Corning announced a strong fourth quarter, including year-over-year (YoY) sales growth in all businesses, and finished an excellent 2018. It reported full-year GAAP sales of USD 11.3 billion, and full-year GAAP EPS of USD 1.13; 4Q GAAP sales of USD 3.0 billion, and 4Q GAAP EPS of USD 0.32; 2018 core sales of USD 11.4 billion, and core EPS of USD 1.78, both up by 11 percent and 4Q core sales of USD 3.1 billion, up by 15 percent (YoY), and core EPS of USD 0.59, up by 28 percent (YoY).
All businesses delivered full-year sales growth powered by the adoption of innovations and strategic growth investments. Optical communications full-year sales growth of 18 percent for the second consecutive year puts business on pace to exceed sales goal of USD 5 billion in 2020, with continued growth beyond; specialty materials full-year sales growth of 5 percent followed exceptional 2017 growth of 25 percent, driven by adoption of the latest Corning innovations; environmental technologies full-year sales growth accelerated to 17 percent, driven by adoption of gasoline particulate filters (GPFs); display technologies sales grew 4 percent as the company ramped its new Gen 10.5 facility and reached an important milestone of mid-single-digit percentage YoY price declines in the second half; life sciences full-year sales were up 8 percent, as the business continued to outpace market growth.
Wendell P. Weeks
Chairman, CEO, and President,
“For the past 3 years, we have invested for growth through our Strategy and Capital Allocation Framework; the significant benefits of these investments are evident in our financial performance. In 2018, we built new capacity, launched new products, grew sales by more than USD 1 billion, and extended our leadership position in all businesses. We exited the year with strong execution, expanded margins, and great momentum. We expect our momentum to continue with additional growth in 2019 as we successfully deliver our Strategy and Capital Allocation Framework objectives.”