Tuesday, April 30, 2019

Corning's Optical Comm business delivers $1.06B in Q1 sales, up 20% yoy

Corning's Optical Communications division posted first-quarter sales of $1.06 billion, up 20% over the prior year. Net income for the division for the first quarter was up 30% year over year.

Sales growth was driven by data center and carrier business as well as sales from the recently acquired 3M Communication Markets Division.

Corning said its optical communications business remains on track to surpass its goal of $5 billion in 2020 sales, with continued growth beyond.

For full-year 2019, Optical Communications year-over-year sales growth is now expected to be up approximately 10%, revised from the company’s previous expectation of a low-teens percentage. This revision is the result of one major fiber-to-the-home customer shifting its deployment from homes passed to homes connected by one quarter earlier than

Corning expects its Optical Communications business to continue growing faster than the overall market as demand for the company’s fiber, cable, and connectivity solutions remain strong around the world.