DOW JONES NEWSWIRES
Corning Inc. (GLW) expects to be profitable this quarter amid
rebounding demand for glass as the liquid-crystal-display maker
benefits from strong global sales of LCD televisions.
Shares recently rose 6.6% premarket to $13.32. The stock reached
a 52-week high in May of $28.07 a share and bottomed in November at
$7.36 before rising consistently since then.
Despite slumping retail sales, Corning noted that research firms
show strong LCD TV sales around the world, with unit sales rising
39% and 30% in the U.S. and Japan, respectively, in February.
Europe and China saw even stronger gains for January, the latest
data available.
As such, Corning sees its glass volume falling now more than 5%
from the first quarter, not the 25% drop previously expected. It
also projected a profit, excluding items, without being more
specific. The company had seen itself barely breaking even, well
below analysts' then-estimates.
Amid the woes, the company announced in January it would cut its
work force by 13%, or 3,500 people.
-By Katherine E. Wegert, Dow Jones Newswires; 201-938-5294;
katherine.wegert@dowjones.com