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NEW YORK (
Corning's(GLW - Get Report) second-quarter earnings were on par with analysts' expectations, but revenue missed.
The Corning, NY.-based company, which provides glass for LCD televisions, computer monitors, and other information display applications, reported earnings of 31 cents a share on revenue of $1.9 billion in the second quarter. Analysts had forecast earnings of 31 cents on revenue of $2.02 billion.
The 35% year-over-year decline in earnings and 5% decline in revenue was partly driven by a 16% drop in sales at the company's display technologies segment over last year's second quarter. LCD glass prices fell moderately from last year as well.
"We had a solid second quarter in terms of sales and earnings performance. We achieved much more moderate price declines for our LCD glass as set forth in our goals that we shared in February. Additionally, LCD glass retail and supply chain market statistics were generally in line with our expectations. As a whole, our other businesses grew 2% year-over-year," said CEO Wendell Weeks, in a statement.
"However, we are concerned about the continuing economic challenges in Europe and China's decelerating GDP growth," he added. "We have seen signs that the unsettled global economy impacted some of our businesses in the past quarter. For example, in Europe our Environmental Technologies segment saw reduced sales of light-duty filters for auto emission systems. We are alert to the fact that the economic woes may grow, and consumers may reduce their spending, which could impact our customers. If we see further weakness, we will respond with appropriate actions."
Shares of the specialty glass maker were down 7 cents to $12 in early trading Wednesday.
--Written by Nathalie Pierrepont in New York.
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