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Corning increases dividend, launches buyback

Corning has announced an increase in its quarterly dividend that will be payable on 31 March 2015 to shareholders on record as of 27 February 2015.

Corning has increased its quarterly dividend by 20% to USD 0.12/share, which is good for a 2.2% yield at current levels. The glass giant’s first-quarter dividend will be payable on 31 March 2015 to shareholders on record as of 27 February 2015.
Corning has also authorized a new USD 1.5 billion buyback. It launched a USD 2 billion buyback a year ago, and later used it to strike a USD 1.25 billion accelerated share repurchase deal with Citi.
The announcement comes a day after Corning announced a deal to buy Samsung’s optical fiber/cable unit, a move that bolsters the Asian presence of Corning’s already-sizable optical fiber business. The company’s optical communications sales totalled USD 698 million in Q3, +7% Y/Y and equal to 26% of total revenue.
Shares have rallied following the dividend/buyback announcement, not far from a 52-week high of USD 22.37.

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