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Corning records strong profits in latest Q4 2021 financial report

By Roland Udvarlaki February 3, 2022, 10:15 am
Corning logo Source: Pocketnow

Corning reported its fourth-quarter and full-year 2021 financial results. The company is best known for its Gorilla Glass screen protectors that cover most smartphones, smartwatches, and laptop displays. The company delivered another quarter of year-over-year growth, with sales reaching $3.7 billion.

Corning reported that its core sales reached $3.7 billion, and the full-year sales grew 23%, surpassing the $14 billion mark. The company expects strong year-over-year growth to continue into the first quarter of 2022, with core sales between $3.5 billion and $3.7 billion. Qualcomm also expects to make $15 billion in 2022, and it projects that sales with improve profitability as the existing contracts increase in price with manufacturers.

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“Corning delivered another strong quarter of year-over-year growth. For full-year 2021, we exceeded $14 billion in sales and $2 in EPS. We nearly doubled free cash flow, increased our dividend by 9%, and reduced outstanding shares by 5% through the resumption of share repurchases. By leveraging our core capabilities and ‘More Corning’ strategy, we are capturing a compelling set of short- and long-term opportunities across our portfolio,” said Wendell P. Weeks, chairman and chief executive officer.

We achieved double-digit ROIC and expanded our operating margin by 230 basis points; however, our gross margin is not where it should be. We are focused on expanding gross margin and expect improvement in 2022 as sales grow and our price actions take hold throughout the year.”

A leak also suggested that the Samsung Galaxy S22 Series may use the brand new, yet unannounced, Gorilla Glass Victus Plus, screen protector. It’s unclear how the new Plus variant would differ from the non-plus model, but it may be more scratch-resistant and more durable than the previous glass. Samsung is expected to sell millions of new Galaxy S22 series, and the move will likely help Corning to keep its momentum and reach the projected sales numbers.

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