Corning Incorporated (NYSE: GLW) today announced that its Board of Directors has authorized a new $2 billion share repurchase program of the company’s common stock. The program will expire on December 31, 2016. The board also declared a quarterly dividend on the company’s common stock of $0.12 per share, payable on September 30, 2015, to holders of record on August 31, 2015.
“We remain confident that Corning’s long-term business prospects remain strong. And this allows us to continue enhancing value to our shareholders with another stock repurchase plan,” Wendell P. Weeks, chairman, chief executive officer and president, said.
“Our repurchases demonstrate not only our continuing commitment to return cash to shareholders, but also our belief that Corning’s valuation is greater than the current share price,” said James B. Flaws, vice chairman and chief financial officer.
“Today’s action furthers our ongoing commitment to share the company’s success directly with our shareholders while also continuing to make strategic investments in the company’s growth portfolio,” Flaws noted. Since October of 2011, Corning’s board has approved five separate share repurchase programs totaling $9 billion.
Forward-Looking and Cautionary Statements
This press release contains “forward-looking statements” (within the meaning of the Private Securities Litigation Reform Act of 1995), which are based on current expectations and assumptions about Corning’s financial results and business operations, that involve substantial risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include: the effect of global political, economic and business conditions; conditions in the financial and credit markets; currency fluctuations; tax rates; product demand and industry capacity; competition; reliance on a concentrated customer base; manufacturing efficiencies; cost reductions; availability of critical components and materials; new product commercialization; pricing fluctuations and changes in the mix of sales between premium and non-premium products; new plant start-up or restructuring costs; possible disruption in commercial activities due to terrorist activity, armed conflict, political or financial instability, natural disasters, adverse weather conditions, or major health concerns; adequacy of insurance; equity company activities; acquisition and divestiture activities; the level of excess or obsolete inventory; the rate of technology change; the ability to enforce patents; product and components performance issues; retention of key personnel; stock price fluctuations; and adverse litigation or regulatory developments. These and other risk factors are detailed in Corning’s filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the day that they are made, and Corning undertakes no obligation to update them in light of new information or future events.
About Corning Incorporated
Corning (www.corning.com) is one of the world’s leading innovators in materials science. For more than 160 years, Corning has applied its unparalleled expertise in specialty glass, ceramics, and optical physics to develop products that have created new industries and transformed people’s lives. Corning succeeds through sustained investment in R&D, a unique combination of material and process innovation, and close collaboration with customers to solve tough technology challenges. Corning’s businesses and markets are constantly evolving. Today, Corning’s products enable diverse industries such as consumer electronics, telecommunications, transportation, and life sciences. They include damage-resistant cover glass for smartphones and tablets; precision glass for advanced displays; optical fiber, wireless technologies, and connectivity solutions for high-speed communications networks; trusted products that accelerate drug discovery and manufacturing; and emissions-control products for cars, trucks, and off-road vehicles.