Corning Affirms Targets, Citing LCD Strength

Corning (GLW Quote) reaffirmed its second-quarter guidance Thursday as the company expects strength in the LCD television display business to continue.

The Corning, N.Y., glass and ceramics products maker said it still believes second-quarter earnings will be in a range of 47 cents to 50 cents a share, excluding items, on sales between $1.71 billion and $1.75 billion. Those figures match the forecast Corning provided in its first-quarter earnings report nearly a month ago.

Wall Street is looking for earnings of 49 cents a share on revenue of $1.72 billion. Since the company originally offered its second-quarter outlook, analysts have upped their EPS targets by nearly 1% and revenue estimates by 3%.

Chairman and CEO Wendell Weeks, addressing an investor conference in New York, said that Corning has seen no evidence of an economic downturn hurting LCD TV sales in the U.S.

"In fact, LCD TV unit sales in the U.S. have been up at least 30% year over year for each of the first four months of this year and are expected to continue to be strong," Weeks said in prepared remarks. "We believe that our portfolio of businesses will deliver another year of significant growth for Corning."

Corning was lately up 15 cents, or 0.6%, to $27.63. Among related stocks, Syntax-Brillian (BRLC Quote) slipped 1.1%, and Alcatel-Lucent (ALU Quote) fell 3.1%. Cisco (CSCO Quote), meanwhile, tacked on 0.2%.