Science & Technology
Science and Technology
Science and Technology
Mon, May 17, 2010 Corning COO to Address Investors at J.P. Morgan Technology Conference
CORNING, N.Y.--([ BUSINESS WIRE ])--Corning Incorporated (NYSE: GLW) President and Chief Operating Officer [ Peter F. Volanakis ] will tell investors today that aall of our businesses, including our equity ventures, are on track with our expectations for the second quartera when he speaks at the J.P. Morgan Technology Conference in Boston at 8:40 a.m. Corninga™s comments at the conference can be heard via webcast at [ www.corning.com/investor_relations ].
"The operating performance within our Display Technologies segment has been excellent."
Industry data indicates that retail demand for LCD TVs, notebooks, and monitors remains robust. April LCD TV unit sales increased 13% in the U.S. over last year. Similarly, unit sales in Europe and Japan increased 22% and 44%, respectively. aThese growth rates continue to run ahead of our internal forecasts,a Volanakis will say. The retail data is the result of reports from a variety of independent consumer market research organizations (NPD, GFK and CMM) and the companya™s internal analysis.
In China, LCD TV demand appears to remain strong as well. aWe do not yet have April retail data for China, but there are no indications that consumersa™ appetite has abated,a Volanakis will say. aIncentive programs continue and retail prices are very attractive. As a result, we still see 37 million LCD TV unit sales in China this year.a
The company will note that second-quarter display volume expectations of mid-single-digit sequential growth for both its wholly owned business and Samsung Corning Precision Glass Co., Ltd., have not changed. Price declines are expected to be down slightly sequentially. Volanakis will add, aThe operating performance within our [ Display Technologies ] segment has been excellent.a
Volanakis will also comment that Corninga™s[ Telecommunications ]segment remains on track with the companya™s previous guidance of a 10% to 15% sequential increase. The business is experiencing very strong seasonal demand for both fiber and cable in North America and Europe driven by very strong pull from new private network builds, as well as from the start of a fiber-to-the-home ramp in Canada. Second-quarter sales in the [ Specialty Materials ] segment are expected to be in line with the companya™s guidance of a 15% to 25% increase over quarter one, primarily driven by [ Gorilla® glass ]. Sales in both the[ Environmental Technologies ]segment and the [ Life Sciences ] segment are also on pace with the companya™s guidance for the quarter.
Corning's comments to investors at the J.P. Morgan Technology Conference will be available by accessing the IR events calendar on Corning's Web site. To access the calendar, go to [ www.corning.com/investor_relations ] and click Investor Events on the left.
Forward-Looking and Cautionary Statements
This press release contains aforward-looking statementsa (within the meaning of the Private Securities Litigation Reform Act of 1995), which are based on current expectations and assumptions about Corninga™s financial results and business operations, that involve substantial risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include: the effect of global political, economic and business conditions;conditions in thefinancial and credit markets;currency fluctuations;tax rates; product demand and industry capacity; competition; reliance on a concentrated customer base; manufacturing efficiencies; cost reductions; availability of critical components and materials; new product commercialization; pricing fluctuationsandchanges in the mix of sales between premium and non-premium products; new plant start-upor restructuringcosts; possible disruption in commercial activities due to terrorist activity, armed conflict, political or financial instability, natural disasters, adverse weather conditions, or major health concerns; adequacy of insurance; equity company activities; acquisition and divestiture activities; the level of excess or obsolete inventory; the rate of technology change; the ability to enforce patents; product and components performance issues; retention of key personnel; stock price fluctuations; and adverse litigation or regulatory developments.These and otherrisk factors aredetailedin Corninga™s filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the day that they are made, and Corning undertakes no obligation to update them in light of new information or future events.
About Corning Incorporated
Corning Incorporated ([ www.corning.com ]) is the world leader in specialty glass and ceramics. Drawing on more than 150 years of materials science and process engineering knowledge, Corning creates and makes keystone components that enable high-technology systems for consumer electronics, mobile emissions control, telecommunications and life sciences. Our products include glass substrates for LCD televisions, computer monitors and laptops; ceramic substrates and filters for mobile emission control systems; optical fiber, cable, hardware & equipment for telecommunications networks; optical biosensors for drug discovery; and other advanced optics and specialty glass solutions for a number of industries including semiconductor, aerospace, defense, astronomy and metrology.
