Corning Announces Quarterly Dividend and New $5 Billion Share Repurchase Authorization
July 17 2019 - 11:20AM
Corning Incorporated (NYSE: GLW) today announced that its board of
directors declared a regular quarterly dividend of $0.20 per share
on the company’s common stock payable on Sept. 30, 2019, to
shareholders of record on Aug. 30, 2019. The board also approved a
new $5 billion share-repurchase authorization effective July 17,
2019.
Today’s actions serve as initial milestones under the priorities
for 2020 to 2023, introduced as Corning’s new Strategy and Growth
Framework at the company’s Investor Day last month. As stated at
that time, Corning expects to deliver $8 billion to $10 billion in
shareholder distributions under the new Framework, including an
annual dividend increase of at least 10% and share repurchases in
the range of $5 billion to $7 billion.
Under the company’s 2016-2019 plan, the Strategy and Capital
Allocation Framework introduced in October 2015, Corning met its
goal of returning more than $12.5 billion to shareholders before
its formal conclusion at the end of 2019. Through June 2019, the
company increased dividends per share by 67% and reduced
outstanding shares by more than 37%.
“Today’s approval of a regular quarterly dividend of $0.20 and a
new $5 billion share-repurchase authorization demonstrates the
board’s commitment to and confidence in Corning’s ability to
continue creating shareholder value well into the future,” said
Tony Tripeny, executive vice president and chief financial
officer.
Caution Concerning Forward-Looking
StatementsThis 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 effects of acquisitions,
dispositions and other similar transactions by the Company, 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 DisclosureIn 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 IncorporatedCorning
(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: M. Elizabeth Dann(607)
974-4989
dannme@corning.com
Investor Relations Contact: Ann H.S.
Nicholson(607) 974-6716nicholsoas@corning.com
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