Corning Profit Sags, Boosts Forecast For LCD Glass Market

Date: 29 July 2009
Source: The Wall Street Journal
Corning Inc.'s second-quarter income plunged 81% on a year-earlier gain and falling margins, but the company has seen a resurgence in demand for its flat-screen television glass.

Chairman and Chief Executive Wendell Weeks said global LCD television retail sales "continue to be resilient during these challenging economic times," giving the LCD supply chain the confidence to rebuild inventory.He added Corning restarted some of its idled glass-melting capacity to meet increased demand.
 
Mr. Weeks went on to say the company is seeing signs the recession's effect on its businesses may be moderating. "While we do not currently believe another corporatewide downsizing will be necessary, we are looking at specific business unit restructuring needs," he said.
 
Late last month, the company said it had significant demand for its LCD glass, adding it expected second-quarter glass volume to double from the prior quarter. Glass sales had struggled last year as customers reduced inventory.
 
Corning posted income of $611 million, or 39 cents a share, down from $3.21 billion, or $2.01 a share, a year earlier. The prior year's results included a $2.38 billion tax-related gain; excluding that, earnings were 49 cents. Revenue decreased 18% to $1.4 billion.
 
The company again boosted its forecast for LCD glass market volume this year, saying total volume will be about 2.3 billion square feet, or about 15% more than last year, compared with its earlier raised estimate of 2.1 billion to 2.2 billion square feet.

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