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Corning Posts Q121 Revenue of  $3.3B, Display Revenue Up 3% Q/Q  and 15$ Y/Y
 
Corning reported improvements in sales and net income (Y/Y) from all divisions, the company had an increase in freight and logistics costs that reduced profitability by $50m, which they believe will be reduced in 2Q and beyond.  The display segment saw a 3% increase in sales (sequentially), which had negative 1Q sequential results since 2015, so increased utilization at large panel producers had a positive effect.  Y/Y growth for display (up 15%) are less relevance due to 2020’s pandemic reduced revenue.  Specialty Materials, the segment that produces Corning’s cover glass products, saw a 17% sequential decline in sales (up 28% Y/Y), which was a bit better than typical 1Q (sequential) performance over the last few years.
 
Much of Corning’s display related business is seeing positive conditions, that enthusiasm should be tempered by the possibility of component shortages putting caps on display space performance.  Corning has the edge in large panel TV substrate supply, but if panel producers cannot produce due to driver or other component shortages in 2Q, it could mitigate some of that advantage.