Corning Inc. announced its financial results for first quarter 2018 ended March 31, 2018. Net Sales for the Q1 2018 were $2.5 billion, an increase of 5.2%, compared to $2.3 billion in Q1 2017. Net loss was $589 million in the first quarter 2018, compared to a profit of $86 million in the same quarter of 2017. The loss was the result of ‘mark to market’ valuation of its currency hedging contracts.
In this quarter, net Sales showed growth across all segments especially in optical communications, environmental technologies, and life sciences. Display technologies and specialty materials were under-performing segments in Q1 2018 and net sales decreased by 5% (from $782 million to $745 million) and 7% (from $300 million to $270 million) respectively, compared to Q1 2017. The optical communications segment’s net sales were $886 in Q1 2018, an increase of 8%, compared to $818 in Q1 2017. Environmental technologies recorded net sales of $322 million, an increase of 17%, compared to $275 million in the same quarter 2017. Life sciences registered net sales of $232 million, an increase of 10%, compared to $210 million in the same quarter 2017.
Corning cited ‘the best pricing environment in a decade’ for display technologies with the best sequential glass prices for a first quarter since 2010 and the firm expects mid-single digits growth for the year as BOE’s G10.5 demand ramps up in Hefei. Corning is optimistic for good glass prices in Q2.
Corning G10.5 glass – Image:Corning
