Corning authorises $2 billion share buyback program

Corning Inc. has approved spending up to an additional $2 billion to buy back stock through the end of 2016, saying it believes the company’s value is greater than its share price reflects.

The authorisation adds to the company’s current share buyback plan, also set to expire at the end of 2016.

The maker of specialty-glass products, including scratch and crack-resistant Gorilla Glass, which was instrumental in the development of the original iPhone, makes most of its money from the volatile TV-display business.

In the March quarter, the most recent results available, the New York company reported profit rose 35% with core sales increasing 4% to $2.43 billion.

Since October 2011, Corning’s board has approved five separate share repurchase programs for a combined total of $9 billion.

Shares, down nearly 17% this year, rose 1.5% to $19.35 in late trading.