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Corning Backs Targets

The news eases concerns of the consumer slowdown hitting LCD spending.


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confidence continues as the company once again stands by its previous earnings forecast.

Just six weeks since its last outlook reiteration, the glassmaker said its fourth-quarter results are still on track. The news helps ease concerns that a downturn in consumer spending has started to eat away at growth in key tech markets like big TV sales.

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Corning is calling for adjusted earnings of 39 cents a share on $1.5 billion in sales for the fourth quarter. Analysts are looking for an adjusted profit of 39 cents a share on $1.54 billion in revenue, according to Yahoo! Finance.

Corning will report earnings before the market opens on Jan. 28. The flat-panel liquid crystal display glass supplier is expected to deliver solid results thanks to continued growth in the TV and computer monitor market as well as demand for fiber optic cable.

Corning shares were up 20 cents to $22.36 Tuesday.