Corning Result 29/01/2015

Corning Incorporated recorded a fourth quarter net profit of $988 million on turnover of $2.4 billion, which compares with a net profit of $421 million on turnover of $1.9 billion in Q4 of the previous year. Corning’s net profit for the year increased to $2.5 billion from $1.9 billion in 2013, while turnover rose to $9.7 billion from $7.8 billion.

Core sales in the display technologies segment in Q4 were $1.1 billion, a 69% increase year on year, driven by the Corning Precision Materials acquisition. Sustained retail demand for larger LCD television sizes drove stronger-than-expected glass volume in the quarter, while glass pricing declined less than in the third quarter, continuing a trend of moderating declines. 

In the specialty materials segment, core sales were 12% higher YoY at $319 million, stronger than the company anticipated. Corning introduced Gorilla Glass 4 in the fourth quarter amid strong consumer and manufacturer interest in improved mobile device screen-breakage resistance.