Corning (GLW) Tops Q4 EPS by 2c, Affirms Outlook for Long-Term Growth

Corning (NYSE: GLW) reported Q4 EPS of $0.46, $0.02 better than the analyst estimate of $0.44. Revenue for the quarter came in at $2.85 billion versus the consensus estimate of $2.7 billion.

2020-2023 Strategy & Growth Framework outlook

Corning remains confident in its Strategy & Growth Framework goals. Under the Framework, the company will continue to focus its portfolio and utilize its financial strength to capture significant organic growth and create additional value for shareholders over the next four years. Through 2023, Corning expects to deliver 6% to 8% compound annual sales growth and 12% to 15% compound annual earnings per share growth while investing $10 billion to $12 billion in RD&E, capital and mergers, and acquisitions. The company also plans to expand operating margin and ROIC, and deliver $8 billion to $10 billion to shareholders, including annual dividend per share increases of at least 10%.

“To deliver our Strategy & Growth Framework goals, we expect to add an incremental $3 billion to $4 billion in annual sales and improve profitability by the end of 2023. We are confident in our ability to achieve these goals because we are closely aligned with major growth drivers in each of our Market-Access Platforms, positioning us to create and sell into new product categories. In short, we plan to drive more Corning technologies into the products consumers already buy,” Weeks said. “This provides a mechanism for us to grow – even in challenging environments.”

“We believe the benefits of this approach are already manifesting themselves. In Automotive we grew Environmental sales 16% while car sales were down. In Mobile Consumer Electronics, we grew Specialty Materials sales 8% while smartphone units were down. In Life Sciences, we exceeded industry growth on the strength of new products for cell culture and gene therapy,” Weeks continued.

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

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