Corning Profit Sags, Boosts Forecast for LCD Glass Market

Corning Inc.'s second-quarter income plunged 81% on a year-earlier gain and falling margins, but the company has seen a resurgence in demand for its flat-screen television glass.

Chairman and Chief Executive Wendell Weeks said global LCD television retail sales "continue to be resilient during these challenging economic times," giving the LCD supply chain the confidence to rebuild inventory. He added Corning restarted some of its idled glass-melting capacity to meet increased demand.

Mr. Weeks went on to say the company is seeing signs the recession's effect on its businesses may be moderating. "While we do not currently believe another corporatewide downsizing will be necessary, we are looking at specific business unit restructuring needs," he said.

Read Full Article from Wall Street Journal

- Posted: 2009-07-27 11:06:19

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