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Corning has disclosed it is expanding production at its 10.5G LCD glass substrate plants in China to meet stgrong demand for IT and TV applications.
Corning said demand for large-size TVs remains robust, with 75-inch TV sales growing more than 60% in 2020. Corning said 10.5G glass offers the best efficiency in producing large-size TV applications, and its 10.5G lines in Wuhan and Guangzhou in China are expanding production to meet clients' needed.
In Corning's Display Technologies, fourth-quarter sales were US$841 million, up 2% sequentially and 6% on year, and net income was US$217 million, up 11% sequentially and 21% on year. Corning said its glass volume grew by a low-single digit percentage sequentially, and sequential price declines were very moderate, as expected.
Corning's GAAP sales for foruth-quarter 2020 reached US$3.4 billion, up 12% sequentially and 19% on year. Net income for the quarter came to US$252 million, dropping 42% sequentially.
GAPP sales for full-year 2020 arrived at US$11.3 billion, representing a 2% decline compared to 2019, with net profit for last year reaching US$512 million, down 47% annually, according to the company.
"We delivered outstanding fourth-quarter results, as each of our businesses grew sales and profits year over year," said Wendell P Weeks, chairman and CEO of Corning. "2020 was an incredibly difficult year as the world dealt with the pandemic, economic uncertainty, and social unrest. Throughout the year, we focused on serving our customers, executing our strategic priorities, and protecting our people. We gained sales-growth momentum, expanded margins in the second half, and generated significant free cash flow."
Tony Tripeny, executive vice president and CFO of the company said that Corning expects on-year growth to accelerate in the first quarter of 2021.