Corning Stock Price, News & Analysis

Corning Incorporated (GLW) announced a significant transaction with Samsung Display, involving the repurchase of 35 million common shares, resulting in Samsung retaining a 9% ownership stake. Samsung will convert its preferred shares to 115 million common shares, enhancing Corning's EPS. The repurchase is expected to close in April 2021, reducing Corning's diluted share count by about 4%. This marks the resumption of share buybacks and reflects Samsung's commitment to Corning through at least 2028, underscoring their long-term partnership.

Corning has secured an additional $57 million in funding from the Biomedical Advanced Research and Development Authority (BARDA) to boost domestic glass tubing and vial manufacturing capacity. This initiative aligns with the U.S. government’s COVID-19 response efforts, aiming to accelerate vaccinations. The funding supplements the previous $204 million contract, amounting to a total of $261 million invested in this capacity. Corning is committed to delivering high-quality glass vials crucial for the ongoing vaccination efforts against COVID-19.

Corning announced the appointment of Roger W. Ferguson Jr. to its Board of Directors, effective April 1, 2021. Ferguson, the president and CEO of TIAA, will serve on the Compensation and Nominating and Corporate Governance committees. His extensive experience includes being a former vice chairman of the U.S. Federal Reserve and having held leadership roles at Swiss Re and McKinsey & Company. His appointment aims to strengthen Corning’s governance and strategic decision-making, aligning with the company's growth initiatives.

Corning Incorporated (GLW) announced a quarterly dividend of $0.24 per share, reflecting a 9% increase from the previous $0.22. The dividend will be paid on March 30, 2021, to shareholders recorded by February 26, 2021. CFO Tony Tripeny emphasized the company's strong cash flow and commitment to growth and shareholder rewards, highlighting the board's confidence in Corning's future.

Phoenix Venture Partners LLC (PVP) has successfully closed its latest venture capital fund, PVP III LP, at the end of 2020, which was oversubscribed. The fund attracted sophisticated financial institutions, family offices, and multinational corporations, including Pfizer (PFE) and Corning (GLW). PVP is recognized for its strong returns in Advanced Materials and Device investing, and the new fund aims to invest in innovative startups globally. Managing General Partners expressed satisfaction with the investor interest and commitment amid global challenges.

Corning Incorporated (NYSE: GLW) reported strong Q4 2020 results, achieving 17% year-over-year core sales growth and $948 million in free cash flow. Total GAAP sales reached $3.4 billion with an EPS of $0.28. Core sales were $3.3 billion, a sequential increase of 11% and 17% year over year. The company anticipates continued momentum, projecting first-quarter core sales between $3.0 billion and $3.2 billion. Notable segment growth included 23% in Life Sciences and 19% in Environmental Technologies.

Corning Incorporated (NYSE: GLW) reported strong Q4 2020 results, achieving 17% year-over-year core sales growth, with GAAP sales of $3.4 billion and free cash flow of $948 million. Core earnings per share (EPS) grew 13% year over year to $0.52. Each business segment saw sales increases, particularly Life Sciences and Environmental Technologies, which grew 23% and 17% sequentially. The company anticipates continued momentum in 2021, projecting core sales between $3.0 and $3.2 billion in Q1.

Corning Incorporated and Nippon Paint China have launched an antiviral paint containing Corning Guardiant in China. This product, called Nippon Kid's Odour-Less All In One Interior Emulsion Paint-Anti Bacteria Plus, kills 99.9% of the SARS-CoV-2 virus on surfaces. The paint also effectively kills gram-positive and negative bacteria. This collaboration emphasizes Corning's commitment to innovative materials science. With rigorous testing approved by the EPA, the paint meets high standards for safety and effectiveness. The partnership aims to leverage technology to enhance consumer value during the pandemic.