Corning expects increased sales and earnings in 2010
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[February 08, 2010]

Corning expects increased sales and earnings in 2010

(EquityBites Via Acquire Media NewsEdge) Speciality glass and ceramics company Corning Incorporated (NYSE:GLW) said on Friday that strong worldwide consumer demand for LCD televisions, notebook computers and myriad handheld personal communication devices should drive increased sales and earnings in 2010.



The company expects the 2010 glass market to be larger than last year and also expects the auto industry to grow, so it will have significant demand for its Gorilla glass product.

Also, equity earnings will be significant for Corning in 2010. Sales are expected to increase by over 10%, with strong performance in both its silicone business and Hemlock Semiconductors.


Total capital spending for Corning is planned to be in the range of USD600m to USD700m, but could climb if adjacent opportunities are successful. Corning's tax rate is expected to be about 10%.

Corning said that it is also increasing its focus on '‚¬Ëœadjacent innovation', which could create new annualised revenue opportunities worth as much as several billion dollars within the next few years.

The company will continue investing approximately 10% of its revenue into its innovation portfolio as is it develops keystone components that enable high-technology systems for consumer electronics, emissions control, telecommunications, and life sciences.

((Comments on this story may be sent to tww.feedback@m2.com)) (c) 2010 M2 COMMUNICATIONS

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