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General

Corning to lift dividends by 10%, distribute USD 8-10 bln to shareholders in 2020-2023

Friday 14 June 2019 | 15:42 CET | News

Corning has unveiled its Strategy and Capital Allocation Framework for 2020-2023, with new targets for the future. The latest framework follows the one from 2016-2019, which Corning said will be met. CEO Wendell Weeks explained that, by the end of the year, Corning have returned over USD 12.5 billion to shareholders, while investing USD 11 billion towards extending its leadership and delivering growth. For the years to 2023, the company intends to lift dividends per share by at least 10 percent per year and to buy back shares; it will distribute USD 8-10 billion to shareholders and put about 10-12 billion into RD&E (research and development and engineering), capital and mergers, plus acquisitions. The focus will still go towards organic growth.  

Specifically, Corning will be aiming for a compound annual sales growth of 6-8 percent, driven by organic increases at the company’s market-access platforms. Compound annual growth for the company’s earnings per share will be at 12-15 percent, boosted by strong sales growth, an improved operating market and continued share buybacks. The operating cash flow, before RD&E, is expected at USD 16-18 billion, from 13 billion in 2016-2019. 

By operations, Optical Communications will grow around twice as fast as the passive optical market, driven by 5G and next-generation hyperscale data centres. At Mobile Consumer Electronics, the company said market sales will “continue on a path to doubling, as Corning captures more value per device and wins in new device categories with its Gorilla Glass and other innovations. Display will be stable as price declines remain moderate, television screen sizes continue to increase, and Gen 10.5 plants come on line.



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Categories: General
Companies: Corning
Countries: World
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