Corning sees Q4 results sequentially lower

theflyonthewall.com

James B. Flaws, vice chairman and CFO, said, "We anticipate that Q4 results will be sequentially lower due to normal seasonal declines in our non-display businesses. This decline will be larger than normal due to a more significant downturn in optical fiber sales volume. The optical fiber decline is occurring primarily in North America and China. We are also seeing slower-than-expected construction of the National Broadband Network in Australia." The company anticipates fourth-quarter LCD glass volume being down by low single digits on a sequential basis, and sequential price declines will be consistent with recent quarters. Global retail TV demand remains on track with the company's expectations, and overall screen sizes are growing. Inventory levels in the supply chain are expected to remain in the 15-to 16-week range, down from a high of 18 weeks earlier in the year. Sequentially, Specialty Materials segment sales are expected to be in line with the previous quarter. Telecommunications segment sales in the fourth quarter are expected to be down slightly year over year. In the Environmental Technologies segment, the company expects sales to be up slightly from 4Q12. In the Life Sciences segment, sales are expected to be up 10% over last year, driven by the Discovery Labware acquisition. Core equity earnings from Dow Corning are expected to be consistent with last quarter.

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