Corning CEO Says Sales Could Reach $10 Billion By 2014
28 Abril 2011 - 3:56PM
Dow Jones News
Corning Inc. (GLW) Chairman and Chief Executive Wendell Weeks
issued a bullish outlook for the liquid-crystal display maker,
saying the company has potential to grow to $10 billion in sales by
2014.
Corning reported Wednesday its first-quarter net income fell
less than expected while revenue jumped 24% to $1.9 billion as
demand for LCDs -- used in smartphones, tablets and TVs -- remains
strong. The company reported $6.6 billion in sales for 2010.
Weeks, who spoke Thursday at the company's annual meeting, said
Corning is enjoying one of the most exciting times in its 160-year
history.
"We're financially strong, we have a tremendous set of growth
opportunities, and we're confident in our ability to build a
bigger, more balanced company," Weeks said.
Corning shares were recently down 1% at $20.88. The stock, while
volatile, is at about the same level as a year ago.
Corning has enjoyed surging profit in recent quarters because of
rising demand for its LCD products. The company earlier this month
said it plans to maintain production levels at two of its LCD-glass
facilities in Japan, even as Sharp Corp. (SHCAY, 6753.TO) --one of
its main customers -- is reducing its own LCD production output.
Corning has maintained it will use the extra supply of glass to
build its inventory and sell to other companies.
On Thursday, Weeks said it expects a significant part of
Corning's growth will come from China, which he said is the world's
largest market for several of the company's major products.
The company also announced James O'Connor retired from Corning's
board of directors. O'Connor served as lead director since 2002.
Corning named William Smithburg, retired chairman and chief
executive of Quaker Oats, as lead director. He's been on Corning's
board since 1987.
Shareholders approved Corning's executive compensation as
disclosed in the 2011 proxy statement filed with the U.S.
Securities and Exchange Commission. A non-binding shareholder
proposal which requested that the board allow 10% of shareholders
to call special meetings failed, the company said.
-By Steven Russolillo, Dow Jones Newswires; 212-416-2180;
steven.russolillo@dowjones.com
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