Corning Sees Higher Demand for LCD Screens
Nov 27th 2012 9:01AM
In an announcement of its annual investor conference today, Corning Inc. (NYSE: GLW) said that it expects the retail market for LCD TV sets and other consumer electronics devices to improve in the current quarter, but that prices will also be lower. The company expects demand to remain solid for the coming year, with only "moderate" price erosion.
Corning's CEO said:
We now expect glass market volume to be up in the low single digits this quarter, versus our previous expectation of down low-to-mid single digits. Corning's total LCD glass volume at its wholly owned business and Samsung Corning Precision Materials Co., Ltd., should be up in the mid-single digits sequentially.
The company expects its share of the LCD glass market to remain stable for the coming year with only modest price declines.
Corning also expects sales of its specialty Gorilla Glass to rise by 5% in the fourth quarter, and to post a 60% sales gain year-over-year as more companies include the product in their smartphones and tablets. The company thinks sales of Gorilla Glass could reach $1 billion in 2012. Apple Inc. (NASDAQ: AAPL) has used the product in its iPhones.
Corning's shares are up 7.7% in premarket trading this morning, at $12.22 in a 52-week range of $10.62 to $15.04.
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