Corning Inc. (NYSE: GLW) reported its financial results for the quarter ended March 31, 2020 today.
Corning slipped to a loss in the first quarter of 2020 from a profit last year, due to non-cash charges related to capacity realignment and cash severance payments. Given the economic uncertainty and disruption created by COVID-19, the company is withdrawing its full-year 2020 guidance.
The company said it is adjusting its operating plan to reduce costs and capital spending. Corning expects to maintain a strong cash balance and generate positive free cash flow for the year as it has essentially no debt coming due over the next two years. The company plans to maintain its dividend and has paused share buybacks.
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