Corning Says Non-LCD Display Operations To Drive Growth
03 Fevereiro 2012 - 12:12PM
Dow Jones News
Corning Inc. (GLW) reiterated its long-term sales forecast, but
said it will hit the target by growing businesses outside of its
stalling liquid-crystal-display glass operation.
Corning's prediction, ahead of its annual investor meeting in
New York on Friday, signals confidence that it can grow its top
line by selling more fiber-optic cable, smartphone cover glass and
other products. Reduced demand for LCD glass -- the product that
represents the bulk of the company's profit and sales -- has
crimped its financial performance of late.
"We now expect the telecommunications, specialty materials,
environmental technologies and life sciences business segments to
be the primary drivers of increased sales and profits going
forward," Chief Financial Officer Jim Flaws said in a
statement.
The company said it expects LCD glass sales to be flat through
2014. Corning also reiterated its recent comments that LCD glass
price declines are weighing on the company's profitability.
Shares were up 1.5% to $13.13 in recent premarket trading.
-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240;
matthew.jarzemsky@dowjones.com
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