Corning reports EPS in-line; guides Q3 EPS in-line, revs slightly below consensus

Briefing.com

Posted: 2008-07-30 07:18:00

Reports Q2 (Jun) earnings of $0.49 per share, excluding non-recurring items, in-line with the First Call consensus of $0.49; revenues rose 19.3% year/year to $1.69 bln vs the $1.72 bln consensus. Co issues guidance for Q3, sees EPS of $0.48-0.51, excluding non-recurring items, vs. $0.50 consensus; sees Q3 revs of $1.65-1.72 bln vs. $1.79 bln consensus. Co said, "We have recently seen some panel makers, primarily in Taiwan, reduce their utilization rates due to what we believe is an inventory build at the set assembly level of the supply chain. Despite this normal supply chain correction, we continue to believe that the LCD glass market will grow at the upper end of our original guidance range of 25% to 30% this year because retail demand for LCD products has remained strong".