|Corning Inc. nears $10B sales goal|
Jeff Murray, email@example.com | @SGJeffMurray 4:15 p.m. EST January 27, 2015
Corning Inc. businesses performed well last year, according to numbers released by the company Tuesday.
Corning Inc. saw growth across the company in the fourth quarter and throughout 2014, according to sales and earnings figures released Tuesday.
Net sales were up 23 percent in the fourth quarter and net income was up 135 percent, according to Corning Inc.
For the entire year, net sales were up 24 percent and net income grew by 26 percent.
Company officials were most excited about sales numbers. Computed using Generally Accepted Accounting Principles, or GAAP, those sales totaled $9.7 billion.
Using figures that are adjusted to exclude the impact of changes in Japanese yen and Korean won foreign exchange rates, as well as other items that do not reflect ongoing operations of the company, that number is $10.2 billion.
Both numbers are milestones for Corning Inc.
"Our GAAP sales are still a record. We've never been close to $10 billion before," said Tony Tripeny, Corning Inc. vice president and corporate controller.
"We had a great fourth quarter. We ended up finishing with a really strong year. Every quarter was better than the comparable quarter of 2013. We feel this sets us up really well for 2015."
Earnings per share were 70 cents in the fourth quarter and $1.73 over the full year.
Using the adjusted numbers, Corning Inc. provided sales and earning figures for its major businesses:
•Display technologies: Sales were $1.1 billion in the fourth quarter, up 69 percent over 2013. Sales for the year were $4.4 billion, up 63 percent, driven by Corning Precision Materials sales.
•Optical communications: Fourth-quarter sales were $676 million, up 12 percent. Overall annual sales were nearly $2.7 billion, up 14 percent.
•Environmental technologies: Fourth-quarter sales were $250 million, up 5 percent. Annual sales were up 19 percent, driven by higher sales of heavy-duty diesel products.
•Specialty materials: Sales were $319 million in the fourth quarter, up 12 percent. Annual sales were up 3 percent.
•Life sciences: Fourth-quarter sales of $215 million were up 2 percent from a year ago. Sales were up slightly over the full year.
"You'll see a lot more (improvement). We haven't really seen the full benefit of Gorilla Glass 4 yet," said Dan Collins, Corning Inc. vice president of corporate communications.
Gorilla Glass 4, developed at Sullivan Park research facility, was launched in November.
The strong operating and financial performance will mean stability for the 5,200 Corning Inc. employees who work in the region, Tripeny said.
Independent analysts who follow Corning Inc. were also impressed by the company's 2014 performance.
"It's very good news. It more than met our expectations," said Angelo Zino, senior industry analyst with S & P Capital IQ in New York City. "Looking to the first quarter, the glass business is very healthy. Overall these are very good results. I think the outlook is pretty good."
Corning Inc. stock closed at $24.73 on Tuesday, up 82 cents, or 3.4 percent.