Corning (NYSE: GLW) reported Q4 EPS of $0.45, $0.07 better than the analyst estimate of $0.38. Revenue for the quarter came in at $2.5 billion versus the consensus estimate of $2.5 billion.

"

2014 was one of the strongest years in Corning's history," Wendell P. Weeks, chairman, chief executive officer and president, remarked. "Our sales exceeded $10 billion* for the first time in the company's history, with 29% core sales growth, and 22% core earnings improvement from a year ago. We have now produced two full years of quarterly year-over-year earnings growth.

"We started the year with a clear priority to grow sales and earnings. We achieved this with outstanding growth in our Optical Communications and Environmental Technologies segments, and a very successful integration of Corning Precision Materials. We also introduced several new technology innovations in 2014, highlighted by Corning® Gorilla® Glass 4, which launched in November.

"We continued to deliver on our commitment to return cash to shareholders with the 20% increase in the company's stock dividend and the additional $1.5 billion share repurchase program that was announced in December."

Guidance:

"We are entering 2015 with momentum. We are expecting sales growth again this year in Optical Communications and Environmental Technologies. And we anticipate that growing demand for Gorilla Glass will improve the Specialty Materials segment results," Flaws remarked.

"We expect that another strong year of manufacturing process improvements and cost reductions, in combination with sales growth, will deliver overall earnings growth for Corning this year," he noted.

In the first quarter, Corning anticipates LCD glass volume in its Display Technologies segment will be consistent to down slightly on a sequential basis, following a very strong fourth-quarter performance. This is in line with normal seasonality in the business. Quarterly glass price declines are expected to be moderate again.

Optical Communications segment first-quarter core sales are expected to increase by more than 10 percent on a year-over-year basis, as the segment continues its strong overall performance. In the Environmental Technologies segment, core sales are anticipated to be consistent year over year. First-quarter sales for Corning's Life Sciences segment should be comparable to last year's first quarter.

Specialty Materials segment sales are expected to increase by approximately 10 percent versus last year's first-quarter performance, the result of increased Gorilla Glass demand for products launched in the third and fourth quarters of 2014.

For earnings history and earnings-related data on Corning (GLW) click here.