Corning COO to Address Investors at Morgan Stanley Technology Conference
02 Março 2009 - 11:00AM
Business Wire
In speaking to investors today at the Morgan Stanley Technology
Conference in San Francisco, Corning Incorporated (NYSE:GLW)
President and Chief Operating Officer Peter F. Volanakis will share
updates on key topics relevant to the company's Display
Technologies segment and other businesses. He will also address
questions posed by investors.
�The data points we are seeing for both LCD television retail
sales and panel makers are encouraging and continue to give us
confidence that the supply chain is on the right track,� Volanakis
will say. �Retail sales of LCD TVs have continued to be strong,
panel inventories on average remain healthy, and panel prices are
stabilizing. The current trends look positive.�
Data supplied by NPD Group, an independent consumer market
research firm, shows that in the U.S. alone, January unit sales of
LCD TVs increased 35% over 2008. Similarly, unit sales in China and
Japan grew 109% and 17%, respectively. The first two weeks of
February appear positive as well with U.S. sales up 40% year over
year. As a reminder, the company is forecasting worldwide LCD TV
unit sales to increase by 9% for the full year.
Addressing the supply chain, Volanakis will speak to healthy
inventories and stable prices, remarking, �We continue to be
encouraged by news coming out of the panel makers. In fact, for
19-inch and 32-inch TVs -- the most popular sizes -- we have seen
panel price increases this month.� The company is also seeing an
increase in Taiwanese and Korean panel maker utilization rates from
January to February. �In this type of environment, where panel
makers are generating cash, there could be less pricing pressure on
component suppliers.�
�This is why we continue to have confidence that the display
supply chain will stop contracting at the end of the first
quarter,� Volanakis will say.
Additionally, he will reiterate that Corning�s 2009 revenue
expectation of $5 billion requires an increase in overall LCD panel
sales in the second half of this year.
No new information will be presented on the company�s
environmental business, which continues to be impacted by the
recession. In the telecommunications segment, �we remain cautious�
as the business has yet to feel material impact from the
economy.
Corning's comments to investors at the Morgan Stanley Technology
Conference will be available by accessing the IR events calendar on
Corning's Web site at www.corning.com/investor_relations.
About Corning Incorporated
Corning Incorporated (www.corning.com) is the world leader in
specialty glass and ceramics. Drawing on more than 150 years of
materials science and process engineering knowledge, Corning
creates and makes keystone components that enable high-technology
systems for consumer electronics, mobile emissions control,
telecommunications and life sciences. Our products include glass
substrates for LCD televisions, computer monitors and laptops;
ceramic substrates and filters for mobile emission control systems;
optical fiber, cable, hardware & equipment for
telecommunications networks; optical biosensors for drug discovery;
and other advanced optics and specialty glass solutions for a
number of industries including semiconductor, aerospace, defense,
astronomy and metrology.
Forward-Looking and Cautionary Statements
This press release contains forward-looking statements that
involve a variety of business risks and other uncertainties that
could cause actual results to differ materially. These risks and
uncertainties include the possibility of changes in global economic
and political conditions; currency fluctuations; product demand and
industry capacity; competition; manufacturing efficiencies;
cost reductions; availability of critical components and materials;
new product commercialization; changes in the mix of sales between
premium and non-premium products; new plant start-up costs;
possible disruption in commercial activities due to terrorist
activity, armed conflict, political instability or major health
concerns; adequacy of insurance; equity company activities;
acquisition and divestiture activities; the level of excess or
obsolete inventory; the rate of technology change; the ability to
enforce patents; product and components performance issues; stock
price fluctuations; and adverse litigation or regulatory
developments. Additional risk
factors are identified in Corning�s filings with the Securities and
Exchange Commission. Forward-looking statements speak only as of
the day that they are made, and Corning undertakes no obligation to
update them in light of new information or future events.
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