Corning 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 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 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. Our Specialty 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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV