Corning to Present at Credit Suisse Technology Conference
27 Novembro 2012 - 11:00AM
Business Wire
Corning Incorporated (NYSE: GLW) Senior Vice President and
Corporate Controller Tony Tripeny will update investors at the
Credit Suisse Annual Technology Conference in Scottsdale, Ariz.,
today (3p.m. MST) on the company’s fourth-quarter performance
expectations. Highlights of Tripeny’s presentation will include
expectations for “stronger-than-forecasted” fourth-quarter LCD
glass volume and full-year sales of Corning® Gorilla® Glass
approaching $1 billion.
Tripeny will tell investors that stronger-than-expected retail
demand for LCD televisions and other consumer electronics devices
in North America and China are resulting in an improved view of the
LCD glass supply chain. “We now expect glass market volume to be up
in the low single digits this quarter, versus our previous
expectation of down low-to-mid single digits,” he will say.
“As a result,” Tripeny will say, “Corning’s total LCD glass
volume at its wholly owned business and Samsung Corning Precision
Materials Co., Ltd., should be up in the mid-single digits
sequentially.” Tripeny will explain that North American TV sales
are stronger than the company expected in the fourth quarter, the
Chinese market continues to experience good demand, and the supply
chain is preparing for the upcoming Chinese New Year holiday. He
will reaffirm that Corning expects LCD glass price declines in the
fourth quarter to be slightly higher than those in the third
quarter, a result of the company’s new agreements with key
customers.
Looking forward, Tripeny will tell investors, “We expect our
share of the LCD glass market to remain stable at quarter four
levels as a result of the long-term supply agreements we entered
into last quarter, and we anticipate price declines will be
moderate in the first quarter.”
Corning Gorilla Glass Strength
Tripeny will also provide upwardly revised expectations for
Corning’s Specialty Materials segment and its key driver, Corning
Gorilla Glass sales. Fourth-quarter segment sales are expected to
increase by about 5% over a record third-quarter performance,
driven by numerous new consumer electronics product introductions
and increased supply chain demand. “Gorilla Glass sales remain very
strong. Our Specialty Materials segment year-over-year sales,
driven by the strength of Gorilla Glass, are expected to be up
approximately 60% this quarter.”
“We believe Corning Gorilla Glass, now on more than 1 billion
devices in the market worldwide, could achieve $1 billion in sales
this year,” Tripeny will say.
Tripeny will point out that the company does not foresee any
changes in its previously forecasted fourth-quarter performance for
the Telecommunications or Environmental Technologies businesses.
Corning’s Life Sciences business should see a more than 15%
sequential increase in revenue due to the completion of the
Discovery Labware acquisition during the quarter. In addition,
Corning now expects its equity earnings from Dow Corning
Corporation will be down about 20% sequentially, the result of
further weakening of demand for solar-grade polysilicon.
Tripeny also will point out that improved volumes for LCD glass
and Gorilla Glass will offset seasonal declines in Corning’s other
businesses and should keep the company’s fourth-quarter gross
margin percent at a level consistent with the previous quarter.
“Our recent business performance, particularly the strength of
LCD glass sales and continued growth of Gorilla Glass, is a solid
indication that Corning is on the path to resuming earnings
growth,” Tripeny will conclude.
Upcoming Investor Events
Corning will host its annual investor day in New York on Feb. 8,
2013 at Cipriani. To register for the event, go to Corning’s
website at 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 160 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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