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Corning Posts Loss, Sees Optimistic Signs
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Corning Inc. maker of fiber-optic cable, posted a quarterly net loss, but beat Wall Street forecasts thanks to strong demand for liquid crystal display glass panels and automotive technologies.
Corning also said results in the current quarter -- the third quarter -- could exceed analysts' expectations as the telecom sector appears to be stabilizing. Shares rose in after-hours trading.
Before one-time items, the company returned to profit a quarter ahead of its target, thanks partly to growing demand for liquid crystal displays (LCDs) used in laptop computers and flat-panel televisions. Over the past two years, Corning has also cut costs, slashing jobs and selling or closing money-losing units such as some optical components businesses.
"Now that we're halfway through the year, I'm feeling better," Corning Chief Financial Officer James Flaws told Reuters in a telephone interview. "I'm a pretty conservative guy (though), so I'm not spiking any balls yet."
The company has relied on its non-telecom businesses, which account for about half its sales, to keep it afloat as the telecom sector remains weak.
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July 22nd, 2003
Source: Yahoo |
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