Despite production cutbacks and retail price declines for flat-panel monitors, Corning says it still expects to post adjusted income of 11 cents a share on sales between $950 million and $1 billion, according to a press release Monday.
Corning recently allocated $328 million for the second phase of expansion of its liquid crystal display screen production facility in Taiwan, even as rivals curtail investments. The company says current retail price cuts for flat-panel monitors should fuel higher sales during the holiday season. Executives repeated earlier projections calling for display glass sales to increase between 3% and 10% sequentially.
Corning shares were off a penny at $12.20 in after-hours trading Monday.