Corning CEO to Address Investors at Citi Investment Research Technology Conference
03 Settembre 2008 - 3:00PM
Business Wire
Corning Incorporated (NYSE:GLW) Chairman and Chief Executive
Officer Wendell P. Weeks will address investors at the Citi
Investment Research Technology Conference in New York today. He
will provide revisions to the company's third-quarter guidance,
share updates on key topics relevant to the company's Display
Technologies segment and other businesses and address questions
posed by investors. Corning is lowering its third-quarter guidance
for earnings per share before special items to $0.43 to $0.45*,
down from the previous guidance of $0.48 to $0.51*. Sales are now
expected to be in the range of $1.58 to $1.62 billion versus
previously disclosed guidance of $1.65 to $1.72 billion. The
company also revised its third-quarter gross margin expectation
from at least 50% to about 47%. The guidance reductions are
primarily related to lower-than-expected shipments of LCD glass in
the company's wholly owned display business. With these changes,
Corning�s third-quarter earnings per share, before special items,
should be up approximately 15% on a year-over-year basis. Weeks
will say, "We continue to see evidence of ongoing strength in the
retail market for LCD TVs, a key growth area for the LCD glass
industry. However, the supply chain correction, as outlined in our
second-quarter conference call, is taking longer than we expected.
We believe that the set assembly portion of the supply chain built
too much inventory in the first half of this year. As set
assemblers have continued to hold back on orders, panel makers have
lowered prices and reduced utilization rates to balance the supply
chain. We think these utilization cutbacks will continue into
September in Taiwan. As a result, we now expect third-quarter
sequential volume for Corning�s wholly owned display glass business
to be down about 5% versus our previous guidance of flat to up 5%."
"It is important to note that these utilization reductions are not
affecting our LCD glass shipments at Samsung Corning Precision
Glass Co., Ltd (SCP) in Korea. In fact, shipments in Korea could be
above our original guidance. The stronger Korean market is not
unexpected, given the strength of the major Korean brands. The
combined growth of our wholly owned LCD business and SCP will be up
4% to 9% sequentially.� *�These are non-GAAP financial measures.
The reconciliation between GAAP and non-GAAP measures is provided
in the tables following this news release, as well as on the
company�s investor relations website. Corning also said that it has
seen lower-than-expected sales in its Environmental Technologies
segment, with sequential sales now expected to be down 10% versus
previous guidance of flat growth, due to continued weakness in the
automotive and heavy-duty truck industries. Dow Corning Corporation
has also experienced some order weakness in August in its core
silicone business. As a result, Corning expects Dow Corning
Corporation earnings to be up 15% sequentially versus the previous
guidance of 20% to 30% growth. There has been no change to Hemlock
Semiconductor's third-quarter outlook. Weeks will add, "We are
encouraged by another month of strong LCD TV retail sales in the
U.S., Japan and China. This supports our belief that the
utilization cutbacks by the panel makers is in response to a normal
supply chain correction � and not a change in end market demand. We
anticipate that consumers will see excellent price levels in the
back-to-school and holiday seasons, which should continue to
advance this positive retail trend.� �We continue to believe that
the LCD glass market will grow substantially this year but the
supply chain correction will probably drive that growth toward the
center of our previous 25% to 30% range. We remain optimistic about
the LCD business and other key areas of long-term growth
opportunity for Corning." Corning�s presentation to investors at
the Citi Investment Research Technology Conference will be
available via webcast by accessing the investor events calendar on
Corning�s Web site at www.corning.com/investor_relations.
Presentation of Information in this News Release Non-GAAP financial
measures are not in accordance with, or an alternative to, GAAP.
Corning�s non-GAAP net income and EPS measures exclude
restructuring, impairment and other charges and adjustments to
prior estimates for such charges. Additionally, the company�s
non-GAAP measures exclude adjustments to asbestos settlement
reserves required by movements in Corning�s common stock price,
gains and losses arising from debt retirements, charges or credits
arising from adjustments to the valuation allowance against
deferred tax assets, equity method charges resulting from
impairments of equity method investments or restructuring,
impairment or other charges taken by equity method companies, and
gains from discontinued operations. The company believes presenting
non-GAAP net income and EPS measures is helpful to analyze
financial performance without the impact of unusual items that may
obscure trends in the company�s underlying performance. These
non-GAAP measures are reconciled on the company�s Web site at
www.corning.com/investor_relations and accompanies this news
release. About Corning Incorporated Corning Incorporated
(www.corning.com) is the world leader in specialty glass and
ceramics. Drawing on more than 150 years of materials science and
process engineering knowledge, Corning creates and makes keystone
components that enable high-technology systems for consumer
electronics, mobile emissions control, telecommunications and life
sciences. Our products include glass substrates for LCD
televisions, computer monitors and laptops; ceramic substrates and
filters for mobile emission control systems; optical fiber, cable,
hardware & equipment for telecommunications networks; optical
biosensors for drug discovery; and other advanced optics and
specialty glass solutions for a number of industries including
semiconductor, aerospace, defense, astronomy and metrology.
Forward-Looking and Cautionary Statements This press release
contains forward-looking statements that involve a variety of
business risks and other uncertainties that could cause actual
results to differ materially. These risks and uncertainties include
the possibility of changes in global economic and political
conditions; currency fluctuations; product demand and industry
capacity; competition; manufacturing efficiencies; cost reductions;
availability of critical components and materials; new product
commercialization; changes in the mix of sales between premium and
non-premium products; new plant start-up costs; possible disruption
in commercial activities due to terrorist activity, armed conflict,
political instability or major health concerns; adequacy of
insurance; equity company activities; acquisition and divestiture
activities; the level of excess or obsolete inventory; the rate of
technology change; the ability to enforce patents; product and
components performance issues; stock price fluctuations; and
adverse litigation or regulatory developments. Additional risk
factors are identified in Corning�s filings with the Securities and
Exchange Commission. Forward-looking statements speak only as of
the day that they are made, and Corning undertakes no obligation to
update them in light of new information or future events. CORNING
INCORPORATED AND SUBSIDIARY COMPANIES RECONCILIATION OF NON-GAAP
FINANCIAL MEASURE TO GAAP FINANCIAL MEASURE Three Months Ended
September 30, 2008 (Unaudited; amounts in millions, except per
share amounts) Corning�s earnings per share (EPS) before special
items for the third quarter of 2008 is a non-GAAP financial measure
within the meaning of Regulation G of the Securities and Exchange
Commission. Non-GAAP financial measures are not in accordance with,
or an alternative to, generally accepted accounting principles
(GAAP). The company believes presenting non-GAAP EPS is helpful to
analyze financial performance without the impact of unusual items
that may obscure trends in the company�s underlying performance. A
detailed reconciliation is provided below outlining the differences
between this non-GAAP measure and the directly related GAAP
measure. � Range Guidance: EPS excluding special items $ 0.43 � $
0.45 � Special items (a) � � � � � Earnings per share This schedule
will be updated as additional announcements occur. (a) � From time
to time, Corning may record special items which could result in a
gain or loss during the quarter. Please note that the company may
pursue other financing, restructuring and divestiture activities at
any time in the future, and that the potential impact of these
events is not included within Corning's third quarter 2008
guidance. This schedule contains forward looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Such forward looking statements are based on current
expectations and involve certain risks and uncertainties. Actual
results may differ from those projected in the forward looking
statements. Additional information concerning factors that could
cause actual results to materially differ from those in the forward
looking statements is contained in the Securities and Exchange
Commission filings of this Company.
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