Corning CEO to Address Investors at Citigroup Global Technology Conference
CORNING, N.Y. – Corning Incorporated (NYSE:GLW) Chairman and Chief Executive Officer Wendell P. Weeks will address investors at the 14th Annual Citigroup Global Technology Conference in New York today. He will reiterate the company’s third-quarter guidance, provide updates on key topics relevant to the company’s display and telecommunications businesses, and address questions posed by investors.
In reaffirming Corning’s previously disclosed third-quarter guidance of sales in the range of $1.525 to $1.575 billion and earnings per share of $.34 to $.37, Weeks 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. “This positive rate change has been a fairly recent event and we are therefore not changing our guidance at this time. However, if this rate continues for the remainder of the quarter, it could positively impact the company’s third-quarter earnings per share by $0.01.” These are non-GAAP financial measures. These and all non-GAAP financial measures are reconciled on the company’s investor relations Web site and in attachments to this news release.
Weeks will confirm that the company’s 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. In emphasizing the global market for LCD TVs, he will remind investors that approximately 70 percent of all LCD TVs are sold outside of North America.
Updates on the company’s telecommunications business will include: a review of Corning’s recent breakthrough optical fiber technology; confirmation of a new European fiber-to-the-premises customer representing a significant growth opportunity for the company; and a brief update on the expansion of the company’s Shanghai fiber manufacturing facility. “The telecommunications market continues to grow and evolve,” Weeks will tell investors. “At Corning, we are bringing on capacity to meet this demand and innovating to capture the future opportunity.”
Lastly, Weeks will underscore the company’s solid financial performance and its benefit to shareholders. “We are pleased to be able to provide a return to shareholders through the recently announced reinstatement of a dividend and repurchase of $500 million of common stock while we also continue to invest in our current businesses and future technologies.”
Corning’s presentation to investors at the 14th Annual Citigroup Global Technology Conference will be available via webcast by accessing the IR events calendar on Corning’s Web site at www.corning.com/investor_relations.
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