| From: John Hayman | 11/13/2007 8:59:50 AM | | | | | | Glassware Maker Corning Hikes 4Q Outlook
Tuesday November 13, 8:43 am ET
Strong October Results and November Sales Lead Corning to Boost Its Fourth-Quarter Outlook
CORNING, N.Y. (AP) -- Corning Inc., which makes specialty glass and ceramics, raised its fourth-quarter guidance Tuesday on strong October results, November orders and operating performance in the company's display technologies business.
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The company now expects fourth-quarter earnings per share between 38 cents and 40 cents, compared to its previous earnings per share guidance of 36 cents to 38 cents. The projections exclude one-time items, including restructuring, impairment and other charges.
Corning projects quarterly sales between $1.53 billion and $1.56 billion, compared with its original expectation of $1.50 billion to $1.55 billion.
Analysts surveyed by Thomson Financial forecast fourth-quarter earnings of 37 cents on sales of $1.55 billion.
President and Chief Operating Officer Peter F. Volanakis expects to attribute the raised outlook to the company's October results, November orders and operating performance in its display technologies business.
"Our display business is running at full capacity and manufacturing performance in October was outstanding," Volanakis is expected to say. "If the recent strength in the Japanese yen continues for the rest of the quarter, the company should be able to meet the upper end of its revised EPS guidance."
For the full year, Corning expects sales growth of about 12 percent and earnings per share growth of at least 23 percent. The forecast translates into earnings of at least $1.38 per share on sales of about $5.79 billion.
In 2006, the company reported adjusted earnings of $1.12 per share on sales of $5.17 billion. |
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| From: JakeStraw | 12/5/2007 3:47:10 PM | | | | | | Verizon Readies Move on Manhattan
thestreet.com
"Apartment buildings have been a challenge to Verizon's FiOS effort largely for two reasons. Until recently, fiber cable didn't bend enough to snake successfully through high-rise buildings. But with Corning's (GLW) new bendable fiber, the technology no longer faces rigid limits." |
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| To: JakeStraw who wrote (2188) | 12/5/2007 7:14:38 PM | | From: John Hayman | | | | Corning to Build Facility at Sharp Plant
Wednesday December 5, 6:09 pm ET
Corning to Spend $795M Over 5 Years for Glass Manufacturing Facility at Japanese Sharp Plant
CORNING, N.Y. (AP) -- Glass and specialty materials maker Corning Inc. said Wednesday it will spend $795 million over the next five years to build a glass manufacturing facility alongside a Sharp Corp. flat-panel TV screen factory in Japan.
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The spending plan includes an initial outlay of $400 million next year. Sharp hopes to begin producing liquid-crystal display panels for large televisions using Corning glass at the plant by March 2010. The factory will be located in Sakai City, near Osaka.
The $400 million expense was included as part of a $1.5 billion to $1.7 billion 2008 capital expense budget Corning introduced Wednesday.
Corning expects the market for LCD glass will rise to 1.7 billion spare feet this year, and to at least 2.1 billion square feet in 2008. The company expects LCD televisions will account for nearly half of all TVs sold worldwide next year.
Corning shares rose 8 cents to $25 in after-hours trading, adding to gains of 52 cents during the regular session.
biz.yahoo.com |
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| To: John Hayman who wrote (2189) | 12/10/2007 7:22:48 PM | | From: Robert Salasidis | | | | LCD has one less fear of near term competition
TOKYO, Dec 11 (Reuters) - Japan's Toshiba Corp (6502.T: Quote, Profile, Research) said on Tuesday it has shelved plans to sell ultra-thin OLED (organic light-emitting diode) TVs in 2009/10 because of the cost of mass production.
Toshiba will stick to its plans to make OLED displays for mobile phones and will see if making OLED TVs is financially viable later, Toshiba spokesman Keisuke Ohmori said. (Reporting by Mayumi Negishi) |
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| To: Robert Salasidis who wrote (2190) | 12/10/2007 7:44:16 PM | | From: Sidney Street | | | | | Corning went out of its way, at a recent presentation, to emphasize that they will get not only the glass but a silicone based edge seal product on OLED screens. So not to worry. |
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| From: JakeStraw | 3/28/2008 9:05:09 AM | | | | | | Corning Holds Grand Opening Ceremony for LCD Glass Plant in China
Thursday March 27, 9:00 pm ET
Beijing plant will supply panel makers on the China mainland
biz.yahoo.com |
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| From: John Hayman | 4/29/2008 8:33:02 AM | | | | | | Earnings.....not too bad, and good forward guidance.
John
go glw
Corning Reports Strong First-Quarter Earnings
Tuesday April 29, 6:45 am ET
Significant year-over-year growth
CORNING, N.Y.--(BUSINESS WIRE)--Corning Incorporated (NYSE:GLW - News) today announced results for the first quarter of 2008.
First-Quarter Highlights
Sales reached $1.62 billion, up 24% year over year.
Earnings per share were $0.64, including a $327 million gain related to the pending Pittsburgh Corning Corporation bankruptcy proceeding.
Excluding the special item for the first quarter, earnings per share were $0.44,* better than the company’s guidance of $0.41 to $0.43, and up 57% from last year.
Display Technologies’ glass volume increased 2% sequentially and 50% year over year. Samsung Corning Precision Glass Co. Ltd.’s (SCP) volume was flat sequentially and increased 46% year over year.
The company’s sales and earnings comparisons benefited from the weakening U.S. dollar, primarily versus the Japanese yen.
Gross margin for the quarter was 52%, an all-time record for the company.
Second-Quarter Outlook Highlights
Sales are expected in the range of $1.71 billion to $1.75 billion, an increase of more than 20% compared to second quarter last year.
Earnings per share, excluding special items, are anticipated in the range of $0.47 to $0.50.*
Combined LCD glass volume for Corning’s wholly owned business and Samsung Corning Precision is expected to increase 6% to 9% sequentially, with the wholly owned business up 2% to 5% and SCP up 8% to 13%.
Telecommunications sales are expected to be up more than 10% sequentially.
Wendell P. Weeks, chairman and chief executive officer, said, “This was a tremendously strong quarter for Corning. Display glass demand remains robust and we continue to operate our LCD glass substrate facilities at full capacity. The global consumer appetite for LCD televisions continues to grow.” Weeks noted that very strong manufacturing performance in Corning’s Display Technologies segment also contributed to the excellent first-quarter results.
“Given the strength of LCD TV in the first quarter and our outlook for the remainder of the year, we now expect the global LCD glass market to grow at the upper end of the 25% to 30% range that we provided earlier this year,” Weeks added.
*These are non-GAAP financial measures. The reconciliation between GAAP and non-GAAP measures is provided in the tables following this news release, as well as on the company’s investor relations website.
Quarter One Financial Comparisons
Q1 2008 Q4 2007 % Change Q1 2007 % Change
Net Sales in millions $1,617 $1,582 2% $1,307 24%
Net Income in millions $1,029 $717 44% $327 215%
Non-GAAP Net Income in millions*
$702 $643 9% $452 55%
GAAP EPS $0.64 $0.45 42% $0.20 220%
Non-GAAP EPS* $0.44 $0.40 10% $0.28 57%
Overview of Business Segment Results
First-quarter sales for Corning’s Display Technologies segment were $829 million, a 7% sequential increase and a 58% increase over the first quarter 2007. The display segment results were positively impacted by a favorable U.S.-dollar-to-Japanese-yen exchange rate in the quarter. Price declines were consistent with previous quarters.
Telecommunications segment sales in the first quarter were $421 million, a 2% sequential decline and a 4% decline from quarter one 2007. Strong optical fiber volume and higher fiber-to-the-premises sales were offset primarily by the slow start of several customer projects. Corning anticipates that some of these projects will begin in the second quarter. Excluding the impact of last year’s divestiture of Corning’s submarine cabling business, quarter one sales increased 3%* versus last year.
Environmental Technologies segment sales in the first quarter were $197 million, a 4% sequential increase and a nearly 10% increase over the first quarter 2007.
Specialty Materials segment sales were $83 million, about even with quarter one 2007 results. The Life Sciences segment had sales of $81 million, a 10% sequential increase and a 7% increase from quarter one 2007.
Corning’s equity earnings from Dow Corning were $80 million in the first quarter, compared to $84 million in the previous quarter and $92 million a year ago. Dow Corning’s results were impacted by higher raw material prices.
Special Items
The company’s first-quarter results included a non-cash credit of $327 million pretax and after-tax related to the pending Pittsburgh Corning Corporation bankruptcy proceeding. As a result of significant progress made on negotiating a revised plan of reorganization, Corning reduced its estimated liability for the asbestos settlement from about $1 billion to $675 million.
Second-Quarter 2008 Outlook
James B. Flaws, vice chairman and chief financial officer, said, “Global demand for LCD televisions and laptop computers remains strong going into the second quarter. We continue to closely monitor the U.S. retail market, but we have not seen any indication that the U.S. slowdown is impacting our LCD glass business.”
Business Highlights
Combined LCD glass volume for Corning’s wholly owned business and Samsung Corning Precision is expected to increase 6% to 9% sequentially, with the wholly owned business up 2% to 5% and SCP up 8% to 13%. Price declines in the quarter will again be moderate. Second-quarter sales are also expected to benefit from a weaker dollar.
Corning’s Telecommunications segment sales are expected to increase more than 10% sequentially. Growth will be driven by significant fiber-to-the-premise demand from a number of customers, as well as the expected start up of several customer projects.
Environmental Technologies segment sales are anticipated to be flat to up 5% in the quarter.
Specialty Materials segment sales are expected to increase about 20%. Sales in the Life Sciences segment are expected to be up slightly.
Equity earnings in total are expected to be up 10% to 15%. This includes Dow Corning Corporation earnings which are expected to increase in the range of 15% to 20% for the quarter.
Full-Year Outlook
Flaws noted that the company is increasing its capital spending plan for the year to $1.8 to $2.0 billion. This increase is driven primarily by the acceleration of LCD capacity in anticipation of a stronger display market, and growing demand for Corning’s new Gorilla™ glass. Higher precious metals prices are also contributing to the increased capital spending. “Despite this increase, we still expect our free cash flow to be at least $500 million* this year,” Flaws said.
Flaws added that, due to the continued slowdown in the U.S. freight industry, Corning now expects domestic Class 8 truck engine production to come in at the lower end of its estimated range of 175,000 to 225,000 this year. As a result, Corning has adjusted its expectation for diesel product sales to grow 15% to 20% this year, versus its original expectation of at least 25%.
“Our first-quarter results have given us strong momentum heading into the second quarter,” Flaws said. “Although cautious, we look forward to another excellent quarter for Corning.”
Upcoming Investor Meetings
Corning Incorporated Vice Chairman and Chief Financial Officer James B. Flaws will participate in an open investor luncheon in Dallas on May 1. Peter F. Volanakis, president and chief operating officer, will be presenting at the JP Morgan Technology Conference in Boston on May 19, and Wendell P. Weeks, chairman and chief executive officer, will be presenting at the Bernstein Strategic Decisions Conference in New York on May 29. On June 16 and 17, Flaws will be hosting open investor luncheons in Denver and Minneapolis. Investors interested in attending any of the luncheons should contact Corning’s investor relations department for additional information. |
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| From: John Hayman | 5/15/2008 9:14:05 AM | | | | | | Corning To Showcase Gorilla(TM) Glass at SID Display Week 2008
Thursday May 15, 8:30 am ET
New glass designed for customer applications in which high strength is critical
CORNING, N.Y.--(BUSINESS WIRE)--Corning Incorporated (NYSE:GLW - News) announced today that it will be featuring its recently introduced Gorilla™ glass at SID Display Week 2008, May 19-23 in Los Angeles. This new thin-sheet glass was designed such that, upon chem-strengthening, it provides device manufacturers with a highly durable, scratch-resistant liquid crystal display (LCD) display cover. With its unique set of characteristics, Corning Gorilla glass offers added protection for personal electronic devices and is especially valuable for those featuring touch screen technologies.
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The consumer electronics market requires materials innovation that enables product designers to pack more features into a single device, including higher-resolution displays. This is particularly true for handheld electronic devices. Device makers have long been challenged with balancing the trade-offs of appearance versus product durability. When it comes to insuring that the display’s optical quality is maintained over the life of a device, Corning Gorilla glass provides an optimal solution. It is a thin, optically pure sheet glass that has superior scratch resistance when compared to other strengthened glass products currently on the market.
“What sets Gorilla glass apart is its enhanced durability,” said Corning’s Gorilla glass program manager James E. Hollis. “This is especially important for handheld devices that are routinely thrown around by consumers. A protective cover made from Corning Gorilla glass is capable of providing the best protection for LCD screens versus any other glass in the marketplace today.”
Corning Gorilla glass is available in a variety of thicknesses, from 0.7mm up to 2.0mm, providing flexibility in device design as well as glass processing. It is an environmentally friendly alumino-silicate glass produced with Corning’s proprietary fusion draw process. Fusion draw technology enables the production of uniform thin sheets with a pristine surface. It is also adaptable to scalable sheet sizes for optimal throughput. The result is a drawn surface that in many cases requires no additional finishing for some applications while providing a wide range of thickness options, low surface roughness and superior flatness. These benefits enable Corning customers to optimize device design and fabrication efficiencies.
Corning will showcase its product portfolio for the display industry at the 2008 SID conference. Included will be the Corning Thin Sheet Xtra™ Series, the Vita™ OLED sealing solution, an inspection objective for inspecting glass after circuits are printed, and a lithography objective for printing circuitry on the LCD glass. For more information, visit the Corning booth, #635, in the Los Angeles Convention Center or Corning's Web site at www.corning.com/specialtymaterials. |
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