Corning Affirms Long-Term Growth Outlook - Quick Facts

(RTTNews) - Corning Incorporated (GLW) announced, through 2023, the company expects to deliver 6% to 8% compound annual sales growth and 12% to 15% compound annual earnings per share growth while investing $10 billion to $12 billion in RD&E, capital and mergers, and acquisitions. The company also plans to deliver $8 billion to $10 billion to shareholders, including annual dividend per share increases of at least 10%.

Wendell Weeks, CEO, said: "While our 2019 growth did not meet long-term targets, we once again outperformed our underlying markets and expect to build momentum throughout 2020 that will keep us on track to achieve the goals set forth in our four-year Strategy & Growth Framework. We expect to add an incremental $3 billion to $4 billion in annual sales and improve profitability by the end of 2023."

Fourth-quarter core earnings per share was $0.46 compared to $0.59, last year, a decline of 22%. Net sales were $2.82 billion, down 7% year-on-year.