Corning (GLW) Reports In-Line Q1 EPS

Corning (NYSE: GLW) reported Q1 EPS of $0.28, in-line with the analyst estimate of $0.28. Revenue for the quarter came in at $2.17 billion versus the consensus estimate of $2.23 billion.

Update on the Strategy and Capital Allocation Framework

Corning continued to deliver on its commitment to focus its portfolio and utilize its financial strength to return more than $10 billion to shareholders and to invest $10 billion in growth and sustained leadership through 2019. In the first quarter, the company announced a 12.5% increase in the quarterly dividend, consistent with its plan to increase the dividend per share by at least 10% annually, and repurchased $751 million of outstanding shares. "Since announcing our new strategy and capital allocation framework last fall, we have returned more than $2 billion to shareholders," Weeks said.

Recently, Corning announced two strategic transactions to advance the company's growth. In January, the company announced a joint venture with Saint-Gobain Sekurit to develop, manufacture, and sell lightweight automotive glazing solutions. The joint venture will use innovative Corning® Gorilla® Glass for Automotive in the laminated window solution. Earlier this month, Corning announced an agreement to acquire Alliance Fiber Optic Products (Nasdaq: AFOP), broadening its access to the high-growth cloud data-center market.

For earnings history and earnings-related data on Corning (GLW) click here.

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