Corning Affirms Targets

The company has no changes to its fourth-quarter guidance.
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Corning (GLW) - Get Report said essentially nothing has happened in the last three weeks to alter its outlook for the current quarter.

"We have no changes to the company's fourth-quarter guidance as outlined in our third-quarter earnings announcement on Oct. 24," Chief Operating Officer Peter F. Volanakis said in a statement. The comments come a day ahead of the glass concern's presentation at a conference.

"Although LCD glass pricing is expected to be down again in the fourth quarter, this should have no bearing on what the 2007 pricing environment will be," he said. "While glass pricing is expected to decline each year, the extent of the decline will be influenced by several factors including: supply and demand of glass; supply-chain stability; competition; and the transition to higher-generation glass substrate sizes."

Last month, Corning forecast an adjusted profit of 26 cents to 29 cents a share for the fourth quarter, roughly in line with analysts' expectations. The company predicted quarterly sales of at most around $1.33 billion, a bit below the $1.36 billion consensus Wall Street estimate.

Shares of Corning rose 1 cent to $20.70 in extended trading Monday.