Corning to Address Investors at Morgan Stanley Technology Conference
28 Febbraio 2012 - 3:00PM
Business Wire
Corning Incorporated (NYSE: GLW) Vice Chairman and Chief
Financial Officer James B. Flaws, and Senior Vice President and
Corning Optical Fiber General Manager Martin J. Curran will
reaffirm growth expectations for Corning’s businesses when they
meet with investors today at the Morgan Stanley Technology, Media
& Telecom Conference in San Francisco. Corning’s comments at
the conference can be heard via webcast at
www.corning.com/investor_relations.
“Telecom is back,” Curran will tell investors. “We expect
significant growth in four key segments of the telecommunications
industry: optical fiber, fiber-to-the- home, enterprise networks,
and wireless. Explosive bandwidth demand – driven largely by the
growth of smart mobile devices and their increasing data
consumption – is the megatrend behind this growth.”
“We are seeing network providers around the world stepping up to
address the tremendous increase in IP traffic and subscription
growth with substantial investments in their networks. In fact, the
fiber market today is double what it was in 2000,”Curran will add.
“And Corning is well positioned to address these opportunities with
our superior product offerings and world-class manufacturing.”
In remarks to investors, Flaws will provide an update on
first-quarter guidance for the Display Technologies business. He
will confirm that the company is not anticipating much sequential
change in the overall glass market in the first quarter, and that
volume at Corning’s wholly owned business should be in line with
the glass market. “However,” Flaws will add, “volume at Samsung
Corning Precision Materials, Ltd. (SCP) is now expected to be at
the low end of the previous guidance range – down in the
low-double-digit range sequentially. This change is driven by the
dispute with a key customer in Korea. SCP continues to ship to the
customer but at a lower level than the original agreement.”
Flaws will reiterate the company’s previous guidance of
significant double-digit price declines over the cumulative
two-quarter period, starting in the fourth quarter of last year.
“We believe that our pricing actions, combined with our capacity
decisions, will help us get back to more moderate price declines in
the near future. Reducing the level of price declines is Corning’s
top priority.”
Curran and Flaws will also confirm that Corning’s other
businesses are on track to meet the following previously disclosed
growth expectations:
• Telecommunications full-year sales are expected to be up
significantly; first-quarter sales are expected to increase between
5% and 10% sequentially and year over year. Segment sales are
expected to reach $3 billion by 2014.
• Environmental Technologies 2012 sales are expected to grow,
driven primarily by global demand for diesel emissions products;
first-quarter sales are expected to increase slightly. The segment
is expected to reach $1.4 billion in sales by 2014.
• Specialty Materials sales will be led by Corning® Gorilla®
Glass; first-quarter segment sales are anticipated to be up
slightly. Corning’s Gorilla Glass sales are expected to grow
“materially” through 2014.
• Life Sciences expects another strong year of sales, through a
combination of organic growth and acquisitions; first-quarter sales
are expected to increase 10% sequentially. Segment sales are
forecasted to nearly double to $1 billion by 2014.
Corning's comments to investors at the Morgan Stanley Technology
Conference will be available by accessing the IR events calendar on
Corning's website. To access the calendar, go to
www.corning.com/investor_relations and click Investor Events on the
left.
Forward-Looking and Cautionary Statements
This press release contains “forward-looking statements” (within
the meaning of the Private Securities Litigation Reform Act of
1995), which are based on current expectations and assumptions
about Corning’s financial results and business operations, that
involve substantial risks and uncertainties that could cause actual
results to differ materially. These risks and uncertainties
include: the effect of global political, economic and business
conditions; conditions in the financial and credit
markets; currency fluctuations; tax rates; product demand
and industry capacity; competition; reliance on a concentrated
customer base; manufacturing efficiencies; cost reductions;
availability of critical components and materials; new product
commercialization; pricing fluctuations and changes in
the mix of sales between premium and non-premium products; new
plant start-up or restructuring costs; possible
disruption in commercial activities due to terrorist activity,
armed conflict, political or financial instability, natural
disasters, adverse weather conditions, 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; retention of key
personnel; stock price fluctuations; and adverse litigation or
regulatory developments. These and other risk factors
are detailed 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.
About Corning Incorporated
Corning Incorporated (www.corning.com) is the world leader in
specialty glass and ceramics. Drawing on more than 160 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.
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