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MarketScreener Homepage  >  Equities  >  Nyse  >  Corning Incorporated    GLW


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Corning Named 2020 ENERGY STAR® Partner of the Year

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03/31/2020 | 12:01pm EDT

CORNING, N.Y. , March 31, 2020 (GLOBE NEWSWIRE) -- Corning Incorporated (NYSE: GLW) announced on Tuesday that it has been named a 2020 ENERGY STAR® Partner of the Year – Sustained Excellence recipient by the U.S. Environmental Protection Agency (EPA) for continued commitment to energy efficiency.

“We’re honored to be named an ENERGY STAR Partner of the Year for the seventh consecutive year,” said Wendell P. Weeks, Corning’s chairman and chief executive officer. “This is a tremendous accomplishment that illustrates our ongoing commitment to responsible energy management. We’re proud to help create a sustainable future for the company, the communities in which we operate, and the planet we all share.”
Partner of the Year is the EPA’s most prestigious award, with the Sustained Excellence designation reserved for companies achieving Partner of the Year status several years in a row and making continued improvements to their energy management programs. This is Corning’s seventh consecutive year earning Partner of the Year recognition, and its fifth year achieving Sustained Excellence.

“I salute the 2020 ENERGY STAR award winners,” said Anne Idsal, EPA principal deputy assistant administrator for Air and Radiation. “These leaders demonstrate how energy efficiency drives economic competitiveness in tandem with environmental protection.”

Corning is committed to protecting the environment through pioneering innovation and the continuous improvement of its processes, products and services.

Corning launched its Global Energy Management (GEM) program in 2006 to create and execute effective energy strategies. Today, the program has grown to include teams at every Corning facility around the world that implement energy- and water-saving projects.

In its 2020 award application, Corning highlighted:

  • Improving companywide energy productivity by 35% since 2006
  • Investing further in renewable energy, including launching five new solar projects at its facilities in Wujiang and Shanghai, China; Amsterdam, Netherlands; Oneonta, New York; and Asan, Korea
  • Achieving the ENERGY STAR Challenge for Industry at nine additional Corning manufacturing facilities
  • Implementing new energy-efficient innovation processes including a process heat recovery technology and two new furnace technologies in North American plants
  • Hosting the company’s first international Energy Summit in Shanghai, China, with 31 participants representing all Corning businesses in Asia
  • Earning recognition from ENERGY STAR industrial partners as a 2019 Top Project winner for Corning Hickory’s Clean Water Project
  • Providing high-tech equipment to help combat harmful algal blooms (HABs) in the Finger Lakes region of New York state and sponsoring an annual community meeting to educate the public about the impact of HABs
  • Surpassing $550 million in energy savings for the company since 2006

“I’d like to thank our Global Energy Management teams for their hard work and dedication
that has led to our success and recognition with ENERGY STAR,” said Patrick Jackson, director of GEM. “The energy management teams at all Corning facilities continue to look for new and innovative ways to conserve energy and water and utilize renewable energy to improve our carbon footprint.”

Corning is part of a select group of manufacturers among the businesses and organizations earning ENERGY STAR Partner of the Year. For a complete list of 2020 winners and more information about ENERGY STAR’s awards program, visit energystar.gov/awardwinners.

Caution Concerning Forward-Looking Statements
This press release contains “forward-looking statements” (within the meaning of the Private Securities Litigation Reform Act of 1995), which are based on current expectations and assumptions about Corning’s financial results and business operations, that involve substantial risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include: the duration and severity of the recent COVID-19 (coronavirus) outbreak, and its ultimate impact across our businesses on demand, operations and our global supply chains; the effects of acquisitions, dispositions and other similar transactions by the Company, the effect of global business, financial, economic and political conditions; tariffs and import duties; currency fluctuations between the U.S. dollar and other currencies, primarily the Japanese yen, New Taiwan dollar, euro, Chinese yuan, and South Korean won; product demand and industry capacity; competitive products and pricing; availability and costs of critical components and materials; new product development and commercialization; order activity and demand from major customers; the amount and timing of our cash flows and earnings and other conditions, which may affect our ability to pay our quarterly dividend at the planned level or to repurchase shares at planned levels; possible disruption in commercial activities due to terrorist activity, cyber-attack, armed conflict, political or financial instability, natural disasters, or major health concerns; unanticipated disruption to equipment, facilities, IT systems or operations; effect of regulatory and legal developments; ability to pace capital spending to anticipated levels of customer demand; rate of technology change; ability to enforce patents and protect intellectual property and trade secrets; adverse litigation; product and components performance issues; retention of key personnel; customer ability, most notably in the Display Technologies segment, to maintain profitable operations and obtain financing to fund their ongoing operations and manufacturing expansions and pay their receivables when due; loss of significant customers; changes in tax laws and regulations including the Tax Cuts and Jobs Act of 2017; and the potential impact of legislation, government regulations, and other government action and investigations.

For a complete listing of risks and other factors, please reference the risk factors and forward-looking statements described in our annual reports on Form 10-K and quarterly reports on Form 10-Q. Forward-looking statements speak only as of the day that they are made, and Corning undertakes no obligation to update them in light of new information or future events.

Web Disclosure
In accordance with guidance provided by the SEC regarding the use of company websites and social media channels to disclose material information, Corning Incorporated (“Corning”) wishes to notify investors, media, and other interested parties that it uses its website (http://www.corning.com/worldwide/en/about-us/news-events.html) to publish important information about the company, including information that may be deemed material to investors, or supplemental to information contained in this or other press releases. The list of websites and social media channels that the company uses may be updated on Corning’s media and website from time to time. Corning encourages investors, media, and other interested parties to review the information Corning may publish through its website and social media channels as described above, in addition to the company’s SEC filings, press releases, conference calls, and webcasts.

About Corning Incorporated
Corning (www.corning.com) is one of the world's leading innovators in materials science, with a more than 165-year track record of life-changing inventions. Corning applies its unparalleled expertise in glass science, ceramic science, and optical physics along with its deep manufacturing and engineering capabilities to develop category-defining products that transform industries and enhance people's lives. Corning succeeds through sustained investment in RD&E, a unique combination of material and process innovation, and deep, trust-based relationships with customers who are global leaders in their industries.

Corning's capabilities are versatile and synergistic, which allows the company to evolve to meet changing market needs, while also helping our customers capture new opportunities in dynamic industries. Today, Corning's markets include optical communications, mobile consumer electronics, display technology, automotive, and life sciences vessels. Corning's industry-leading products include damage-resistant cover glass for mobile devices; precision glass for advanced displays; optical fiber, wireless technologies, and connectivity solutions for state-of-the-art communications networks; trusted products to accelerate drug discovery and delivery; and clean-air technologies for cars and trucks.

Media Relations Contact:                           
Joe Dunning
(607) 974-5006

M. Elizabeth Dann
(607) 974-4989

Investor Relations Contact:
Ann H.S. Nicholson
(607) 974-6716

Follow CorningRSS Feeds | Facebook | Twitter | YouTube
Related Links: SustainabilityPreservation | Global Energy Management | Corning and ENERGY STAR

© GlobeNewswire 2020
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Financials (USD)
Sales 2020 10 381 M - -
Net income 2020 278 M - -
Net Debt 2020 5 610 M - -
P/E ratio 2020 140x
Yield 2020 3,35%
Capitalization 20 294 M 20 294 M -
EV / Sales 2019
EV / Sales 2020 2,50x
Nbr of Employees 49 500
Free-Float 44,1%
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Mean consensus OUTPERFORM
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Average target price 26,18 $
Last Close Price 26,67 $
Spread / Highest target 27,5%
Spread / Average Target -1,83%
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Wendell P. Weeks Chairman & Chief Executive Officer
Eric S. Musser President & Chief Operating Officer
R. Tony Tripeny Chief Financial Officer & Executive Vice President
David L. Morse Chief Technology Officer & Executive VP
Anne Mullins Chief Information Officer & Senior Vice President
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