Corning Sales Strong in 2017 Second Quarter
Corning’s net sales reached nearly $2.5 billion in the 2017 second quarter, an increase of 6% compared to the prior year’s second quarter and 5% over the 2017 first quarter.
Corning, Inc. recently released its financial results for the second quarter of 2017. Net sales reached nearly $2.5 billion in the 2017 second quarter, an increase of 6% compared to the prior year’s second quarter and 5% over the 2017 first quarter.
“We are very pleased with our first-half performance, and we remain on track to achieve our Strategy and Capital Allocation Framework goals,” said Wendell P. Weeks, chairman, CEO and president. “Our focused and cohesive portfolio continues to deliver innovative solutions that help our customers address their toughest challenges.”
In the second quarter, Display Technologies reported strong results, with core sales of $841 million and core earnings of $240 million. Compared with the first quarter, the LCD glass market and Corning’s volume were up by a low-single-digit percentage. LCD glass prices declined moderately, and substantially less than the first quarter.
In the third quarter, the overall LCD glass market and Corning’s volume are expected to increase by a low-single-digit percentage sequentially. Sequential glass price declines should be moderate and similar to the second quarter’s sequential decline.
“For the year, we anticipate glass demand will be up by a mid-single-digit percentage, in line with the overall market,” said Tony Tripeny, senior vice president and chief financial officer. “We expect glass prices to decline 10% or less this year.”
Optical Communications sales in the second quarter rose 13% year over year, driven by continued strong demand in the North American fiber-to-the-home market. In the third quarter, sales are expected to be up more than 10% on a year-over-year basis.
In Environmental Technologies, second quarter sales increased 2% year over year, led by worldwide growth in the automotive market and additional business wins. For the third quarter, sales are expected to increase by a low-single-digit percentage compared to the same period a year ago.
Specialty Materials’ second quarter segment sales rose 27% year over year, led by stronger Gorilla Glass shipments. For the third quarter, the sales growth rate is expected to increase by a low-to-mid-teen percentage.
In Life Sciences, second quarter 2017 sales increased $6 million on a year-over-year basis. For the third quarter, sales are expected to grow by a low-single-digit percentage on a year-over-year basis.
“Our strong first half performance gives us confidence that we will meet our full-year business objectives,” Tripeny said. “Our portfolio includes five very powerful market-access platforms, and we are beating our competition in each. Our commitment to innovation and lowest-cost manufacturing gives us a significant competitive edge. And we continue to demonstrate that we are successfully leveraging our strong customer relationships across all of our platforms.”
For more information, visit www.corning.com.