Corning (GLW) Said Glass Volume Better Than Expected, Sees Positive Q1 Net Income
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Corning Incorporated (NYSE: GLW) said it now believes total glass volume for the first quarter could be flat to down 5% sequentially, versus its original guidance of down 20% to 25%.
Corning said it has been experiencing increasing glass orders over the past several weeks at both its wholly owned business and Samsung Corning Precision Glass Co., Ltd.
Management also said reported utilization rates at the panel makers continue to improve.
Based on the improved volume expectations for its display business, the company now believes it will have positive net income, excluding special items, in the first quarter. The consensus is a profit of $0.01.
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