Sequential LCD Glass Price Moderates
CORNING, N.Y., July 25, 2012 – Corning Incorporated (NYSE: GLW) today announced its results for the second quarter of 2012.
Second-Quarter Summary
- Sales were $1.9 billion, essentially even with last quarter, but 5% lower than a year ago.
- Earnings per share were $0.30. Excluding special items, earnings per share were $0.31,* a 35% year-over-year decline.
- Display Technologies wholly owned business LCD glass volume declined by mid-single digits on a sequential basis and increased by mid-single digits year over year. Volume at Samsung Corning Precision Materials Co., Ltd. increased by the mid-single digits on a sequential basis, but declined by low-double digits from a year ago.
- LCD price declines were much more moderate this quarter.
- Telecommunications sales increased 10% sequentially and were up slightly on a year-over-year basis.
- Specialty Materials sales, which include Corning® Gorilla® Glass, increased slightly sequentially and 5% year-over-year.
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