2014 in Review

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Corning 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.

Financial Highlights

2014 Annual Report Excerpt

To Our Shareholders,

To Our Shareholders,

Corning has certainly come a long way since January 2012 when we declared our mandate to “March Up” in response to a decline in net income that began the prior year.

In 2014, we delivered our ninth consecutive quarter of core year-over-year earnings-per-share growth, along with the highest sales in Coring's history. We successfully completed the acquisition of Samsung Corning Precision Materials (now Corning PrecisionMaterials). We launched new products and advanced innovation programs across our businesses. And we returned cash to shareholders through dividend increases and share repurchases.

Thanks to outstanding execution by our 35,000 employees across the globe, Corning has entered 2015 as a bigger, stronger, and more agile company. We are financially healthy,we have multiple businesses driving our growth, and we are capturing exciting new opportunities to apply our materials and process expertise to solve tough technology challenges.
Coring's 2014 performance proves once again that this company is built to survive difficult times and emerge as a better version of itself. Our results also demonstrate that you can count on us to do what we say we’re going to do.

Strong Financial and Operational Performance

In last year’s letter, I said that after effectively stabilizing the company, we would shift our focus to growth. We honored that commitment. In 2014, we delivered record core sales of more than $10 billion; we increased sales in all our businesses; we grew core earnings per share each quarter; and we generated strong free cash flow. Along the way, we maintained a strong balance sheet, which helps ensure we have the stability to weather difficult times when they come.