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Corning Third Quarter Sales Jump 30%

October 31, 2011
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Corning Inc. recently announced its results for the third quarter of 2011. Sales were $2.1 billion, an increase of 3% sequentially and 30% year over year. Third quarter net income was $811 million, an increase of 3% compared to $785 million in the same period last year.

Sales in the Display Technologies segment were $815 million, a 7% sequential and 26% year-over-year increase. Specialty Materials segment sales were $299 million, an increase of 6% sequentially and nearly 90% over last year. The business reportedly continues to benefit from strong market acceptance of its cover glass, Corning® Gorilla® Glass, for handheld devices, tablets, and laptop computers.

“We had a very respectable quarter with all of our segments showing double-digit percentage sales growth over last year,” said Wendell P. Weeks, president, chairman and CEO. “Our results were in line with the revised forecast we provided in September, when we first explained that LCD glass volume would be lower than expected as a result of a slowing in panel maker utilization rates and some share loss at SCP.”

For more information, visit www.corning.com.

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