Corning sees fall in glass volume; shares down

Corning Inc. on Monday said it forecast a possible drop in the amount of glass it makes for flat-panel televisions and computers due to a build-up of customer inventory, but reaffirmed its earnings guidance.

Shares in the company, the largest maker of glass for liquid crystal display TVs and computer monitors, fell nearly 6 percent in morning trade on the New York Stock Exchange.Corning said it plans to tell analysts and investors at two conferences this week that second-quarter LCD glass volume could be flat to down 5 percent from the first quarter.It attributed the forecast -- which was worse than its estimate last month of flat to 5 percent growth in glass volume -- to regular inventory trends, and said volume should pick up by the early third quarter.A continued weakening of the U.S. dollar could help display technologies segment results, the company said.Corning also forecast a 15 percent to 20 percent increase in sales in its telecommunications business, up from its previous guidance of 10 to 15 percent.Corning forecast earnings per share of 24 to 26 cents on sales of $1.29 billion to $1.33 billion in the second quarter.Analysts are expecting earnings of 25 cents a share before items on revenue of $1.32 billion, according to Reuters Estimates.Read the entire news on the source link below.Corning Inc. on Monday said it forecast a possible drop in the amount of glass it makes for flat-panel televisions and computers due to a build-up of customer inventory, but reaffirmed its earnings guidance.

Shares in the company, the largest maker of glass for liquid crystal display TVs and computer monitors, fell nearly 6 percent in morning trade on the New York Stock Exchange.

Corning said it plans to tell analysts and investors at two conferences this week that second-quarter LCD glass volume could be flat to down 5 percent from the first quarter.

It attributed the forecast -- which was worse than its estimate last month of flat to 5 percent growth in glass volume -- to regular inventory trends, and said volume should pick up by the early third quarter.

A continued weakening of the U.S. dollar could help display technologies segment results, the company said.

Corning also forecast a 15 percent to 20 percent increase in sales in its telecommunications business, up from its previous guidance of 10 to 15 percent.

Corning forecast earnings per share of 24 to 26 cents on sales of $1.29 billion to $1.33 billion in the second quarter.

Analysts are expecting earnings of 25 cents a share before items on revenue of $1.32 billion, according to Reuters Estimates.

Read the entire news on the source link below.

600450 Corning sees fall in glass volume; shares down glassonweb.com
Date: 23 May 2006
Source: Reuters.com

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