Corning 3Q Sales Slightly Up, Expects Lowering Glass Prices In 4Q

Corning yesterday announced third-quarter sales of US$1.28 billion, slightly up on quarter and 8% on year. The company saw gross margin for the third quarter remain strong at 44% and had net income of US$438 million, or US$0.27 per share, Corning said.

Third-quarter sales for Corning's display technologies segment were US$506 million, a 3.5% increase over 2005 third quarter sales of US$489 million. LCD glass substrate volume increased 31% on year in the third quarter, largely offset by price declines and the impact of foreign exchange rates. Quarterly, third-quarter sales increased 10% from second-quarter sales of US$461 million, as volume increases of 16% were offset somewhat by price declines and the impact of foreign exchange rates.

The third-quarter volume from Samsung Corning Precision Glass (SCP), Corning's 50%-owned equity venture that manufactures LCD glass substrates in South Korea, increased 38% on year and 11% on quarter. Equity earnings from SCP were US$135 million, up 18% over last year and up about 2%, compared with the second quarter.

Total LCD glass substrate volume, including both Corning's wholly owned business and SCP, increased 35% on year and 13% on quarter.

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