Corning Benefits From Pandemic-Fueled Demand, Says CFO
Corning is among tech companies benefiting from coronavirus-fueled demand. Q3 sales in Corning’s specialty materials business were $570 million, up 23% from the 2019 quarter, “in sharp contrast” to declining smartphone shipments, said Chief Financial Officer Tony Tripeny on a…
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Tuesday call (login required). Ceramic Shield cover glass sales to Apple for the iPhone 12 helped drive the increase, he said. Ceramic Shield is exclusive to Apple, said Corning CEO Wendell Weeks. “They helped us develop it” and invested in U.S. manufacturing for it at Corning’s plant in Harrodsburg, Kentucky, he said: “That’s theirs.” Sales in Corning’s display-glass business were $827 million, up 10% sequentially, said Tripeny. “It appears that the impact from COVID-19 has been a positive. In developed markets, consumers are prioritizing in-home entertainment. Globally work and study from home trends are growing.” The glassmaker expects a “really solid” Q4 in notebook PCs and large-screen TVs, said Weeks. “We’re off to a really good start this month.” Corning’s consumer tech business segments “continue to flash green,” he said. “The global uncertainties just remind us to be very humble in our ability to precisely predict the future, and exactly how our customers are going to work their way through this uncertainty.”