Corning has announced its results for the third quarter of 2010. Sales were $1.6 billion, a 6% sequential decline, but an 8% increase compared to the 2009 third quarter. Earnings per share were $0.50; excluding special items, earnings were $0.51 (non-GAAP), a 12% sequential decline, but a 21% year-over-year increase.
Display Technologies’ combined glass volume, which includes the wholly owned business and Samsung Corning Precision Materials Co. Ltd., declined 8% sequentially (in line with the worldwide glass market) but increased 7% over last year. The Specialty Materials segment sales were $159 million, a 26% increase from the second quarter and a 77% year-over-year improvement. Corning’s Gorilla® glass drove much of the quarter increase, but the segment also saw improved sales in its advanced optics business.
“Nearly all of our businesses had strong performances this past quarter,” said James B. Flaws, vice chairman and CFO. “We are very pleased with the expanding market pull for Corning Gorilla glass, the renewed strength in automotive and diesel emissions control products sales, and the continued demand for fiber-to-the-home and data center solutions from our telecommunications business customers.”
For additional details, visit www.corning.com