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Corning Financial Results Show Strength in All Business Segments

August 5, 2010
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Corning Inc. has announced its second quarter 2010 financial results. Sales were $1.71 billion, an increase of 10% sequentially and 23% compared to the same period last year. Earnings per share were $0.58, a gain of 12% sequentially and 49% over a year ago.

The company reported Display Technologies segment sales of $834 million, increasing 7% sequentially and 24% year over year. Glass pricing for the quarter was down slightly on a sequential basis. Global LCD TV retail sales remained robust.

Telecommunications segment sales were $441 million, a 21% sequential increase. Year-over-year sales increased 4%, excluding the impact of divestitures. The business saw sequential sales increases in all products and geographic regions during the quarter. In particular, private networks and new fiber-to-the-home projects in Canada were significant contributors to the increase.

Environmental Technologies segment sales were $184 million, a quarterly decline of 4% from an outstanding first quarter, but an increase of 39% on a year-over-year basis. The quarterly sales decline was due in part to movements in the Euro-vs.-U.S.-dollar exchange rate.

Specialty Materials segment sales reached $126 million, a 31% sequential increase and a 77% year-over-year improvement. The increase was driven by growing Gorilla glass sales, along with increased sales from advanced optics products.

“We had an exceptional quarter, with strong performance across our business segments,” said Wendell P. Weeks, chairman and CEO. “We saw global LCD glass volume increases, robust sales performance across our entire telecommunications product portfolio, and Gorilla glass now being used or designed into more than 200 mobile devices.”

For more information, visit www.corning.com.

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