Corning Sees Continued Strength in LCD TV Sales
15 Março 2010 - 10:00PM
Business Wire
Investors got a first look today inside Corning Incorporated’s
(NYSE: GLW) new Generation 10 LCD glass substrate facility in Sakai
City, Japan, and heard good news about worldwide LCD TV retail
sales.
During the facility tour, Jim Clappin, president, Corning
Display Technologies, told investors that retail data for the first
part of this year shows robust demand for LCD TVs. "In China,
January LCD TV sales were up 53%. This is in line with our
expectations, given that a portion of Chinese New Year occurred in
January last year,” Clappin said. “In Japan, LCD TV sales were also
very strong, up 79% in January and 65% in February.” Clappin added
that European retail sales grew as well, up 12% in January. In the
U.S., LCD TV sales for the two months combined were comparable to
sales during the same time period last year. “This is in line with
our expectations, as sales last January may have been higher due to
inventory liquidation at Circuit City and the original digital
conversion deadline in February." The retail data is the result of
reports from a variety of independent consumer market research
organizations (NPD, GFK, BCN, and CMM) and the company’s internal
analysis.
Clappin also noted that panel prices for the first two months
continued to be firm. "This is important as it is an indication
that panel demand continues to be strong, which suggests there is
strength further down the supply chain. Panel maker utilization
rates also remain high. As a result, we continue to ship everything
that we can make."
The company had no changes to its guidance for its first-quarter
results or 2010 LCD glass market expectations.
Corning’s Gen 10 LCD glass facility in Sakai City broke ground
in 2007 and began shipments last year. Corning is the first
manufacturer of TFT-grade Gen 10 substrates. At 2880 mm x 3130 mm,
Gen 10 is the largest LCD glass substrate available. The Gen 10
substrates manufactured at this facility use Corning’s
revolutionary EAGLE XG™ glass composition, the most environmentally
friendly LCD glass on the market.
Forward-Looking and Cautionary Statements
This press release contains “forward-looking statements” (within
the meaning of the Private Securities Litigation Reform Act of
1995), which are based on current expectations and assumptions
about Corning’s financial results and business operations, that
involve substantial risks and uncertainties that could cause actual
results to differ materially. These risks and uncertainties
include: the effect of global political, economic and business
conditions; conditions in the financial and credit
markets; currency fluctuations; tax rates; product demand
and industry capacity; competition; reliance on a concentrated
customer base; manufacturing efficiencies; cost reductions;
availability of critical components and materials; new product
commercialization; pricing fluctuations and changes
in the mix of sales between premium and non-premium
products; new plant start-up or restructuring 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. These and other risk factors
are detailed 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.
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.
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