Corning 3Q Profit Falls But Still Beats Wall Street Forecast As TV Glass Demand Grows

Date: 28 October 2009
Source: Startribune.com
ROCHESTER, N.Y. - Corning Inc. said Monday that demand is rebounding for its flat-screen television glass but the specialty glass maker's third-quarter profit fell 16 percent from a year ago as overall sales slipped.

Both Corning's profit per share and revenue beat Wall Street expectations, however.Retail sales of liquid-crystal-display TVs remained strong worldwide in the third quarter and "this helped pull a significant amount of product through the supply chain," Corning's chief financial officer, James Flaws, said in a conference call with analysts."Arial">"We anticipate the strong retail environment to continue in the fourth quarter" along with a gradual slide in glass prices, Flaws said. "We do not view gradual panel price declines ... as a negative."

Its shares slipped 14 cents to close at $15.51. The stock has traded in a 52-week range of $7.36 to $17.20.

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