Corning Inc. recently announced its results for the fourth quarter and year-end of 2011. Sales were $1.9 billion for the fourth quarter, a decline of 9% sequentially, but a 7% increase year over year. For fiscal 2011, sales were $7.9 billion, a 19% increase over $6.6 billion last year. This reportedly represents a record high annual sales performance for the company.
Display Technologies’ wholly owned business glass volume was reportedly in line with the company’s expectations. Samsung Corning Precision Materials Co. Ltd.’s (SCP) volume was higher than the company’s revised guidance last November. Fourth quarter sales in the Display Technologies segment were $780 million, a decline of 4% sequentially, but a 4% increase compared to a year ago. Glass price declines at both the wholly owned business and SCP were significant.
“This past year was a very successful one for Corning,” said Wendell P. Weeks, chairman, CEO and president. “We had the strongest annual sales performance in our 161-year history. Four of our business segments-Telecommunications, Environmental Technologies, Life Sciences, and Specialty Materials-had excellent performance in 2011. The aggregate sales and net income (before special items) of these segments grew 31% and 136%, respectively. Sales of Corning® Gorilla® Glass almost tripled. Our innovation investments paid off with the introduction of Corning Lotus™ Glass for OLED displays and a new, improved cover glass, Corning Gorilla Glass 2. Our outstanding performance came despite the less-than-robust growth in economies around the world.”
For more information, visit www.corning.com