has stuck with its growth forecast and plans to rebuild LCD glass supplies again.
Just months after being
, Corning says it is on track to reach its 18% LCD growth target for the year. After a strong March quarter, Corning's finance head Jim Flaws told investors Monday at a JPMorgan tech conference in Boston that the company only needs to hit 10% to 15% quarterly growth from here on to make its goal.
The problem is that Corning's glass goes into expensive TVs, a tough sell in a weak economy. The fear is that Corning will get sucked into the same cycle this year -- pushing too much glass at a time of declining LCD TV growth.
It's different this time, says Flaws.
Liquid crystal display glass inventory "isn't building too much," says Flaws. "We are planning on a build this quarter," Flaws said. "But we are not expecting an increase like last year."
Corning had to slash prices as demand for new glass fell. "We'd like to get back to the pricing model we were on in 2007 and most of 2008," Flaws said. Corning aims to keep price cuts closer to 2% if possible.
Corning shares rose 2.7% to $14.26 in late morning trading Monday.