Reporting results for the 2Q 2008, Corning Incorporated highlighted sales up 19% year-on-year and earnings per share (excluding special items) of USD 0.49, up 44% year-on-year.
Display Technologies“…
Reporting results for the 2Q 2008, Corning Incorporated highlighted sales up 19% year-on-year and earnings per share (excluding special items) of USD 0.49, up 44% year-on-year. Display Technologies“ combined glass volume (including Corning“s wholly owned business and Samsung Corning Precision Glass Co., Ltd.) increased 8% sequentially and 33% year-on-year. Samsung Corning Precision“s (SCP) volume increased 15% sequentially and 40% year over year. Corning“s wholly owned business increased 1% sequentially and 26% year over year as sequential growth was hit by an isolated manufacturing interruption in the 2Q 2008. Remarking on the 2Q 2008, chairman and chief executive officer Wendell P. Weeks said: “Despite concerns of a US economic slowdown, Corning performed very well in the 2Q. We saw continued strong demand for our LCD glass substrates throughout the quarter. The US retail data reported by the NPD Group“s retail tracking service for the month of June showed retail sales of LCD TV units up 35% year over year. This is consistent with what we“ve seen in the 1H of the year where LCD TV units sold increased 37% over a year ago”. In the 3Q 2008, sales are expected in the range of USD 1.65 billion to USD 1.72 billion, up 6% to 11% compared to the 3Q 2007; earnings per share, excluding special items, are anticipated in the range of USD 0.48 to USD 0.51, an increase of 26% to 34% over 2007; combined LCD glass volume is expected to increase 4% to 9% sequentially, with the wholly owned business flat to 5% higher and SCP up 8% to 13%; combined glass volume in the 3Q is expected to increase by more than 21% year-on-year. The 3Q guidance assumes a JPY-to-USD exchange rate of 108, compared to an exchange rate of 105 in the 2Q. In comparison to the 2Q 2008, the weaker JPY is expected to reduce both 3Q sales and net income by approximately USD 30 million. NPD Group is an independent consumer market research firm.