LCD glass volume to remain strong 2010 LCD glass market expected to grow 15%
CORNING, N.Y., October 26, 2009 – Corning Incorporated (NYSE:GLW) today announced. Its results for the third quarter of 2009, as well as its expectations for the remainder of the year.
Third-Quarter Highlights
Sales were $1.5 billion, up 6% sequentially. Earnings per share were $0.41. Excluding special items, EPS was $0.42*, a sequential gain of 8%. Display Technologies combined glass volume, including Corning’s wholly owned business and Samsung Corning Precision Glass Co., Ltd. (SCP), increased 4% over a very strong second quarter. Volume in the company’s wholly owned business was consistent with the second quarter, while SCP’s volume increased 7%. Glass pricing was comparable to the previous quarter. The company’s gross margin for the quarter was 41%. Equity earnings were $418 million, an increase of 16% over last quarter, and an all-time record for Corning. Corning completed the acquisition of Axygen Bioscience, Inc. for approximately $410 million.
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