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Corning sees recovery for LCD glass demand in 2Q

Post Time:Feb 09,2009Classify:Company NewsView:310

Corning Inc., the world's largest maker of liquid-crystal-display glass, said Friday it expects demand to rebound in the second quarter, boosting full-year sales ahead of expectations.

James Flaws, the company's chief financial officer, said in prepared remarks that Corning (nyse: GLW - news - people )'s first-quarter sales will total less than $1 billion "as we continue to grapple with the realities of the recession."

But he said the company is targeting revenue of $5 billion for the full year.

Analysts project $971.6 million in first-quarter revenue and $4.7 billion in full-year revenue, according to a Thomson Reuters poll.

The 2009 estimate depends on "significant improvement in LCD glass demand in the second quarter, leading to stronger demand in the second half of this year," Flaws said. "If this improvement doesn't occur, we are prepared to take additional restructuring actions to ensure the financial health of the company."

Corning said late last month it will cut 3,500 jobs, or 13 percent of its work force, after reporting a 65 percent decline in fourth-quarter profit. The company expects to save $150 million to $200 million annually with the downsizing.

Corning shares jumped 69 cents, or 6.3 percent, to $11.66 in morning trading.

Source: Associated PressAuthor: shangyi

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