Wednesday, October 29, 2008

Corning 2008Q3 Results

CORNING, N.Y., Oct 29, 2008 (BUSINESS WIRE) --
Corning Incorporated today announced results for the third quarter 2008.
Third-Quarter Highlights
-- Sales were $1.56 billion, about even with last year's third quarter.
-- Earnings per share (EPS) were $0.49; including net special gains of $36 million or $0.03 per share.
-- Excluding special items, EPS was $0.46,* up 21% over last year's results, due in part to favorable exchange-rate movements.
-- Display Technologies' combined LCD glass volume, including Corning's wholly owned business and Samsung Corning Precision Glass Co., Ltd. (SCP), was up 2% sequentially and 18% year over year. Volume from Corning's wholly owned business decreased 10% sequentially and 2% year over year. Samsung Corning Precision's volume increased 12% sequentially and 38% year over year.
Fourth-Quarter Outlook Summary
-- Sales are expected in the range of $1.2 billion to $1.3 billion.
-- EPS before special items are expected in the range of $0.20 to $0.28.*
-- Combined LCD glass volume is expected to be down in the range of 10% to 20% sequentially, with the wholly owned business down 20% to 30% and SCP down 5% to 15%. Year over year the combined glass volume is expected to decrease by 2% to 13%
-- For the full year, combined LCD glass volume growth is expected to be 20% to 22%.

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