Corning (GLW) Said Q2 Glass Demand is "Much Stronger Than We Anticipated"

Corning Incorporated (NYSE: GLW) CFO James B. Flaws updated the company’s guidance of sequential second-quarter LCD glass volume growth, citing significant improvement in demand for LCD glass.

Flaws said, "Second-quarter glass demand is much stronger than we anticipated even a few weeks... we now expect second-quarter sequential volume to be up approximately 100% at our wholly owned business."

He pointed out that the company has met much of the improved demand by drawing down its existing inventory. Additionally, the company has begun shipping glass from melting tanks that were restarted earlier in the quarter. Corning originally forecasted a second-quarter volume increase of more than 50%, and at the end of May revised volume growth expectations to more than 75%.

Regarding LCD glass pricing, Flaws said that second-quarter prices were moderate and substantially below the first-quarter price declines.

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