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Corning 2010 Letter to Shareholder makes interesting reading :

Corning Incorporated had an outstanding year in 2010. We delivered strong financial results including record profits and earnings per share, excluding special items. We commercialized innovative new products across our diverse businesses. We captured important market opportunities in China. And we continued to advance our new business portfolio.
Corning’s strong 2010 performance is the result of tremendous work by our employees, the company’s participation in diversified global markets, and a clear Corporate Strategy Framework that guides us during good times and bad. That strategy is to grow through global innovation, to proactively create stability and balance, and to always live our Values.
Corning’s Management Committee designed this Corporate Strategy Framework to support our mission of another 160 years of innovation and independence, and we use it as the foundation for our annual Operating Priorities.
Corning’s 2010 priorities were to:
* Protect our financial health;
* Improve profitability;
* Invest in the future; and
* Live our Values
These priorities have remained consistent for the past eight years, although the focus has shifted depending on business conditions and market trends. You may recall that we entered 2010 in a position of relative strength after navigating a difficult global recession. However, the recession set us back in terms of overall growth. So we designed our 2010 operating plan with a greater emphasis on growth and revenue generation. The plan included aggressive targets for net income and free cash flow.
We also increased our focus on growth opportunities that leverage Corning’s core competencies in glass research, manufacturing, and engineering to solve new problems — what we refer to as “adjacent innovation.”
So how did we do against these Operating Priorities?

Full annual report can be downloaded from Corning website

Despite good result for the last 5 years and strong strong balance sheet. Corning share price is near 52 weak low. Interesting.

Vested in Corning.

Hi Cyclone,

Do you think that the oversupply in the LCD industry will affect Corning's business? I'm of the opinion that Corning will continue to be one of the market leaders in LCD glass. Its technology will continue to help its customers to make higher spec LCDs while allowing them to be more cost effective. With Sony exiting the business, the lucrative JV with Samsung will put them in a very good position to capture more market share.

The specialty materials division, which includes Gorilla Glass, also turned a profit in 3Q2011. Not sure what was the reason for the losses in the past, perhaps it was due to expenses in ramping up production for Gorilla Glass?

Hope to hear your opinion. Thx!

(Vested in Corning)
The decline in LCD glass demand (if any) should be compensated by other segments growth. Managements strongly believe that they can achieve $10 billion sales in the next few years. As a shareholder, I just sit quietly, see how it pans out.