Corning Withdraws FY20 Outlook Due To COVID-19 - Quick Facts

(RTTNews) - While reporting its financial results for the first quarter on Tuesday, Corning Inc. (GLW) said it is withdrawing its full-year 2020 guidance due to the economic uncertainty and disruption created by COVID-19.

Tony Tripeny, executive vice president and chief financial officer of Corning said, "Anticipating lower sales, we are adjusting our operating plan to reduce costs and capital spending. We have essentially no debt coming due over the next two years, and we expect to maintain a strong cash balance and generate positive free cash flow for the year. We plan to maintain our dividend and have paused share buybacks."

In response to the pandemic, the company is focusing actions on three core priorities: preserving the financial strength of the company, protecting employees and communities, and delivering on customer commitments.