Corning Sees 6%-8% Compound Annual Sales Growth 2020 to 2023
June 14 2019 - 9:47AM
Dow Jones News
By Michael Dabaie
Corning Inc. (GLW) said Friday it expects 6% to 8% compound
annual sales growth from 2020 to 2023, primarily driven by organic
growth in its market-access platforms.
Shares rose 2% premarket to $31.93.
The specialty glass and ceramics company set a goal of 12% to
15% compound annual per-share earnings growth, reflecting increased
sales, improved operating margin, and continued share
repurchases.
Corning said it expects $16 billion to $18 billion in total
operating cash flow before research, development, and engineering
from 2020 to 2023, up from the $13 billion expected from 2016 to
2019. Corning said it plans to invest $10 billion to $12 billion in
RD&E, capital and mergers and acquisitions.
Corning said it is targeting shareholder distributions of $8
billion to $10 billion, including 10% in annual dividend
increases.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
June 14, 2019 09:32 ET (13:32 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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