Strong LCD glass sales boost Corning profit

Date: 28 July 2005
Source: Eetimes.com

Date: 28 July 2005

Electronic materials and components supplier Corning Inc. posted second quarter earnings of $165 million, or 11 cents per share on sales of $1.1 billion, up from $108 million, or 8 cents per share on sales of $971 million in the year-ago quarter.

Net income includes charges of $141 million, or 9 cents per share, much of it related to settlement of asbestos litigation involving Pittsburgh Corning Corp.Corning's profit of 20 cents a share beat the consensus forecast of 18 cents a share among analysts surveyed by Thomson Financial.Corning (Corning, N.Y.) reported sales of $415 million in its Display Technologies segment, a 30-percent sequential increase over first-quarter sales of $320 million and 50-percent increase over year-ago sales of $277 million.The company attributed the strong performance to robust demand for liquid crystal display glass substrates for flat-panel monitors and TVs.

“Our second-quarter sales of glass substrates was larger than our total Display Technologies segment sales for 2002,” said Wendell Weeks, president and chief executive of Corning, in a statement.

On the negative side, sales in Corning’s Telecommunications segment declined 3 percent sequentially to $415 million from $427 million the first quarter, which Corning attributed to lower sales of fiber-to-the-premises hardware and equipment sales.

Corning projects third-quarter sales of $1.14 billion to $1.19 billion, with pro-forma earnings of 20 to 22 cents per share.
600450 Strong LCD glass sales boost Corning profit glassonweb.com

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Corning, AGC Glass-substrate Capacity Expansion Projects Unit: 1 furnace Company Location 2004 2005 2006 Corning U.S.
Japan 1 2 1 S. Korea 6 6 3 Southern Taiwan 4 2 0 Central Taiwan 0 4 2 AGC Japan 0 1 1 Taiwan (Yunlin) 1 1 1 Source: PIDA (Photonic Industry & Technology Development Association) Taiwan TFT-LCD Panel Makers Happy to See Substrate-price Falls in 2006 Taipei, Dec. 27, 2005 (CENS)--Both of the world's top-two glass-substrate makers are actively expanding their production capacity in Taiwan, which is expected to cut substrate transportation time and cost for local thin film transistor-liquid crystal display (TFT-LCD) panel makers and boost production efficiency, according to Michael Wang, project manager and senior analyst of Taiwan's PIDA (Photonic Industry & Technology Development Association).According to Wang, Asahi Glass Co. (AGC) of Japan has solved problems in lowering the defect-free rate for the production of fifth- and sixth-generation (5G, 6G) glass substrates, and is expected to tap the market with products with higher price competitiveness in 2006 to grab more market share in the 6G substrate businessIn addition, Wang added, the aggressive capacity added by both Corning of the U.S., the world's No. 1 substrate supplier, and AGC, the No. 2, will lead to price drops for glass substrates and will especially benefit TV panel makers such as AU Optronics Corp. (AUO) and Chi Mei Optoelectronics Corp. (CMO) in TaiwanCurrently, Wang pointed out, a 6G substrate is priced at about 27,000 to 30,000 Japanese yen, about 1,000 to 2,000 yen lower than in the third quarter of 2005.

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