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Corning Inc. Message Board

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  • photonsrus photonsrus Jan 3, 2008 10:53 AM Flag

    GLW management is trying .....................

    What we really need is a jump in cash flow. Can anyone explain why the earnings are strong but the cash flow is mediocre? I think cash flow is the only weakness in GLW.

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    • photonsrus:

      Corning has been in the process of transitioning itself from a company heavily weighted in telecom at the beginning of this decade to one that has been investing heavily in LCD and diesel infastructure over the last several years. There has been very heavy capex as a result.

      Here is an excerpt from a recent Argus report on Corning:

      "Despite heavy investment spending to increase LCD capacity Corning continues to generate strong operating cash flows and should deliver several hundred million dollars in free cash flow this year. Our discounted free cash flow analysis supports a value for GLW stock in the $50-plus range."

      By the way, Corning increased their 2007 cash flow guidance from $400 million to $600 million several months ago.


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