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FOR RELEASE - October 26 , 2021 ● ● Corning Reports Third - Quarter 2021 Results as Sales Reach All - Time High Announcements with AT & T , Jeep , PPG , and Samsung highlight Corning's contributions to significant industry advancements Company on track to reach $ 14 billion in sales and over $ 2 in EPS for 2021 Sales and EPS growth with strong cash generation expected to continue in 2022 CORNING , N.Y. - Corning Incorporated ( NYSE : GLW ) today announced results for the third quarter ended Sept. 30 , 2021 , and provided its outlook for the fourth quarter . ● Core sales and EPS grew 21 % and 30 % year over year , respectively , with free cash flow of $ 0.5 billion Exhibit 99 GAAP and core sales were $ 3.6 billion ; core sales grew 4 % sequentially and 21 % year over year , driven by strong growth in Optical Communications ; GAAP net income was $ 371 million , and core net income was $ 485 million . GAAP EPS was $ 0.43 and core EPS was $ 0.56 ; core EPS increased 6 % sequentially and 30 % year over year . Lower production levels in the automotive industry due to the semiconductor chip shortage reduced sales by approximately $ 40 million and EPS by $ 0.02 . Gross margin expanded 50 basis points sequentially and 70 basis points year over year to 38.3 % , despite a net impact of 150 basis points from supply chain challenges and inflationary headwinds . Free cash flow was $ 497 million for the quarter and $ 1.3 billion for the first nine months of 2021 . For the fourth quarter , orning expects core sales to be in the range of $ 3.5 billion to $ 3.7 billion with core EPS in the range of $ 0.50 to $ 0.55 . Profitability is expected to decline slightly on a sequential basis due to further reductions in automotive industry - related sales and lower Corning® Gorilla® Glass sales following large product launches by customers . Wendell P. Weeks , chairman and chief executive officer , said , “ Strong execution resulted in another outstanding quarter as sales reached an all - time high . For the full year , we are on pace to reach $ 14 billion in sales and over $ 2 in EPS . We are successfully capturing a compelling set of long - term growth opportunities by innovating , extending commercial relationships , and scaling operations to meet robust demand . We are advancing our market leadership and expect to grow again in 2022. " Weeks continued , " Corning has become increasingly vital to multiple industry transformations that are moving the world forward . Key trends continue to converge around our capabilities - and we believe this is just the beginning . Corning's strong position reflects the contributions of our dedicated people as we navigate this period of global disruption . " Tony Tripeny , executive vice president and chief financial officer , said , “ In the third quarter , we continued to execute well in a complex environment . A key driver of that execution was our global supply management and operations teams maintaining a steady supply of raw materials and finding creative shipping strategies . Their actions enabled us to deliver effectively for our customers . At the same time , we incurred additional costs that were elevated by inflation . To help offset these costs , we have price increases underway in all of our businesses . " Tripeny concluded , " As we approach 2022 , we remain focused on driving top - line growth and expanding our margins . We are well positioned to address growing customer demand , deepen our innovation portfolio , and reward shareholders . " Market - Access Platform Highlights During the quarter , Corning continued to build on partnerships with industry leaders such as AT & T , Jeep , PPG , and Samsung and advanced important growth initiatives across its Market - Access Platforms . Optical Communications - Demand on networks is at an all - time high , setting the stage for significant investments by operators to expand network capacity , capability , and access . During the quarter , the company announced a collaboration with AT & T . Corning's capacity expansions will allow AT & T to extend investments in fiber infrastructure , expand U.S. broadband networks , and accelerate 5G deployment . Corning continues to outperform the market . © 2021 Corning Incorporated . All Rights Reserved . 1