|[November 27, 2012]
Corning to Present at Credit Suisse Technology Conference
CORNING, N.Y. --(Business Wire)--
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 (News - Alert) 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 (News - Alert) 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. OurSpecialty 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
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
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.
Follow Corning: RSS
Feeds | Facebook | Twitter | YouTube
[ Back To TMCnet.com's Homepage ]