Shares of Corning Incorporated (NYSE: GLW) are soaring in trading today after the glass maker raised its outlook for fourth-quarter LCD and specialty glass sales volume, citing stronger-than-expected demand for LCD TVs.
The Corning, New York-based company said that it expects glass market volume to grow in the fourth quarter in the low-single digits. The company had earlier forecasted a decline in the low-to-mid-single digits in fourth-quarter glass market volumes.
The company also said that it expects the total LCD glass market volumes to grow in the mid-single digit sequentially. GLW’s management expects 2012 sales of its Gorilla Glass to reach $1 billion. However, the company cautioned that it still expects the drop in LCD glass prices in the fourth quarter to be higher than the drop seen in the previous quarter.
Tony Tripeny, Senior Vice President and Corporate Controller at Corning, said that GLW expects its share of the LCD glass market to remain stable at quarter four levels as a result of the long-term supply agreements the company entered into last quarter. Tripeny added that the company expects price declines will be moderate in the first quarter.
GLW shares rose to an intra-day high of $12.33 in trading today. At last check, the stock was trading 7.31% higher at $12.18 on above average volume of 34.32 million.
Year-to-date, the stock has fallen 5.7%, underperforming the S&P 500, which has gained 11.35% in the same period.
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