Corning Second Quarter Sales Rise 11%
Corning Inc. recently announced financial results for the second quarter of 2013. Core sales were $2 billion, an increase of 11% over the same period of 2012. Net sales for the quarter were $2 billion.
Display Technologies segment core sales were $670 million, a 21% increase compared with a year ago, and reportedly stronger than originally anticipated. LCD glass price declines were more moderate than in the first quarter and were within the range the company anticipated. Total glass volume from Corning’s wholly owned business and Samsung Corning Precision Materials Co. Ltd. increased by a mid-single digit percentage sequentially and about 20% on a year-over-year basis. Year-over-year core earnings for the segment increased approximately 11%.
Specialty Materials segment sales grew 17% sequentially to $301 million, reportedly driven by increased sales of Corning® Gorilla® Glass. Segment core earnings grew by approximately 33% over the previous year on strong Gorilla Glass manufacturing performance.
“In Corning’s strong second quarter, we achieved our third consecutive period of year-over-year EPS improvement,” said Wendell P. Weeks, chairman, CEO and president. “For the past 18 months, we have effectively managed our cost structure, brought stability to our LCD glass business, returned to earnings growth, and advanced our new-product portfolio. We are pleased with the progress we are making and believe our strategy is working.”
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