코닝은 2016년 165번째 생일을 맞았습니다. 만약 당신이 지난 3세기를 걸쳐 존속하고 있는 회사의 중심에 서 있다면, 당신은 장기적인 견해를 배우게 될 것입니다. 즉, 모든 이해관계자의 이익을 장기적인 관점에서 보호하면서 단기간에 주주들에게 이익을 돌려주는 것을 의미합니다. 이는 다른 말로는 오늘날의 비즈니스를 최적화하면서 미래의 새로운 성장 동력을 창출하는 것입니다. 또한, 경쟁이 치열한 글로벌 마켓에서 지속가능한 성공을 위한 전략적인 선택을 하는 것을 의미합니다.
이것이 바로 코닝 경영 위원회가 2015년 'Strategy and Capital Allocation Framework' 을 발표했을 때 하고 있는 활동과 정확히 일치합니다.
Stakeholders’ assessment of Corning’s 2016 performance will depend on their vantage point. An examination of the year’s financial results reveals core sales that were down slightly from 2015. A broader view shows a company that strengthened its industry leadership and ended the year strong. And the long view reveals strong progress toward the targets Corning said it would achieve within a four-year period.
비록 2016년이 성장한 해는 아니었지만, 몇몇 괄목할만한 성과들을 이룬 한해였습니다. 코닝은 Although 2016 was not a growth year for us, we were extremely pleased with several key achievements. We strengthened Corning’s portfolio with strategic transactions. We advanced major innovation programs. And we returned cash to shareholders through stock buybacks and a double-digit dividend increase. As we look ahead, we are confident in Corning’s ability to deliver sustainable secular growth over the long term.
2016 Financial Results
Before I review our execution against the Framework, here’s a closer look at Corning’s financial performance.
Core sales were $9.7 billion, down 1 percent from 2015, while core earnings were $1.8 billion, down approximately 6 percent year over year. However, core earnings per share of $1.55 were up 11 percent from 2015, driven by share repurchases as part of our strategy to create value for investors.
The first quarter was our weakest, driven by a combination of slow demand in some markets and a short-term execution issue. We told investors our performance would improve as the year progressed, and we delivered on that commitment with strong year-over-year growth in the second half.
- In Display Technologies, volume was up despite a maturing market for LCD televisions and lower-than-expected demand in the IT segment. Core sales were down year over year due to price declines, which exceeded volume growth. However, price declines were more moderate than in 2015, and Corning continues to lead competitors on sales and profitability by a wide margin.
- In Optical Communications, strong demand for fiber-to-the-home technology was offset by problems with a manufacturing software implementation early in the year. We resolved the issue in the second quarter and believe that the sales growth in the third and fourth quarters reflects the true strength of this segment.
- 특수소재 사업부의 실적은 전망치Specialty Materials sales were lower than expected due to weakness in the smartphone and tablet markets. However, the year finished strong, driven by the introduction of new products in the Corning® Gorilla® Glass family.
- 환경제품 사업부의 경우, 승용 배기가스 제어 제품의 실적이 목표치를 선회하여 북미 및 중국용 상용 어플리케이션 실적의 부족분을 매꿨습니다. In Environmental Technologies, record sales of automotive emissions-control products beat expectations and offset anticipated slow sales of products for heavy-duty applications in North America and China.
- 중국내 바이오프로세스 부분의 성장을 바탕으로 생명공학 사업부 실적은 증가했습니다. Life Sciences sales were up, driven by growth in the bioprocess segment and in Greater China.