Corning (GLW) to Update on Display Industry Outlook at Barclays Global Technology Conference

Corning's (NYSE: GLW) Lisa Ferrero, general manager, Display Technologies, will update investors on the company's display industry outlook at today's Barclays Global Technology Conference in San Francisco, Calif. Ferrero's presentation will cover several aspects of the LCD glass business, including volume expectations, pricing, capacity, and new technologies.

Ferrero will report that the company continues to witness a strong market for worldwide LCD glass, "driven by continued strong demand for larger LCD televisions at retail." She will note that fourth-quarter expectations for LCD glass market demand, and Corning's shipments have increased, reporting, "We now expect worldwide market demand to increase in the low-single digits versus our previous expectations of a slight sequential decline," she will say. The company also expects its quarter-four glass price declines to be even more moderate than anticipated at the beginning of the quarter and glass shipments to be up low-single digits sequentially, in line with market growth.

"Glass supply is tight and is expected to remain tight to demand, as we look ahead into 2015. The expected growth of the LCD TV market, in both units and screen size, is the main driver of the anticipated growth in demand for glass," Ferrero will say. The company sees advanced displays, such as ultra-high definition televisions, driving continued growth of the LCD TV market. The company is currently operating all of its on-line capacity to meet its contractual demand and expects to maintain its current share of the LCD glass market.

Ferrero will also note that she expects the glass price decline in 2015 to be more moderate than in 2014. "We expect favorable market conditions, such as increased LCD TV demand, the positive impact of a weak yen on panel maker profitability, and tightening supply; to result in a more moderate price decline in 2015. With stable share allowing us to continue to run manufacturing efficiently and reduce cost, and with a more moderate price decline, we expect to maintain profitability and to continue to deliver strong operating cash flow to the company."

The company has no further changes to its outlook for the fourth quarter.

You May Also Be Interested In

• IBM (IBM) announces mixed Q1 results, HashiCorp acquisition; shares down
• Nanometrics (NANO) Issues Business Update, Reports FY23 Results
• Katapult Holdings (KPLT) Announces Resignation of Chief Accounting Officer