Corning Announces Third-Quarter Results

Corning Incorporated (NYSE:GLW) announced on October 29, 2008 results for the third quarter 2008. Third-Quarter Highlights Sales were $1.56 billion, about even with last year’s third quarter.

Earnings per share (EPS) were $0.49; including net special gains of $36 million or $0.03 per share.

Excluding special items, EPS was $0.46,* up 21% over last year’s results, due in part to favorable exchange-rate movements.

Display Technologies’ combined LCD glass volume, including Corning’s wholly owned business and Samsung Corning Precision Glass Co., Ltd. (SCP), was up 2% sequentially and 18% year over year. Volume from Corning’s wholly owned business decreased 10% sequentially and 2% year over year. Samsung Corning Precision’s volume increased 12% sequentially and 38% year over year.

Fourth-Quarter Outlook Summary

Sales are expected in the range of $1.2 billion to $1.3 billion.

EPS before special items are expected in the range of $0.20 to $0.28.*

Combined LCD glass volume is expected to be down in the range of 10% to 20% sequentially, with the wholly owned business down 20% to 30% and SCP down 5% to 15%. Year over year the combined glass volume is expected to decrease by 2% to 13%.

For the full year, combined LCD glass volume growth is expected to be 20% to 22%.

“During the third quarter we experienced the impact of a supply chain correction in our display business. We believe that worsening economic conditions are now affecting retail demand for several of our businesses and that this economic decline may be accelerating in the fourth quarter. In response, we have initiated actions to reduce capital spending, scale back some manufacturing operations, curb the rate of growth in research, development and engineering expenses and reduce overhead to manage costs,” Wendell P. Weeks, chairman and chief executive officer, said. “If business conditions deteriorate further, we will consider additional capacity and operational adjustments,” he added.

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600450 Corning Announces Third-Quarter Results

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