CORNING, N.Y.--(BUSINESS WIRE)-- Corning Incorporated (NYSE: GLW - News)
today announced its results for the fourth quarter and year-end of 2011.
Fourth-Quarter Highlights
Sales were $1.9 billion, a decline of 9% sequentially, but a 7% increase
year over year.
Earnings per share were $0.31. Excluding special items, earnings per
share were $0.33*, a decline from third-quarter EPS of $0.48 and $0.46 a
year ago.
Display Technologies’ wholly owned business glass volume was in line
with the company’s expectations. Samsung Corning Precision Materials Co.,
Ltd.’s volume was higher than the company’s revised guidance last November.
Telecommunications segment sales declined 13% sequentially as expected,
while improving by 11% year over year.
Full-Year Highlights
Sales were $7.9 billion, a 19% increase over $6.6 billion last year.
This represents a record high annual sales performance for the company.
Each of Corning’s major business segments recorded annual sales gains,
led by Specialty Materials nearly doubling in sales to $1.1 billion, and
Telecommunications improving to $2.1 billion compared to $1.7 billion last
year.
Earnings per share were $1.77, a 21% decline from last year. Excluding
special items, earnings per share were $1.76*, a 15% decline from last year.
Free cash flow for the year was $544 million*.