Corning Inc. CEO: Company Going Strong
Reported by: Staci-Lyn Honda
Last Update: 6/18 7:50 pm
Even with the sluggish economy, Corning Incorporated C.E.O, Wendell Weeks says he expects the LCD glass market to grow by 25 to 30 percent this year, because of demand. Last quarter, the company's profits more than tripled. The driving force behind that: LCD sales. Weeks hopes to make this year the sixth straight year of improvement for the company.
"We're facing some economic uncertainty now so we remain focused on executing our operating program and living our values so we can deliver,” said Corning Incorporated C.E.O, Wendell Weeks.
Weeks told Corning retirees Wednesday that the company has seen a drop in their clean diesel sale products. But he still expects that sector to see growth by the end of the year.
Corning’s second quarter earnings will be released in August. Wednesday the stock dropped almost 50 cents, closing at 21 dollars 19 cents.
NEW YORK, June 20 (Reuters) - Citing strength in television sales, Corning Inc (GLW.N: Quote, Profile, Research, Stock Buzz) on Friday said it expects growth in the liquid crystal display glass market this year to be at the upper end of its previous estimates.
Corning, the largest maker of glass for LCD TVs and computer monitors, said that LCD TV sales through May reinforce its view that the 2008 global LCD glass market growth will be near the top of its estimate of 25-30 percent over last year.
"So far this year, we are not seeing evidence of the economic downturn impacting our forecasted growth," said James Flaws, vice chairman and chief financial officer. "In fact, the evidence we have shows that May LCD TV sales in the U.S. increased nearly 50 percent over a year ago."
Corning's comments come only days after big box consumer electronics companies Best Buy (BBY.N: Quote, Profile, Research, Stock Buzz) and Circuit City (CC.N: Quote, Profile, Research, Stock Buzz) both reported quarterly financial results that included strength in sales of flat-panel televisions.
Corning's Flaws added that its panel manufacturer customers indicate that their inventories are at "very reasonable" levels as the supply chain prepares for seasonally robust second-half demand. (Reporting by Franklin Paul, editing by Phil Berlowitz)
"Corning’s second quarter earnings will be released in August. Wednesday the stock dropped almost 50 cents, closing at 21 dollars 19 cents."
Hopefully there are two errors here - the closing price of $21.19 and the earnings being released in August.
The earlier earnings can come out, the better.
DRILL HERE! DRILL NOW!
Why do you say that giwolf? A price dip would help me accumulate in June and July but I am not sure I see any real reason for weakness. Technical indicators are short term bearish but fundamentals are strong.
My limit order to buy above 26 filled yesterday. I also have a limit order to buy at 25.04 I'm thinking about raising it but no rush.