Shares in materials science company Corning (NYSE: GLW) rose 24% in 2020, according to data provided by S&P Global Market Intelligence. The year’s performance marks a strong recovery from the lows of March. In a nutshell, Corning’s sales are recovering and the market is pricing in strong growth in 2021.
Despite the ravages to the global economy in 2020, Corning managed to eke out a 2% year-over-year sales increase in the third quarter. It was driven by a 4% increase in display technologies revenue (OLED and LCD displays for televisions, notebooks, and monitors) and a 23% increase in specialty materials (glass and other materials used in smartphones, semiconductors, and general industrial applications). Both factors helped to offset declines in optical communications (fiber optic and cable), environmental technologies, and life sciences.