By Tess Stynes
Corning Inc. (GLW) raised its fourth-quarter sales outlook for
its specialty materials business amid stronger-than-anticipated
demand for glass used in flat-panel televisions and special glass
used in mobile devices.
Shares were up 7.5% at $12.22 in recent premarket trading.
Through the close Monday, the stock is down 13% this year.
The company provided the outlook ahead of a technology
conference Tuesday.
Corning now expects LCD glass-market volume will increase in the
low single digits on a percentage basis from the third quarter,
compared with its prior view for a decline in the low to mid-single
digits.
The company also expects that specialty materials segment sales
will increase 5% over third quarter levels, compared with its prior
view for sales to be similar to the quarter earlier. Segment sales
continue to be driven by sales of the company's so-called Gorilla
glass, which are expected to soar roughly 60% during the
period.
Corning expects that the growth in the LCD glass and Gorilla
glass businesses should offset seasonal declines in its other
business segments.
The company affirmed its views for its telecommunications and
environmental technologies units, but now expects its life sciences
segment revenue to increase more than 15% from the third quarter
thanks to a recent acquisition, compared with its earlier
expectations for a decline of about 5%.
Write to Tess Stynes at Tess.Stynes@dowjones.com
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