Corning COO speech to investors at technology conference

President and chief operating officer Peter F. Volanakis told investors 17 May 2010 that “all of our businesses, including our equity ventures, are on track with our expectations for the 2Q” when he s…

President and chief operating officer Peter F. Volanakis told investors 17 May 2010 that “all of our businesses, including our equity ventures, are on track with our expectations for the 2Q” when he spoke at the J.P. Morgan Technology Conference in Boston. Corning“s comments at the conference can be heard via webcast at www.corning.com/investor_relations. Industry data indicates that retail demand for LCD TVs, notebooks, and monitors remains robust. April LCD TV unit sales increased 13% in the US over 2009. Similarly, unit sales in Europe and Japan increased 22% and 44%, respectively. “These growth rates continue to run ahead of our internal forecasts”, Mr. Volanakis said. The retail data is the result of reports from a variety of independent consumer market research organizations (NPD, GFK and CMM) and the company“s internal analysis. In China, LCD TV demand appears to remain strong as well. “We do not yet have April retail data for China, but there are no indications that consumers“ appetite has abated”, Mr. Volanakis said. “Incentive programs continue and retail prices are very attractive. As a result, we still see 37 million LCD TV unit sales in China this year”. The company noted that 2Q display volume expectations of mid-single-digit sequential growth for both its wholly owned business and Samsung Corning Precision Glass Co., Ltd., have not changed. Price declines are expected to be down slightly sequentially. Mr. Volanakis added, “The operating performance within our Display Technologies segment has been excellent”. Volanakis also said that Corning“s Telecommunications segment remains on track with the company“s previous guidance of a 10% to 15% sequential increase. The business is experiencing very strong seasonal demand for both fiber and cable in North America and Europe driven by very strong pull from new private network builds, as well as from the start of a fiber-to-the-home ramp in Canada. Second quarter sales in the Specialty Materials segment are expected to be in line with the company“s guidance of a 15% to 25% increase over quarter one, primarily driven by Gorilla(R) glass. Sales in both the Environmental Technologies segment and the Life Sciences segment are also on pace with the company“s guidance for the quarter.