28, 2022.
As announced previously, Edward Schlesinger, Corning’s senior
vice president and corporate controller, will assume the role of
chief financial officer on Feb. 18, 2022. Schlesinger commented,
“Today’s dividend announcement reflects Corning’s confidence that
we’re building a solid foundation for the future. We’re making
great progress in all our businesses while delivering consistent
growth and generating strong cash flow. We are well positioned to
invest in the opportunities we see ahead while continuing to reward
our shareholders.”
Schlesinger continued, “Growing dividends is an important
component of our ongoing priorities for disciplined capital
allocation. With this 12.5% increase to the quarterly dividend, we
are again meeting the Strategy & Growth Framework goal of at
least 10% annual increases through 2023."
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.
Although the Company believes that these forward-looking
statements are based upon reasonable assumptions regarding, among
other things, current estimates and forecasts, general economic
conditions, its knowledge of its business, and key performance
indicators that impact the Company, actual results could differ
materially. 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 duration and severity of the COVID-19
pandemic, and its impact across our businesses on demand,
operations, our global supply chains and stock price; our ability
to increase margins through implementation of pricing actions,
operational changes and cost reduction measures; the effects of
acquisitions, dispositions and other similar transactions; global
economic trends, competition and geopolitical risks, or an
escalation of sanctions, tariffs or other trade tensions between
the U.S. and China or other countries, and related impacts on our
businesses' global supply chains and strategies; changes in
macroeconomic and market conditions and market volatility
(including developments and volatility arising from the COVID-19
pandemic), including inflation, interest rates, the value of
securities and other financial assets, precious metals, oil,
natural gas and other commodity prices and exchange rates
(particularly between the U.S. dollar and the Japanese yen, new
Taiwan dollar, euro, Chinese yuan and South Korean won), and the
impact of such changes and volatility on our financial position and
businesses; 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 or our supply chain due to terrorist
activity, cyber-attack, armed conflict, political or financial
instability, natural disasters, international trade disputes or
major health concerns; loss of intellectual property due to theft,
cyber-attack, or disruption to our information technology
infrastructure; unanticipated disruption to our supply chain,
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 to maintain profitable operations and obtain financing to
fund ongoing operations and manufacturing expansions and pay
receivables when due; loss of significant customers; changes in tax
laws and regulations; the impacts of audits by taxing authorities;
and the potential impact of legislation, government regulations,
and other government action and investigations; and other risks
detailed in Corning’s SEC filings.
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
(https://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 170-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
its customers capture new opportunities in dynamic industries.
Today, Corning's markets include optical communications, mobile
consumer electronics, display, automotive, and life sciences.
Media Relations
Contact: Gabrielle
Bailey
(607)
974-6394baileygr@corning.com
Investor Relations Contact:Ann H.S. Nicholson
(607) 974-6716 nicholsoas@corning.com
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