Corning Reports Strong Third-Quarter Earnings

Corning Incorporated announced results for the third quarter of 2007. Third-Quarter Highlights - Sales reached $1.55 billion, up 21% year-over-year. - Earnings per share (both GAAP and non-GAAP) were $0.38, better than the company’s guidance of $0.34 to $0.37 and significantly better than last year. - Display Technologies’ glass volume increased 15% and Samsung Corning  - Precision’s volume increased 14% compared to quarter two.

Price declines in the quarter were in line with previous quarters.

- Sequentially, telecommunications sales increased 8% (10%* excluding the impact of the divestiture of the company’s submarine cabling business in the second quarter).

Fourth-Quarter Outlook Highlights

- Sales are expected in the range of $1.50 billion to $1.55 billion.

- EPS is expected in the range of $0.36 to $0.38 before special items.*

- Display volume is expected to be up 2% to 5% sequentially, and consistent with the overall glass market growth.

- Telecommunications sales are expected to decline about 10% sequentially, in line with normal seasonal patterns.

Wendell P. Weeks, chairman and chief executive officer, said, “Corning delivered a robust third quarter with excellent performance in our Display   Technologies and Telecommunications segments. As we expected, telecommunications sales improved in the quarter.”

Read the entire results here

600450 Corning Reports Strong Third-Quarter Earnings glassonweb.com

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