Tuesday, July 29, 2008

Corning Announces $1 Billion Stock Repurchase Plan

Corning's board of directors and executive committee have approved the repurchase of up to $1 billion of common stock between now and the end of 2009. This is in addition to last year's $500 million repurchase authorization of which $125 million remains.

Separately, Corning reported Q2 sales of $1.69 billion, up 19% year over year. Earnings per share were $2.01, including a $2.429 billion net special gain primarily related to the release of U.S. deferred tax asset valuation allowances.

Telecommunications segment sales in the second quarter were $477 million, a 13% sequential increase and a 9% increase over a year ago. The increase was driven by strong fiber-to-the-premises demand as well as overall strength in optical fiber sales.http://www.corning.com