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Corning Backs Guidance

The glassmaker says display-panel inventory levels are on track.

Corning (GLW) - Get Report reaffirmed its third-quarter guidance and pronounced display-panel inventory levels to be healthy.

The big tech glassmaker stuck with its projection for adjusted earnings per share of 34 cents to 37 cents and sales of about $1.55 billion in the third quarter.

Analysts expect an adjusted profit of 36 cents a share on $1.55 billion in revenue, according to Reuters Research.

Corning said that improved exchange rates between the yen and the dollar could add a penny to adjusted earnings per share if the trend continues.

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The company also said its all-important liquid crystal display unit, which supplies glass for flat-screen computer monitors and TVs, is humming along as expected.

"Inventory levels at panel manufacturers appear to be within normal levels and our end market checks indicate that LCD product shipments, including TVs are on track with our forecasts," CEO Wendel Weeks said in a press release.

Weeks is scheduled to speak to investors at 3:30 p.m. EDT Wednesday at the Citigroup Global Technology Conference in New York.

Corning shares dipped 27 cents to $23.88 in premarket trading Wednesday.