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Corning Raises Previously Cut LCD Glass Output Guidance

Post Time:Sep 14,2009Classify:Company NewsView:253

Corning Inc. (GLW) expects liquid-crystal-display glass output to be better than its reduced expectations as the disruption caused by an earthquake near a Japanese plant was less serious than anticipated.

The company said third-quarter output would fall less than 5% from the previous quarter, compared with its August estimate of a 5% to 10% drop. The company also expects glass pricing to be flat in the fourth quarter compared with the current quarter.

In the current quarter, the company will book about $22 million in charges related to the restart and sales will be hurt by about $25 million. However, the sales impact is partly offset by restarting some output in Taiwan.

Chairman and Chief Executive Wendell P. Weeks, in comments released ahead of a presentation before analysts, said the Shizuoka plant's restart is on track. Operations were suspended in August following a strong quake. The plant is restarting capacity this month with more planned in October.

Weeks added that customer demand still exceeds the firm's ability to supply and that LCD television demand "continues to be robust."

Corning shares were down 4 cents premarket at $15.77. They're up two-thirds in 2009 but still down 2.5% from a year earlier.

Source: online.wsj.comAuthor: shangyi

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