Corning Announces Second-Quarter Results
Strength seen across all business segments
July 28, 2010 07:13 AM Eastern Daylight Time
CORNING, N.Y.--(EON: Enhanced Online News)--Corning Incorporated (NYSE:GLW) today announced its
results for the second quarter 2010.
Second-Quarter Highlights
l Sales were $1.71 billion, an increase of 10% sequentially and 23% year over year.
l Earnings per share were $0.58, a gain of 12% sequentially and 49% over a year ago.
l Display Technologies’ wholly owned business volume increased more than 10% sequentially and more than
25% year over year. Samsung Corning Precision Materials Co., Ltd. volume was up more than 5% on a
quarterly basis and more than 15% year over year.
l Specialty Materials sales increased 31% sequentially and 77% year over year, the result of very strong
Gorilla® glass sales.
l Gross margin increased to 48% from 47% the previous quarter and by 7 percentage points over last year’s
second quarter.
“We had an exceptional quarter with strong performance across our business segments,” Wendell P. Weeks,
chairman and chief executive officer, said. “We saw global LCD glass volume increases, robust sales performance
across our entire telecommunications product portfolio, and Gorilla glass now being used or designed into more than
200 mobile devices.”
Second-Quarter Segment Results
Sales in the Display Technologies segment were $834 million, increasing 7% sequentially and 24% year over year.
Glass pricing for the quarter was down slightly on a sequential basis. Global LCD TV retail sales remained robust.
Telecommunications segment sales were $441 million, a 21% sequential increase, and much higher than anticipated.
Year-over-year sales increased 4%*, excluding the impact of divestitures. The business saw sequential sales
increases in all products and geographic regions during the quarter. In particular, private networks and new fiber-to-
the-home projects in Canada were significant contributors to the increase.
Quarter Two Financia