Sharp Focus. Strong Value. Transformative Impact.
Strong operating results and solid progress on value creation give Corning confidence that the company will deliver on its four-year plan, Wendell Weeks, Chairman and CEO, told key investors and analysts at Corning's recent Investor Relations meeting in New York City.
"We are focusing our portfolio and utilizing our financial strength to extend our leadership, drive our growth, and reward our shareholders," Weeks said.
Corning provided an overview and update on the Strategy and Capital Allocation Framework and then went on to detail significant opportunities across the company's market-access platforms. Delivering the presentations along with Weeks were Tony Tripeny, senior vice president and chief financial officer, and Clark Kinlin, executive vice president, Corning Optical Communications.
Framework Positions Corning for Growth
The leadership team emphasized that Corning remains on track with its expectations, reflecting the current strength and growth prospects of the company's businesses.
"We're executing as we said we would," Tripeny said. "And we are confident in our ability to continue to implement and deliver on all aspects of the Framework."
Looking ahead, the company intends to continue returns to shareholders in order to increase yield and reduce shares outstanding, and compound the benefit of investments in the company's focused portfolio.
Members of the senior management team walked through Corning's performance and leadership in its key markets and discussed how the company is positioned to leverage this strength in driving a number of compelling opportunities.
Leaders emphasized that close customer collaboration is driving prospects. These included work with automotive customers to help meet regulatory standards with gas particulate filters; engagement with the company's optical communications customers to address the changing landscape in their market, and cooperation with mobile consumer electronics customers to enhance performance capabilities.
"I can't recall a time when we have had so many rich opportunities in front of us. Corning is proud to be 166 years young, and we're excited about our next 166 years of innovation and independence."
Framework Powers Significant Opportunities
Transforming the way the world connects.
The business's expected revenue growth reflects the company's unique set of optical technologies and economical capacity expansion capabilities that enable it to support the conversion to next-generation networks, and grow significantly faster than the optical markets served.
Mobile Consumer Electronics
Innovating the next generations of thin, tough glass for mobile devices.
Based on its close relationships with customers and joint work with them on compelling new mobile consumer products, Corning expects to capture more value per device, gain share in the emerging markets segment, and innovate to win in new device categories.
Creating richer entertainment experiences through display glass innovation.
The company conveyed continued satisfaction with its position in the display market, while new glass technologies are driving the next round of display innovations and new business opportunities.
Helping to drive the trend toward cleaner, safer, more connected cars.
Corning expects sales growth from its new gas-particulate filter product, while the company is building a significant longer-term sales opportunity in its Gorilla Glass for Automotive business. It's thinner, lighter auto glass solutions that also provide superior optics and multi-touch responsiveness for interior or exterior applications.
Life Sciences Vessels
Delivering solutions that enable life-changing, life-saving medicines.
In addition to its century of innovation in life sciences, Corning plans to continue outperforming the competition. In this initiative, Corning is applying multiple technologies and manufacturing platforms, along with its industry experience, in joint development activities with several major pharmaceutical companies to deliver a potentially life-changing innovation.