Corning Continues to See Strength in LCD TV Sales
CORNING, N.Y.– Corning Incorporated (NYSE:GLW) today said that strong U.S. liquid crystal display (LCD) TV sales reported through the first five months of the year reinforces the company’s belief that the 2008 global LCD glass market will grow at the upper end of its original 25% to 30% year-over-year estimate.
“So far this year, we are not seeing evidence of the economic downturn impacting our forecasted growth,” said James B. Flaws, vice chairman and chief financial officer. “In fact, the evidence we have shows that May LCD TV sales in the U.S. increased nearly 50% over a year ago. This view is consistent with outside, third-party sources such as The NPD, an independent consumer market research firm. We cannot guarantee that retail sales will remain resistant to economic pressures. However, the strength of TV sales to date is consistent with consumers’ behavior during the last three recessions.”
“We have seen LCD TV sales grow significantly year over year every month this year. The strength of reported LCD TV sales through the first five months of this year leads us to believe that the worldwide market will reach the 105 million units that we originally forecasted,” Flaws said.
Remarking on supply chain concerns, Flaws said, “Our conversations with our customers, the panel manufacturers, indicate that their inventories are at very reasonable levels as the supply chain prepares for seasonally robust second-half demand.” Flaws added that Corning’s display facilities continue to operate at full capacity, “and our customers are also running at high utilization rates.”
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