A top executive at Corning on Tuesday downplayed competition to its "Gorilla Glass," a scratch-resistant glass meant for smartphones and other devices.
Specifically, Corning chief financial officer Jim Flaws said he's not threatened by Asahi, a Japanese company that recently released a similar product called "Dragontail."
"We believe that our glass is stronger than theirs and we are the number one choice for our customers," Flaws said, also claiming that "Gorilla Glass" is 10x stronger than abraded soda-lime glass, whereas "Dragontail" claims to be 6x stronger than uncompromised soda-lime. By the way, soda-lime is a chemically-treated glass that's conventionally used in things like windows and bottles.
In addition, "Gorilla Glass" is now on its fourth generation, Flaws pointed out. Sales amounted to $250 million in 2010 and could reach $1 billion in 2011, Flaws stated. Asahi, on the other hand, expects just $300 million in "Dragontail" sales in 2012, Flaws said.
Based in Corning, N.Y., the company narrowly missed Wall Street profit estimates when it reported earning Tuesday morning. Fourth-quarter net income rose to $1.044 billion, or 66 cents a share, up from $740 million, or 47 cents a share a year earlier. Its adjusted EPS was 46 cents, which narrowly missed consensus estimates on Wall Street of 47 cents, according to Reuters.
Revenue rose 15 percent to $1.765 from $1.53 billion a year ago, which beat Wall Street estimates. Analysts on average were expecting revenue of $1.61 billion for the quarter, Reuters said.
Gross margins percentage also improved to 46 percent from 39 percent a year ago.
What's the Trade?
Patty Edwards, chief financial officer at Trutina Financial, said she still likes GLW. She will continue to hold onto her position.
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Correction: A previous version of this story misstated the strength of "Gorilla Glass," according to Flaws.
CNBC.com with wires. Reuters contributed to this story.
