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Corning has reported its GAAP sales went up 6% on year to US$2.5 billion in the second quarter of 2017, with EPS rising sequentailly to reach US$0.42.
Second-quarter GAAP net income came to US$439 million, up 410% from the first quarter’s net income of US$86 million, but down from 80% from the same period of last year.
In the second quarter, Display Technologies reported strong results, with core sales of US$841 million and core earnings of US$240 million, according to Corning. Compared with the first quarter, the LCD glass market and Corning’s volume were up by a low-single digit percentage. LCD glass prices declined moderately, and substantially less than the first quarter.
In the third quarter, the overall LCD glass market and Corning’s volume are expected to increase by a low single-digit percentage sequentially. Sequential glass price declines should be moderate and similar to the second-quarter sequential decline, Corning said.
Specialty Materials’ second-quarter sales rose 27% on year, led by stronger Gorilla Glass shipments, Corning said. For the third quarter, the sales growth rate is expected to increase by a low-to-mid teen percentage.
“We are very pleased with our first-half performance and we remain on track to achieve our Strategy and Capital Allocation Framework goals,” Wendell P Weeks, chairman, CEO and president of Corning, was cited in a companhy press release as saying. “Our focused and cohesive portfolio continues to deliver innovative solutions that help our customers address their toughest challenges. Corning Valor Glass, a remarkable pharmaceutical packaging solution that helps protect patients and improves pharmaceutical manufacturing, is a great example of how we work with industry leaders like Merck and Pfizer to create breakthrough innovations.”
Corning’s Strategy and Capital Allocation Framework defines the company’s leadership priorities through 2019. The framework is designed to create significant value for shareholders by focusing the company’s portfolio and leveraging its financial strength. Corning said it has made significant progress on its goal to return more than US$12.5 billion to shareholders through 2019.
In the second quarter, the company returned nearly US$800 million through dividends and share buybacks. Since the framework was announced in October 2015, the company has returned US$7.4 billion to shareholders. Corning is also investing about US$10 billion in growth and sustained leadership.
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