Corning (GLW) traces its origins to a glass business established in 1851. The present corporation was incorporated in the State of New York in December 1936. The Company’s name was changed from Corning Glass Works to Corning Incorporated on April 28, 1989.
Corning is a global, technology-based corporation that operates in five reportable business segments.
- Display Technologies segment manufactures glass substrates for matrix liquid
crystal displays (LCDs).
- Telecommunications segment produces optical fiber and cable, and hardware and equipment products.
- Environmental Technologies segment manufactures ceramic substrates and filter products.
- Specialty Materials segment manufactures products that provide more than 150
material formulations for glass, glass ceramics and fluoride crystals.
- Life Sciences segment is a developer, manufacturer and a global supplier of scientific laboratory products.
Before we get to the valuation we’ll take a look at a few metrics. Revenue has rebounded from a dip in 2009. The TTM gross margin dipped slightly but is still hovering around 10 year highs. On September 8, 2011 the CFO (James Flaws) gave the following insight on the longer term margin outlook at the Citi Technology conference. The information is in the section of their presentation titled, “Path to $10 Billion”.
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