Corning CEO Sees Longer Supply Chain Woes; Stock Down After Q3
Corning used to think the inflationary pressures on its businesses were “transitory,” CEO Wendell Weeks said on a Q3 call Tuesday. Conversations with the supply chain and investors have led the company to conclude “this may last longer than we…
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had thought,” he said. “This looks like we could continue to have challenged supply chains through the foreseeable future.” Price increases are “underway” in all Corning businesses to mitigate the impact of “supply chain challenges and inflationary headwinds” that reduced gross margins by 150 basis points year over year, said Chief Financial Officer Tony Tripeny. The stock closed 5.3% lower Tuesday at $36.58.