Corning Stock Price, News & Analysis

3D Glass Solutions Inc. has successfully raised an additional $4 million in its extended Series B1 funding round, bringing the total to $24 million. This funding saw participation from Corning, Menlo Microsystems, and Sun Mountain Capital. The financing follows a licensing agreement with Corning for through glass vias technology, enhancing 3DGS's offerings in the semiconductor market. The company aims to supply components for Menlo Microsystems' Ideal Switch™ under a long-term partnership.

Corning announced strong fourth-quarter and full-year results for 2021, with core sales of $3.7 billion and core EPS of $0.54. Full-year core sales grew 23% to over $14 billion, while core EPS rose 49% to $2.07. Free cash flow nearly doubled to $1.8 billion. The company anticipates continued growth in Q1 2022, forecasting core sales of $3.5 to $3.7 billion and core EPS of $0.48 to $0.53. For full-year 2022, Corning expects sales of approximately $15 billion. However, they noted a decrease in gross margin due to inflation and supply issues affecting profitability.

West Pharmaceutical Services (WST) has entered an exclusive supply and technology agreement with Corning (GLW) to enhance injectable drug delivery systems. This multimillion-dollar partnership seeks to expand Corning’s Valor® Glass technology, promoting advanced packaging solutions for the pharmaceutical industry aimed at improving patient safety and access to treatments. The collaboration combines West’s NovaPure® components with Corning’s Valor Glass, optimizing manufacturing processes and regulatory navigation for biopharma producers.

Corning has launched a new 2.0 high-index glass designed for augmented and mixed reality (AR/MR) devices, enhancing optical clarity and field of view. This advanced glass allows manufacturers to create lighter, more efficient headsets, improving user experience with clearer images. The new composition complements existing high-index glasses (1.8 and 1.9) and is part of Corning’s commitment to leading innovation in the AR/MR market. Corning will showcase this product at the SPIE AR | VR | MR event in January 2022.

Corning announced the appointment of Edward Schlesinger as the new executive vice president and CFO, effective February 18, 2022, succeeding retiring CFO Tony Tripeny. Schlesinger, who has been with the company since 2013 and led various finance functions since 2015, brings extensive experience to the role. The transition aligns with Corning's strategy to develop global talent and capitalize on long-term opportunities. Tripeny, who retires after 36 years, has significantly contributed to the company's growth, reinforcing strong relationships with employees and investors.

Corning Incorporated (NYSE: GLW) has launched the Velocity® Vials, designed to enhance the manufacturing efficiency of COVID-19 vaccines by 20% to 50%. These Type I borosilicate vials feature a proprietary coating that improves filling line efficiency, reduces damage during production, and supports a streamlined regulatory process. Corning aims to address supply chain challenges while producing up to 500 million vials annually at its new facility in Durham, North Carolina. This innovation strengthens its role in life sciences and expands its market reach, having supported over 3 billion vaccine doses globally.

Corning Incorporated (GLW) reported a strong Q3 2021 with core sales and EPS growth of 21% and 30% year over year, respectively. Core sales reached $3.6 billion, while GAAP net income was $371 million. Despite challenges from the semiconductor shortage impacting automotive sales, gross margin improved to 38.3%. The company expects core sales in Q4 between $3.5 billion and $3.7 billion and core EPS of $0.50 to $0.55. Corning is on track for $14 billion in sales and over $2 in EPS for 2021, driven by significant partnerships and innovations in multiple sectors.

Corning has declared a quarterly dividend of $0.24 per share on its common stock. This dividend will be payable on December 17, 2021, to shareholders on record as of November 12, 2021. The company emphasized its commitment to maintaining dividend payments, reflecting confidence in its financial stability despite uncertainties in the market. Forward-looking statements indicate potential risks related to global conditions, including the impact of the COVID-19 pandemic and competitive pressures.

Corning (NYSE: GLW) announced a significant collaboration with AT&T (NYSE: T) to enhance fiber infrastructure across the U.S. This partnership includes a $150 million investment in optical cable manufacturing in North Carolina, creating 200 new jobs. The expansion aims to support broadband growth and accelerate 5G deployment. Corning's strategic investments in innovation are anticipated to meet soaring demand for network capacity. This initiative underscores both companies' commitments to American manufacturing and the crucial role of advanced broadband in community development.