Corning to Reaffirm 3Q Outlook
Corning Inc.'s Chairman and Chief Executive Wendell P. Weeks will reaffirm the glass and specialty materials company's third-quarter guidance at a conference Wednesday.
Previously, the company said it expects earnings per share between 34 cents and 37 cents on sales between just under $1.53 billion and $1.58 billion. Weeks will reiterate this guidance at the 14th annual Citigroup Global Technology conference in New York Wednesday.
He will also provide updates on the company's display and telecommunications business and will address the potential impact of foreign exchange rates on earnings.
"We have been pleased with the recent movement in the yen to U.S. dollar exchange rate," Weeks will say, according to a company statement. "This positive rate change has been a fairly recent event and we are therefore not changing our guidance at this time."
But, if the exchange rate continues, he said third-quarter results could be increased by 1-cent per share.
Corning also said Weeks will confirm that research on the liquid crystal display (LCD) industry indicates continued healthy supply-chain conditions.
"Inventory levels at panel manufacturers appear to be within normal levels and our end-market checks indicate that LCD product shipments, including TVs are on track with our forecasts," Weeks will note.