Corning Incorporated released results for the first quarter of 2009, as well as its expectations for the second quarter on 28 April 2009.
Sales totalled USD 989 million, a 9% decrease sequentially, w…
Corning Incorporated released results for the first quarter of 2009, as well as its expectations for the second quarter on 28 April 2009. Sales totalled USD 989 million, a 9% decrease sequentially, while earnings per share (EPS) were USD 0.01. EPS were USD 0.10, down 23% sequentially, excluding special items. Display Technologies combined LCD glass volume, which includes Corning“s wholly-owned business and Samsung Corning Precision Glass Co. Ltd. (SCP), increased 4% sequentially. Volume in the company“s wholly owned business dropped 1% sequentially, while SCP“s volume increased about 7%. Gross margin was 27%, slightly less than the fourth-quarter 2008 gross margin of 28%. Corporate restructuring charges were USD 165 million pre-tax, in line with expectations.