Corning Incorporated (NYSE: GLW) yesterday announced what the company called “strong financial results” for the third quarter ended September 30, 2020.
“We had a very strong quarter financially and operationally,” Wendell Weeks, company chairman and CEO said. “Sales and operating income grew on improving demand and commercialization of our innovations. In all the industries we serve, important market trends are offering new opportunities that we’re uniquely qualified to address, and we’re supporting our customers with more Corning content for the products that people already buy. While our markets continue to flash green,” Weeks said, “we remain vigilant in our actions to safeguard the company’s financial strength. Operationally, we’re keeping a tight focus on cost and manufacturing execution.”
The report highlighted Corning’s “advanced significant 5G innovations to help operators expand and densify networks,” citing work with Verizon. The company said its enabling 5G mmWave deployments for retail stores, hospitals, manufacturing plants, and other indoor deployments. Corning also launched its Evolv™ 5G-ready connectivity solutions, which the firm says help operators speed deployment, reduce cost, and pack more fibers into tight spaces, Inside Towers reported. GAAP and core sales were $3 billion.
Innovation adoption drove Specialty Materials sales up 23 percent year over year despite a declining smartphone market. Apple’s iPhone 12 launch highlighted Corning’s invention of the world’s first transparent, color-free glass-ceramic. Apple and Corning partnered to develop and scale manufacturing of Ceramic Shield, which offers unparalleled durability and toughness. Additionally, Samsung selected Corning® Gorilla® Glass Victus™, “the toughest Gorilla Glass yet” the company said, for its Galaxy Note20 Ultra.