Corning Sees Continued Weak Glass Market; Shares Tumble

Date: 27 January 2012
Corning shares are trading sharply lower this morning following the company’s Q4 financial results, as the company provided some sobering commentary on the outlook for the LCD glass market, forecasting little growth ahead in the company’s core market.

For the fourth quarter, the company reported sales of $1.9 billion, down 9% sequentially, up 7% from a year ago, and roughly in line with the Street at $1.85 billion. Adjusted profits of 33 cents a share were in line with the Street.

The real issue was the company’s discussion of current conditions in the industry. And give the company credit for taking its usual thorough approach in laying out the situation, difficult though it may be. Among other things, Corning warned that prices will continue to fall rapidly, and that it does not expect any growth in the core display glass business over the next few years.

There was a hint of the current troubles yesterday in Apple’s spectacular December quarter results; Apple posted better-than-expected gross margins in part to lower-than-expected for components – including LCD displays.

Read more:

600450 Corning Sees Continued Weak Glass Market; Shares Tumble
Date: 27 January 2012

See more news about:

See more from these topics:

Others also read

The flat glass industry in Egypt is in danger due to rising costs, the foreign currency shortage, and the lack of some production inputs.
Joint study by Corning and Ford showcases the benefits of using Gorilla Glass for Automotive in windshield applications.   Random stones are one of the biggest reasons windshields need replacing.
Mr. John Browne, CEO at Kastus Technologies Ltd., UK comments on Brexit:“We generally see the British EU exit poll as an opportunity for Kastus as it could potentially make investment in Irish companies more attractive for UK investors.
The Global Flat Glass Tempering Machine Consumption 2016 Market Research Report is a professional and in-depth study on the current state of the Flat Glass Tempering Machine market.  
Corning hosts second Glass Summit to inspire new thinking about emerging applications for glass.   Glass experts from Corning, academia, funding agencies, and other facets of the industry meet and discuss the future direction of glass science around the globe.
Iris™ Glass earns honors for enabling thinner displays with low-color shift - Corning Incorporated’s light-guide plate solution, Iris™ Glass, has received a 2016 Display Component of the Year award from the Society for Information Display (SID).

Add new comment