Expects its LCD price declines to be much more moderate in 2nd quarter
CORNING, N.Y., April 25, 2012 – Corning Incorporated (NYSE: GLW) today announced its results for the first quarter of 2012.
First-Quarter Summary
- Sales were $1.9 billion, a 2% increase sequentially and consistent with the year-ago quarter.
- Earnings per share were $0.30. Excluding special items, earnings per share were also $0.30,* a 9% sequential and 36% year-over-year decline.
- Display Technologies’ wholly owned business LCD glass volume increased by mid-single digits sequentially and about 10% from the year-ago quarter. Volume at Samsung Corning Precision Materials Co., Ltd. was better than expectations, declining less than 10% sequentially and year over year.
- Telecommunications sales increased 4% sequentially and 7% year over year.
- Specialty Materials sales, which include the highly popular Corning® Gorilla® Glass, grew 21% sequentially and 13% year over year.
- Environmental Technologies sales improved 12% sequentially and 2% year over year.
Quarter One Financial Comparisons
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*These are non-GAAP financial measures. The reconciliation between GAAP and non-GAAP measures is provided in the tables following this news release, as well as on the company’s investor relations website.
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