Corning Inc. saw significant growth in its auto glass and other glass avenues during its third quarter, according to the company’s financial report and conference call. Core sales were up by 16 percent, while the generally accepted accounting principles (GAAP) were up by 15 percent. Corning also manufactures Gorilla Glass, which can be found in the automotive industry. The glass company is pleased with the overall strength in quarter 3 and aims to finish 2018 strong, according to the company.
“These results demonstrate a steep change in our earnings power created by investments in innovation and capacity. Our annualized sales run rate now exceeds $12 billion, growth is accelerating, and our margins are expanding. Execution across the company is outstanding,” Wendell Weeks, Corning Inc. chairman and CEO, said.
Corning ended the quarter with a 16 percent increase to its core sales, when compared to 2017’s third quarter. The company saw an increase of 60 percent to its GAAP net income compared to the same time in 2017. Corning’s automotive glass division has seen growth by partnering with most European auto makers.
“Our strong alignment with efforts to make cars more connected, efficient, and autonomous resulted in an increased pull for collaboration from leading OEMs, with Corning Gorilla Glass for automotive having been awarded more than 50 platforms globally to date,” Weeks said.
The company’s locations in the Carolinas bounced back after a severe hurricane this quarter.
“Our people worked together and pulled forward after hurricane Florence hit, and how they worked together to increase profits impressed us,” Weeks said.
The company’s representatives claim it has a conservative view on Chinese demand based on current headlines regarding a tariff being put on imported Chinese auto glass.
Corning representatives also see the positive movement the company has taken and expect continued success for the remainder of 2018 and the beginning of 2019.
“Putting it all together, we are now seeing our four-year, $10 billion, investment drive growth and extend our leadership,” Tony Tripeny, Corning Inc. senior vice president and chief financial officer, said.