Corning said in a release Tuesday that despite industrywide increases in liquid crystal display screen capacity, its "expansion plans remain on track for 2005 and beyond." The company added that if need be, it can "vary the timing of these expansions."
Corning recently allocated $328 million for the second phase of expansion at its liquid crystal display screen production facility in Taichung, Taiwan.
The company recently warned that retail prices for LCD screens were at historic lows, and that would stimulate more sales of glass panels.
Corning also said Tuesday it expected to hit reduced guidance for the current quarter. Last month, Corning lowered its financial target for fourth quarter ending in December, saying it expects an adjusted profit of about 11 cents on sales between $950 million and $1 billion. The Street was looking for 12 cents on $999 million in sales.
Shares rose 8 cents Tuesday to close at $11.75 and remained flat in postmarket trading.