Corning Provides Financial Update at Citi 2020 Global Technology Conference
September 09 2020 - 7:15AM
Corning Incorporated (NYSE:GLW) Chief Financial Officer Tony
Tripeny and Chief Strategy Officer Jeff Evenson will address
investors during a fireside chat followed by a question-and-answer
session at the Citi 2020 Global Technology Conference Wednesday.
A financial update about the company’s expected performance in
the third quarter will be provided. Highlights include:
- Third-quarter sales are expected to grow by a low-teen
percentage sequentially.
- Profitability growth is expected to outpace sales growth as the
company’s cost-control efforts enhance operating
leverage.
- The company remains on track for positive free cash flow for
the year.
Tripeny will tell conference attendees, “I’m pleased to share
that the positive momentum seen in July has continued, and we
expect third-quarter sequential sales growth in the low teens,
higher than the current consensus estimate of high-single
digits.
“Our decisive actions and strong execution are driving our
results. We’re delivering for our customers, outperforming our
markets, and preserving our financial strength,” Tripeny will
expand. “Looking ahead, our underlying growth drivers are intact.
We’re confident Corning is positioned to come back stronger than
ever.”
Corning’s presentation to investors will be available via
webcast by accessing the investor events calendar on Corning’s
Investor Relations web site at
www.corning.com/investor_relations.
Forward-Looking and Cautionary Statements
This 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 duration and severity of the recent COVID-19
(coronavirus) outbreak, and its ultimate impact across our
businesses on demand, operations and our global supply chains; 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
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 169-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 mobile consumer electronics,
optical communications, automotive technologies, life sciences
technologies, and display technologies.
Corning Media Relations
Contacts:
Corning Investor Relations Contact:Gabrielle
Bailey
Ann H.S. Nicholson(607)
974-6394
(607) 974-6716
baileygr@corning.com
nicholsoas@corning.com
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