Updated from 7:21 a.m. EDT
CORNING, N.Y. (
said third-quarter adjusted earnings topped Street views, even though sales fell 5% from a year earlier.
The glassmaker said third-quarter earnings fell to $643 million, or 41 cents a share, from $768 million, or 49 cents a share a year earlier. Sales fell to $1.48 billion from $1.56 billion.
On an adjusted basis, Corning's third-quarter earnings were 42 cents a share, topping the estimate of analysts surveyed by Thomson Reuters of 39c cents a share.
The company said it remains confident the "strong performance" in its display business over the last two quarters will continue in the fourth quarter.
Corning also said it expects glass volume in its display business to be flat to down slightly sequentially this quarter.
Corning anticipates worldwide unit sales of LCD televisions next yearcould rise 20% from 2009 to 156 million. In addition, computer notebook sales are forecasted to grow by about 20%, while desktop monitor salesare expected to increase about 4% for the year.
"If these retail forecasts are correct and glass supply chain inventories remain manageable, as we expect, then next year could see very robust gains in worldwide glass volume," said Vice Chairman and Chief Financial Officer James Flaws, in a statement.
-- Reported by Joseph Woelfel in New York
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