Solar power EPC corning released the first quarter of 2020 financial results

Caused by COVID - 19 of economic uncertainty and disturbance, the company back to expected in a year in 2020. In response to the outbreak of the challenge, we will continue to focus on three core priority: maintain strong financial strength, to protect our employees and communities and fulfill the commitment to customers.

the board of directors, chairman and chief executive of walter DE wet said: & other; The company will get through this difficult time. Under the guidance of corning values, we systemic and sympathetic to support stakeholders in a variety of ways. We are committed to ensure employees' health, as well as the safety of the community, workplace and satisfy customer needs, contribute to public health and economic recovery. The staff efforts, I felt so proud. ”

　　“ Across three centuries of wind and rain, the company experienced a world war, natural disasters and financial crisis, still struggle. This time, we also have the confidence to overcome the challenges present, maintain financial strength and development prospects. ”

　　“ Like other companies, we have also been new crown outbreak of the global economy and sustained impact the impact of health. Company in the first quarter has adopted various measures to the challenge of the unprecedented, and will be in the second quarter to take more measures to alleviate the impact of the epidemic of company operation. ” Walter DE wet added.

　　“ In the first quarter of this year, our business performance is good. Although COVID - 19 continues to increase, the influence of our strategy has been effectively continue to be implemented. ” Executive vice President and chief financial officer, said Tony Tripeny solar panels, and other It is important that our operations with a strong financial foundation, maintain long-term growth orientation at the same time, according to the situation of the short-term adjustment, & throughout; Tripeny continued. “ In the case of expected sales fell, we are adjusting operational plan, reduce cost and asset expenditures. The next two years, our basic no debt maturity. We expect that this year will remain a strong cash balance, and generate positive free cash flow. We plan to continue to pay dividends and suspended the stock repurchase. We are committed to maintain the company a strong financial strength. ”

show sales of Ministry of Science and Technology in the first quarter to seven. $5. 1 billion and net income of 1. 5. 2 billion dollars. Display glass market in the first quarter sales year-on-year growth in low single digits, solar panels, solar equipment, corning sales dropped low single digits, two data are in line with expectations. Maintain moderate month-on-month price drop.

optical communication department in the first quarter sales of 7. Expected $9. 1 billion, in line with the management. The business will continue to adjust the structure of the cost, solar photovoltaic (pv) network, to match the recent sales.

by automobile manufacturers, the influence of some key market to suspend production environment of science and technology in the first quarter sales fell 12% year on year, lower than expected management. Reduce the impact of the sales of the profitability of the business.

special materials sales of more than expected in the first quarter, three. 5. 2 billion dollars. Thanks to high-end, gorilla glass and innovative products and strong demand for optical products, its sales rose 14%.

life sciences in the first quarter sales of 2. $5. 8 billion, in line with expectations, up 6% from a year earlier. Thanks to sales growth and optimize the production efficiency, solar power network, its net profit up 23%.