Corning Inc. recently announced its results for the fourth quarter and full year 2010. Fourth quarter sales were $1.77 billion, a 10% sequential increase and a 15% rise over last year’s fourth quarter. Display Technologies’ wholly owned business glass volume increased almost 20% sequentially. Volume at Samsung Corning Precision Materials Co., Ltd. (SCP), declined by almost 15% sequentially. The company’s total glass volume, which includes its wholly owned business and SCP, was down slightly sequentially. Specialty Materials sales increased 24% sequentially and 79% year-over-year, driven by very strong sales in Corning® Gorilla® Glass and continued strong performance in advanced optics.
2010 sales were $6.6 billion, a 23% increase over $5.4 billion a year ago, with each of the company’s business segments growing year over year. Gross margin percentage improved to 46% from 39%; earnings per share were $2.25, a 76% increase over last year.
“This past year was one of the most successful in the company’s 160-year history,” said Wendell P. Weeks, chairman, CEO and president. “Back in February, we said that our goal was to emerge from the recession as a stronger, more profitable company. I believe we have accomplished this. We achieved excellent financial results with strong sales growth and net profit improvement in each of our businesses. We substantially grew our cash position and saw the emergence of a significant new opportunity with Corning Gorilla Glass.”
For more information, visit www.corning.com