Corning to Present at Barclay’s Capital Global Technology Conference
08 Dezembro 2010 - 12:00PM
Business Wire
Corning Incorporated (NYSE: GLW) Senior Vice President and
Corporate Controller Tony Tripeny will tell investors that
“all of the company’s segments are performing at or above our
expectations for the fourth quarter” when he speaks at the
Barclay’s Capital Global Technology Conference in San Francisco at
2 p.m. PT today.
The company will note that fourth-quarter LCD glass market
volumes are now expected to be consistent with those from the third
quarter, a slight change to its previous guidance of flat to down
slightly. “Panel maker utilization rates have changed recently, but
these have not been material enough to significantly change our
expectations for the overall glass market or our total glass volume
this quarter,” Tripeny will say. Utilization rates at Taiwanese
panel makers increased in October and November, in comparison to a
very weak September. As a result, Corning now expects sequential
volumes at its wholly owned business to be up about 10% versus its
previous guidance of flat to down slightly.
However, Korean panel makers have recently lowered their
utilization rates. As a result, sequential volumes at Samsung
Corning Precision Materials Co., Ltd., are now expected to be down
5% to 10% versus previous guidance of flat to down slightly. “We
expect our total glass volumes in the fourth quarter to be
consistent with the third quarter, in line with the overall glass
market,” Tripeny will add. The company will have no changes to its
glass pricing guidance for the fourth quarter.
Regarding the retail environment, Tripeny will tell investors
that “early retail data indicates sales of LCD TVs during the weeks
leading up to, and including, Black Friday were in line with our
expectations. In November, LCD TVs grew year-over-year in the U.S.
for the first time since April, the result of attractive retail
pricing.”
“As we expected, inventory levels in the display supply chain
appear to be improving as we move through the fourth quarter,”
Tripeny will add. The company anticipates supply chain inventories
will exit the fourth quarter between 16 and 16.5 weeks, compared to
17 weeks entering the fourth quarter.
Based on the recent strength in glass demand, the company
expects its first-quarter glass price declines to be more moderate
in comparison to the fourth quarter. First-quarter glass market
volume is expected to be consistent with the fourth quarter.
Tripeny will also remark that fourth-quarter sales in the
company’s Telecommunications, Life Sciences, and Specialty
Materials segments remain on track with the company’s previously
announced fourth-quarter guidance. Sales in the Environmental
Technologies segment are running ahead of expectations, driven
by the company’s increased manufacturing production for light-duty
diesel filters.
There will be no change to Corning’s corporate gross margin
expectations for the fourth quarter. “We still expect
fourth-quarter gross margin to be lower than the third quarter,
driven primarily by the seasonally lower demand in telecom, as well
as higher glass price declines than previous quarters,” Tripeny
will say. In addition, as the company disclosed during its
third-quarter conference call, there will be a one-time asset
write-off related to the discontinuation of its green laser
program. The amount of the charge will be approximately $17 million
pre-tax. “As a result, we expect corporate fourth-quarter gross
margin to be about 43%,” Tripeny will add.
Tripeny will close with comments on the company’s strengthened
cash position through receipt of $1.2 billion in cash dividends
from SCP. “We expect to end the year with approximately $6 billion
in cash on hand,” Tripeny will say. “This level of cash gives us
tremendous financial flexibility, allowing us to invest in our
future through capital expansion and research and development, as
well as the ability to fund potential acquisitions and return cash
to our shareholders.”
Corning's comments to investors at the Barclay’s Capital Global
Technology Conference will be available by accessing the IR events
calendar on Corning's Web site. To access the calendar, go to
www.corning.com/investor_relations and click Investor Events on the
left.
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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