Corning Sees Profits in Auto Glass for Q2

Corning Inc. had drastic growth in its auto glass and other glass avenues for its second quarter, according to the company’s financial report. The company even stated its results thus far for 2018 have surpassed their expectations. Its environmental sales increased by 21 percent when compared to results from 2017. Meanwhile Corning saw a spike in its year-over-year optical sales, up by 16 percent with its total sales finishing 9 percent higher than last year. Corning manufactures Gorilla Glass.

“We feel great about both, the back half of 2018 and our long-term opportunities,” Wendell Weeks, Corning Inc. chairman and CEO, said.

3M wasn’t the only milestone for the company so far this year, it made headway in automotive Gorilla Glass. The company said as the automotive industry shifts to more autonomous options, the more its glass will be produced. “…we announced an investment in the Hefei facility that will produce Gorilla Glass parts for automotive interiors. We expect it to be operational in 2019,” Weeks said.

At this point, Corning is expected to earn $11.3 billion in its full-year sales, according to the company’s financial report. Meanwhile, it ended the quarter with a 9 percent increase to its core sales, when compared to 2017’s second quarter, and had an outstanding increase to its net income compared to 2017. The company’s 2017 second quarter net income was $192 million, and this year’s second quarter net income came to $780 million. Corning representatives see the positive movement the company has taken and expect nothing but continued success in the future.

“We expect to see sales and profitability improve significantly in Q3, and we plan to build on that going forward,” Tony Tripeny, Corning Inc. senior vice president and chief financial officer, said.

This article is from glassBYTEs™, the free e-newsletter that covers the latest auto glass industry news. Click HERE to sign up—there is no charge. Interested in a deeper dive? Free subscriptions to Auto Glass Repair and Replacement (AGRR) magazine in print or digital format are available. Subscribe at no charge HERE.

This entry was posted in glassBYTEs Original Story and tagged , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *