Wednesday, July 27, 2005
Corning posted earnings of $165 million, or 11 cents per share on sales of $1.1 billion in the second quarter, 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. Corning 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.
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.
By: DocMemory
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