Exhibit 99

Corning Reports Third-Quarter 2018 Financial Results and Continued Progress on Strategy and Capital Allocation Framework

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FOR RELEASE –– OCTOBER 23, 2018



Corning Reports Third-Quarter 2018 Financial Results and Continued Progress on Strategy and Capital Allocation Framework



Sales growth of 16%, significant margin expansion, and improved full-year outlook



CORNING, N.Y. — Corning Incorporated (NYSE: GLW) today announced results for its third-quarter 2018 ended Sept. 30, 2018.



News Summary:



“We had an excellent quarter, with 16% sales growth and 28% EPS growth,” said Wendell P. Weeks, chairman, chief executive officer, and president. “These results demonstrate a step change in our earnings power created by investments in innovation and capacity. Our annualized sales run rate now exceeds $12 billion, growth is accelerating, and our margins are expanding. Execution across the company is outstanding.”



Strategy and Capital Allocation Framework Progress

Corning’s Framework outlines the company’s 2016-2019 leadership priorities. Under the Framework, Corning plans to deliver more than $12.5 billion to shareholders while investing $10 billion in growth opportunities. Since the Framework was announced in October 2015, the company has returned $11.4 billion to shareholders, including $542 million in the third quarter.

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Corning Reports Third-Quarter 2018 Financial Results and Continued Progress on Strategy and Capital Allocation Framework

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Corning continues to make excellent progress on its focused portfolio objectives, keeping the company on track to fully achieve its Strategy and Capital Allocation Framework goals. Highlights of the company’s progress include:



Third-Quarter 2018 Results and Comparisons

(In millions, except per-share amounts) 









*Core performance measures are non-GAAP financial measures. The reconciliation between GAAP and non-GAAP measures is provided in the tables following this news release, as well as on the company’s website.

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Corning Reports Third-Quarter 2018 Financial Results and Continued Progress on Strategy and Capital Allocation Framework

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Segment Results and Outlook

“In the third quarter, all businesses delivered excellent results, with year-over-year sales and profit growth in each. We expect very strong performance again for the fourth quarter and full year, and now expect to exceed $11.3 billion in sales for 2018. Having passed an inflection point, we are gaining momentum and plan to build on that going forward,” said Tony Tripeny, senior vice president and chief financial officer. “Putting it all together, we are now seeing our four-year, $10 billion, investment drive growth and extend our leadership. We are also rewarding investors by returning more than $12.5 billion, which compounds the benefit of our future growth for long-term shareholders.”



Display Technologies:





Third-quarter Display Technologies net sales were $852 million and net income was $218 million, both up sequentially and year over year. Corning reached the important milestone of annual display glass price declines improving to a mid-single digit percentage in the third quarter. The company expects the pricing improvement trend to continue in the fourth quarter, and expects its full-year 2019 price declines to further improve from 2018. 



Corning expects fourth-quarter display glass market volume to grow by a low-single-digit percentage sequentially, and full-year glass market volume growth of a mid-single-digit percentage, as television screen size growth continues. The company expects its display glass volume to grow faster than the market in the fourth quarter and the full year, driven by the Gen 10.5 ramp up.



Optical Communications:





Optical Communications third-quarter net sales were up 22% year over year and exceeded $1 billion for the second consecutive quarter. Sales growth was driven by strong demand from both data center and carrier customers, and the acquisition of 3M’s Communication Markets Division. Net income was up 27% year over year, as capital investments yielded clear benefits.



Strong growth is expected to continue in the fourth quarter, as additional capacity ramps, and the company supplies large projects underway at multiple customers in both the carrier and data center businesses. Fourth quarter sales are expected to be up by a low-single digit percentage sequentially, resulting in year-over-year sales growth slightly better than the third quarter. For full-year 2018, sales are expected to increase by a high-teens percentage over last year, with organic growth in the low teens and approximately $200 million in sales from the acquisition of 3M’s Communication Markets Division.

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Corning Reports Third-Quarter 2018 Financial Results and Continued Progress on Strategy and Capital Allocation Framework

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Specialty Materials:





In Specialty Materials, third-quarter net sales were $459 million, up 23% year over year and ahead of company expectations, driven by strong pull for glass innovations. Net income was $116 million, up 35% year over year.



Fourth-quarter sales are expected to be consistent with the fourth quarter of 2017, which was Specialty Materials’ highest sales quarter last year. For the full year, Specialty Materials sales are expected to grow by a mid-single digit percentage year over year, after an exceptionally strong year of 25% growth in 2017.



Environmental Technologies:





Environmental Technologies third-quarter net sales were $331 million, up 19% year over year. Third-quarter net income grew more than sales. Results benefited from volume growth in all product categories as well as strong performance in manufacturing operations.



This strong performance is expected to continue in the fourth quarter, with sales growth up by a high-single digit percentage year over year. For full-year 2018, Environmental Technologies sales are expected to be up by a mid-teens percentage over last year.



Life Sciences:





In Life Sciences, third-quarter 2018 net sales increased 4% and net income grew 20% year over year.



Fourth-quarter sales are expected to grow by a low-to-mid single digit percentage year over year. For the full-year 2018, sales are expected to grow by a mid-to-high single digit percentage over last year, continuing to outpace overall market growth.

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Corning Reports Third-Quarter 2018 Financial Results and Continued Progress on Strategy and Capital Allocation Framework

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Upcoming Investor Events

On Nov. 27, Corning will attend the Credit Suisse Technology, Media, and Telecom Conference in Scottsdale. And, on Dec. 6 Corning will attend the Barclays Global Technology, Media and Telecommunications Conference in San Francisco.



Third-Quarter Conference Call Information

The company will host its third-quarter conference call on Tuesday, Oct. 23, at 8:30 a.m. EDT. To participate, please call toll free (800) 230-1074 or for international access call (612) 234-9960 approximately 10-15 minutes prior to the start of the call. The leader is Ann Nicholson. To listen to a live audio webcast of the call, go to Corning’s investor relations website at investor.corning.com, click on “Events and Presentations” under the “News and Events” tab and select the third-quarter conference call. A webcast replay will be available following the call.



Presentation of Information in this News Release

Non-GAAP financial measures are not in accordance with, or an alternative to, GAAP. Corning’s non-GAAP financial measures exclude the impact of items that are driven by general economic conditions and events that do not reflect the underlying fundamentals and trends in the company’s operations. The company believes presenting non-GAAP financial measures assists in analyzing financial performance without the impact of items that may obscure trends in the company’s underlying performance. Detailed reconciliations outlining the differences between these non-GAAP measures and the most directly comparable GAAP measure can be found on Corning’s investor relations website at investor.corning.com, by clicking “Quarterly Results” under the “Financials” tab. These reconciliations also accompany this news release.



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 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.

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Corning Reports Third-Quarter 2018 Financial Results and Continued Progress on Strategy and Capital Allocation Framework

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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:
M. Elizabeth Dann
(607) 974-4989
dannme@corning.com



Investor Relations Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com











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CORNING INCORPORATED AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited; in millions, except per share amounts)







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CORNING INCORPORATED AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS



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CORNING INCORPORATED AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; in millions)









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CORNING INCORPORATED AND SUBSIDIARY COMPANIES

(Unaudited)



GAAP Earnings per Common Share



The following table sets forth the computation of basic and diluted earnings per common share (in millions, except per share amounts):





Core Earnings per Common Share



The following table sets forth the computation of core basic and core diluted earnings per common share (in millions, except per share amounts):





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Use of Non-GAAP Financial Measures



CORE PERFORMANCE MEASURES

In managing the Company and assessing our financial performance, we adjust certain measures provided by our consolidated financial statements to exclude specific items to arrive at core performance measures.  These items include gains and losses on our translated earnings contracts, acquisition-related costs, certain discrete tax items, restructuring and restructuring-related charges, certain litigation-related expenses, pension mark-to-market adjustments and other items which do not reflect on-going operating results of the Company or our equity affiliates.  Additionally, Corning has adopted the use of constant currency reporting for our Display Technologies and Specialty Materials segments for the Japanese yen, South Korean won, Chinese yuan and New Taiwan dollar currencies.  The Company believes that the use of constant currency reporting allows investors to understand our results without the volatility of currency fluctuations, and reflects the underlying economics of the translated earnings contracts used to mitigate the impact of changes in currency exchange rates on our earnings and cash flows.  Corning also believes that reporting core performance measures provides investors greater transparency to the information used by our management team to make financial and operational decisions. 



These measures are not prepared in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”).  We believe investors should consider these non-GAAP measures in evaluating our results as they are more indicative of our core operating performance and how management evaluates our operational results and trends.  These measures are not, and should not be viewed as a substitute for, GAAP reporting measures.  With respect to the Company’s outlooks for future periods, it is not possible to provide reconciliations for these non-GAAP measures because the Company does not forecast the movement of the Japanese yen, South Korean won, Chinese yuan or New Taiwan dollar against the U.S. dollar, or other items that do not reflect ongoing operations, nor does it forecast items that have not yet occurred or are out of the Company’s control.  As a result, the Company is unable to provide outlook information on a GAAP basis.



For a reconciliation of non-GAAP performance measures to their most directly comparable GAAP financial measure, please see “Reconciliation of Non-GAAP Measures” below.  See “Items which we exclude from GAAP measures to arrive at Core performance measures” for details on core performance measures. 









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CORNING INCORPORATED AND SUBSIDIARY COMPANIES

CORE PERFORMANCE MEASURES

(Unaudited; amounts in millions, except per share amounts)









For a reconciliation of non-GAAP performance measures to their most directly comparable GAAP financial measure, please see “Reconciliation of Non-GAAP Measures” below.  See “Items which we exclude from GAAP measures to arrive at Core performance measures” for details on core performance measures. 













































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CORNING INCORPORATED AND SUBSIDIARY COMPANIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL MEASURE

Three Months Ended September 30, 2018

(Unaudited; amounts in millions, except per share amounts)















(a)Based upon statutory tax rates in the specific jurisdiction for each event.



See Reconciliation of Non-GAAP Financial Measures, “Items which we exclude from GAAP measures to arrive at Core Performance measures” for the descriptions of the footnoted reconciling items.



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CORNING INCORPORATED AND SUBSIDIARY COMPANIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL MEASURE

Three Months Ended September 30, 2017

(Unaudited; amounts in millions, except per share amounts)













(a)Based upon statutory tax rates in the specific jurisdiction for each event.



See Reconciliation of Non-GAAP Financial Measures, “Items which we exclude from GAAP measures to arrive at Core Performance measures” for the descriptions of the footnoted reconciling items.

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CORNING INCORPORATED AND SUBSIDIARY COMPANIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL MEASURE

Nine Months Ended September 30, 2018

(Unaudited; amounts in millions, except per share amounts)







(a)Based upon statutory tax rates in the specific jurisdiction for each event.



See Reconciliation of Non-GAAP Financial Measures, “Items which we exclude from GAAP measures to arrive at Core Performance measures” for the descriptions of the footnoted reconciling items.









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CORNING INCORPORATED AND SUBSIDIARY COMPANIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL MEASURE

Nine Months Ended September 30, 2017

(Unaudited; amounts in millions, except per share amounts)









(a)Based upon statutory tax rates in the specific jurisdiction for each event.



See Reconciliation of Non-GAAP Financial Measures, “Items which we exclude from GAAP measures to arrive at Core Performance measures” for the descriptions of the footnoted reconciling items.

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CORNING INCORPORATED AND SUBSIDIARY COMPANIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL MEASURE

GROSS MARGIN, SELLING, GENERAL AND ADMINISTRATIVE EXPENSES AND RESEARCH, DEVELOPMENT AND ENGINEERING EXPENSES

Three and Nine Months Ended September 30, 2018 and 2017

(Unaudited; amounts in millions)

















See Reconciliation of Non-GAAP Financial Measures, “Items which we exclude from GAAP measures to arrive at Core Performance measures” for the descriptions of the footnoted reconciling items.



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CORNING INCORPORATED AND SUBSIDIARY COMPANIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL MEASURE

ADJUSTED CASH FLOWS FROM OPERATING ACTIVITIES

Three and Nine Months Ended September 30, 2018 and 2017

(Unaudited; amounts in millions)







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Items which we exclude from GAAP measures to arrive at Core performance measures are as follows:













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