Corning CFO to Present at Bank of America/Merrill Lynch Investment Conference
14 Setembro 2010 - 10:10AM
Business Wire
Corning Incorporated (NYSE: GLW) Vice Chairman and Chief
Financial Officer James B. Flaws will address investors at the Bank
of America/Merrill Lynch Investment Conference in San Francisco
today. He will provide revisions to the company’s third-quarter
expectations, insight into LCD panel makers supply chain inventory,
and an update on other business performance.
“Our current view of the LCD market is that the supply chain is
in the midst of an inventory correction and that our third-quarter
glass demand will be lower than what we originally expected,” Flaws
will tell conference attendees. In July, the company said it
expected panel manufacturers to moderate third-quarter production,
while glass demand would remain consistent with the previous
quarter. The company now anticipates its total third-quarter glass
volume will be down about 5% from a very robust second quarter.
Total glass volume includes Corning’s wholly owned business and
Samsung Corning Precision Glass Co., Ltd. The company has no change
to its glass pricing expectations for the quarter.
Flaws will explain that the company has seen downward
adjustments in panel utilization rates, mainly by Taiwanese and
Japanese manufacturers. As a result, glass demand in Corning’s
wholly owned business will be down about 25% sequentially. However,
SCP is expected to be up 5% due to continued strong production
levels at Korean panel manufacturers.
“While overall glass demand will be lower in the third quarter,”
Flaws will reiterate, “LCD sales at retail for the first seven
months of the year are in line with our expectations. LCD TV sales
demand has remained strong across all geographic regions except the
U.S. in recent months. We continue to believe that global LCD TV
sales will reach 185 million units this year, a 37% increase over
2009 levels.”
Flaws will tell investors that the company has no change to its
expectation that global glass market demand will reach 3.1 billion
square feet this year, and that overall growth of the LCD glass
market in 2011 and 2012 will continue growing at double-digit
rates.
Regarding other business areas in the company, Flaws will note
that all of these business segments are either on track or
exceeding expectations in the third quarter. In addition, he will
note that the continued strength in the Japanese yen-to-U.S. dollar
exchange rate will significantly benefit the company’s
third-quarter sales and net income.
In closing, Flaws will provide insight into management’s
long-term thinking on company growth. “When we look out at the next
several years, we see several significant opportunities to increase
the size of the company and generate a significant amount of cash.
We believe the company has the potential to reach $10 billion in
sales within the next several years, through a combination of
growth in our existing businesses, the creation of a significant
new business for Corning, as well as through potential
acquisitions. Reaching that level of sales would be a significant
achievement for us and would almost double our sales from last
year.”
Corning’s presentation to investors at the Bank of
America/Merrill Lynch Investment Conference will be available via
webcast by accessing the investor events calendar on Corning’s Web
site at www.corning.com/investor_relations.
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 or financial instability, natural
disasters, adverse weather conditions, 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; retention of key
personnel; 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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