Corning COO to Speak at Investor Conference; Company to Reiterate Fourth-Quarter Guidance
14 Novembro 2005 - 7:05PM
Business Wire
Corning Incorporated (NYSE: GLW) Chief Operating Officer Peter F.
Volanakis will discuss the company's growth opportunities during
meetings with investors today and in a presentation to investors at
the UBS 10th Annual Global Communications Conference in New York
tomorrow, Nov. 15. Volanakis will reaffirm the company's
fourth-quarter guidance and provide an update on Corning's growth
areas. "We continue to expect fourth-quarter sales for the company
to be in the range of $1.18 billion to $1.24 billion and earnings
per share (EPS) of $0.21 to $0.23, excluding special items,"
Volanakis will say. This EPS estimate is a non-GAAP financial
measure and is reconciled on the company's investor relations Web
site. Volanakis will reiterate to investors that the company
expects sequential unit volume for its Display Technologies segment
in the fourth quarter to be up 3 percent to 10 percent and that
sequential pricing is expected to be down slightly. He will also
confirm previously announced expectations for the company's
Telecommunications segment, including sequential sales volume of
down 4 percent to 7 percent; sequential fiber and cable sales down
10 percent to 15 percent; and sequential hardware and equipment
sales consistent with the third quarter. Corning management will
also be meeting with investors in Toronto on Monday, Nov. 28.
Investors interested in attending a lunch meeting in Toronto should
contact Corning's investor relations department at (607) 974-8764.
Corning's presentation to investors at UBS 10th Annual Global
Communications Conference will be available via webcast through the
investor relations events calendar on Corning's Web site at
www.corning.com/investor_relations. Presentation of Information in
this News Release Non-GAAP financial measures are not in accordance
with, or an alternative to, GAAP. Corning's non-GAAP EPS measure
excludes restructuring, impairment and other charges and
adjustments to prior estimates for such charges. Additionally, the
company's non-GAAP measure excludes adjustments to asbestos
settlement reserves required by movements in Corning's common stock
price, gains and losses arising from debt retirements, charges
resulting from the impairment of equity or cost method investments
and gains or losses recognized in equity earnings from
restructuring, impairment or other charges or credits taken by
equity method companies. The company believes presenting a non-GAAP
EPS measure is helpful to analyze financial performance without the
impact of unusual items that may obscure trends in the company's
underlying performance. This non-GAAP measure is reconciled on the
company's Web site at www.corning.com/investor_relations. About
Corning Incorporated Corning Incorporated (www.corning.com) is a
diversified technology company that concentrates its efforts on
high-impact growth opportunities. Corning combines its expertise in
specialty glass, ceramic materials, polymers and the manipulation
of the properties of light, with strong process and manufacturing
capabilities to develop, engineer and commercialize significant
innovative products for the telecommunications, flat panel display,
environmental, semiconductor, and life sciences industries.
Forward-Looking and Cautionary Statements This press release
contains forward-looking statements that involve a variety of
business risks and other uncertainties that could cause actual
results to differ materially. These risks and uncertainties include
the possibility of changes or fluctuations in global economic and
political conditions; tariffs, import duties and currency
fluctuations; product demand and industry capacity; competitive
products and pricing; manufacturing efficiencies; cost reductions;
availability and costs of critical components and materials; new
product development and commercialization; order activity and
demand from major customers; capital spending by larger customers
in the liquid crystal display industry and other businesses;
changes in the mix of sales between premium and non-premium
products; facility expansions and new plant start-up costs;
possible disruption in commercial activities due to terrorist
activity, armed conflict, political instability or major health
concerns; ability to obtain financing and capital on commercially
reasonable terms; adequacy and availability of insurance; capital
resource and cash flow activities; capital spending; equity company
activities; interest costs; 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; changes in key personnel; stock price
fluctuations; and adverse litigation or regulatory developments.
These and other risk factors are identified 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.
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