Corning expects show glass value declines to proceed enhancing in 2019, with the corporate’s first-quarter revenues and web revenue from the phase recording double-digit growths – 10% and 12% respectively – from year-ago ranges.
The firm mentioned sequential glass value declines had been reasonable and probably the most favorable first quarter in nicely over a decade. Second-quarter sequential value declines are anticipated to stay reasonable, and full-year 2019 value declines are anticipated to enhance additional to a mid-single digit proportion, higher than that in 2018, Corning mentioned because it reported sturdy outcomes for its total first-quarter enterprise.
Corning expects the 2019 show glass market quantity to extend by a mid-single digit proportion yr over yr, and the corporate’s personal show glass quantity will develop sooner than the market, pushed by the ramp of its 10.5G facility manufacturing.
Croning reported GAAP gross sales of US$2.eight billion for the primary quarter, up 12% on yr however down 7% sequentially. GAPP web revenue for the quarter got here to US$499 million, up 71% from the earlier quarter’s US$292 million. Corning noticed web lack of US$589 million in first-quarter 2018.
“We built on our 2018 momentum by delivering double-digit sales and earnings growth in the first quarter. Our investments in product development and manufacturing capacity delivered sales and profit growth in all our markets, and we’re confident that Corning is positioned to create additional value,” mentioned Wendell P Weeks, chairman, chief government officer, and president of the corporate.
For its show glass enterprise, web gross sales got here to US$818 million within the first quarter, in comparison with US$899 million in fourth-quarter 2018 and US$745 million in first-quarter 2018.
First-quarter 2019 web revenue for the phase arrived at US$208 million, in comparison with US$240 million for fourth-quarter 2018 and US$185 million for first-quarter 2018.
For its specialty supplies phase, which incorporates its Gorilla Glass merchandise, first-quarter gross sales had been US$309 million, up 11% yr over yr, pushed by continued sturdy demand for its portfolio of cellular client electronics glass options, based on Corning. Net revenue for the phase grew 7% yr over yr.
Corning expects the specialty supplies enterprise to develop gross sales yr over yr in 2019.
