, the glass-technology concern, bumped up the low end of its third-quarter profit guidance and narrowed its projected revenue range.
The company is predicting earnings of 24 cents to 26 cents a share for the quarter, compared with its prior outlook of 22 cents to 26 cents. The estimate excludes any possible special items.
On the top line, Corning is looking for sales of $1.27 billion to $1.31 billion, vs. the previous forecast of $1.26 billion to $1.33 billion. Analysts surveyed by Thomson Financial are calling for earnings of 25 cents and sales of just under $1.3 billion.
Gross margins should be 42% or 43%. The company had expected margins of 41% to 43%.
Sequential liquid crystal display glass volume growth for its display technologies business should rise 10% to 15%, compared with the previous guidance of up 5% to 15%. Additionally, sequential LCD glass volume growth at the Samsung Corning Precision venture will probably increase 8% to 12%. The previous prediction was up 5% to 15%.
Corning said it believes that "normally stronger seasonal demand for both monitors and TVs as well as supply chain replenishment will allow the overall LCD glass market volume to grow between 40% and 50% this year."
Shares of Corning slipped 27 cents to $22.10 in premarket trading Wednesday.